UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13D
                                (Amendment No. 5)
                    Under the Securities Exchange Act of 1934

                      International Shipholding Corporation
                     ---------------------------------------
                                (Name of Issuer)

                     Common Stock, $1.00 par value per share
                    -----------------------------------------
                         (Title of Class of Securities)

                                    460321201
                                ----------------
                                 (CUSIP Number)

                                 Erik F. Johnsen
                                   Suite 18290
                              11 North Water Street
                              Mobile, Alabama 36602
                                  251-243-9100
               ---------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)


                                 April 27, 2007
             -------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box.




CUSIP No. 460321201

1. Name of Reporting Person

     Erik F. Johnsen

   S.S. or I.R.S. Identification No. of Above Person

     ###-##-####

2. Check the Appropriate Box if a Member of a Group
     (a) ______
     (b) ______

3. SEC Use Only

4. Source of Funds

     N/A

5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)_____.

6. Citizenship or Place of Organization

     United States

- --------------------------------------------------------------------------------
Number of Shares Beneficially Owned by Each Reporting Person With:

7.  Sole Voting Power . . . . . . . . . . . . . . . . . . . . . . . 544,428

8.  Shared Voting Power . . . . . . . . . . . . . . . . . . . . . .    0

9.  Sole Dispositive Power . . . . . . . . . . . . . . . . . . . .  544,428

10. Shared Dispositive Power . . . . . . . . . . . . . . . . . . .     0

- --------------------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

     544,428

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares

     Not applicable.

13. Percent of Class Represented by Amount in Row (11)

     8.90%

14. Type of Reporting Person

     IN


Item 1. Security and Issuer.




     This statement  relates to the common stock,  $1.00 par value per share the
"Common Stock"),  of  International  Shipholding  Corporation (the "Issuer"),  a
Delaware  corporation.  The address of the  principal  executive  offices of the
Issuer is 11 North Water Street, Suite 18290, Mobile, Alabama 36602.

Item 2. Identity and Background

     (a) Name of Reporting Person:

          Erik F. Johnsen

     (b) Principal Business Address of Reporting Person:

          11 North Water Street, Suite 18290
          Mobile, Alabama 36602

     (c) Mr. Johnsen is a Director of the Issuer.

     (d) Mr. Johnsen has not been convicted in a criminal  proceeding  excluding
traffic violations or similar misdemeanors) during the past five years.

     (e) Mr. Johnsen has not been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is  subject  to a  judgment,  decree  or  final  order  enjoining  future
violations  of, or prohibiting  or mandating  activities  subject to, federal or
state  securities laws or finding any violation with respect to such laws during
the past five years.

     (f) Mr. Johnsen is a United States citizen.

Item 3. Source and Amount of Funds or Other Consideration.

     Not applicable.

Item 4. Purpose of Transaction.

     Not applicable.

Item 5. Interest in Securities of the Issuer

     (a)(b)  As of the date  hereof,  the  Reporting  Person  beneficially  owns
544,428 shares of the Common Stock, which is approximately 8.9% of the shares of
the Common Stock  believed to be  outstanding.  Mr.  Johnsen has sole voting and
investment power with respect to all of these shares.

     (c) Mr.  Johnsen has engaged in the  following  transactions  in the Common
Stock of the Issuer in the past 60 days:

     Mr.  Johnsen sold 5,100  shares of Common  Stock on April 27,  2007,  4,900
shares of Common Stock on April 30, 2007 and 1,000 shares of Common Stock on May
1, 2007.

     (d) Other  party with right to receive or direct  receipt of  dividends  or
proceeds: Not applicable.

     (e) Date  Reporting  Person  ceased  to  beneficially  own more  than 5% of
shares: Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.




Item 7. Material to be Filed as Exhibits.

     Not applicable.

                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.

Date: May 22, 2007


                                                        /s/ Erik F. Johnsen
                                                       ---------------------
                                                           Erik F. Johnsen