8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of Earliest Event Reported): NOVEMBER 27, 2006
                                                         -----------------

                      INTERNATIONAL SHIPHOLDING CORPORATION
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          DELAWARE                     2-63322                   36-2989662
- --------------------------------------------------------------------------------
(State or other jurisdiction         (Commission               (IRS Employer
      of incorporation)              File Number)            Identification No.)


650 POYDRAS STREET, NEW ORLEANS, LOUISIANA                         70130
- --------------------------------------------------------------------------------
 (Address of principal executive offices)                        (Zip Code)


       Registrant's telephone number, including area code: (504) 529-5461
                                                           --------------

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act





ITEM 8.01.    OTHER EVENTS.

         As described in the press release included as Exhibit 99.1 to this
filing, on November 27, 2006, Kristian Gerhard Jebsen Skipsrederi AS ("KGJS")
acquired all of the shares of Belden Shipholding Pte Ltd ("Belden"), a company
which owns and operates cement carrier vessels. Through our wholly-owned
subsidiary, LCI Shipholdings, Inc., we owned a 26.1% interest in Belden. Our
portion of the cash proceeds from the sale was $27.5 million, and our gain on
the sale was approximately $22.1 million. The sale of Belden's shares was
concluded following an unsolicited offer received from KGJS, and we are
currently reviewing various strategic options for utilizing our cash proceeds
from the sale.

         Our equity in net income of Belden, after taxes, was $213,000 and
$634,000 for the three and nine month periods ended September 30, 2006, and $1.9
million for the year ended December 31, 2005.


ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.

(c)      Exhibit

         Exhibit Number            Document
         --------------            --------

              99.1                 Press Release dated November 27, 2006


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SIGNATURES

         Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                      INTERNATIONAL SHIPHOLDING CORPORATION

                              /s/ Manuel G. Estrada
                   ------------------------------------------
                                Manuel G. Estrada
                   Vice President and Chief Financial Officer


Date   November 29, 2006
    ----------------------


                                       3

EX-99.1

                                                                    EXHIBIT 99.1


FOR IMMEDIATE RELEASE                                                Page 1 of 1
November 27, 2006


 International Shipholding Corporation Subsidiary Announces Sale of Interest in
                           Belden Shipholding PTE LTD


         New Orleans, Louisiana - LCI Shipholdings, Inc., ("LCI") a 100% owned
subsidiary of International Shipholding Corporation (NYSE:ISH) announced today
that LCI and the other shareholders of Belden Shipholding PTE LTD ("Belden")
have sold the Company, Belden, to Kristian Gerhard Jebsen Skipsrederi A/S for
$236 million less debt obligations and net working capital consideration. The
total cash proceeds from the sale will be approximately $107 million. Belden was
formed in 2004 as a joint venture of LCI Shipholdings, Inc.; Williams Investment
Co., SA, a 100% owned subsidiary of Compania Sudamericana De Vapores; and JACO
Cement AS and Belcem Invest AS, privately held companies.

                                      ####

Contacts:
Erik F. Johnsen, Chairman           (504) 529-5461
Niels M. Johnsen, President         (212) 943-4141