SUMMARY OF FINAL TERMS

    CONFIDENTIAL

February 14, 2013

ISSUER FREE WRITING PROSPECTUS

Filed Pursuant to Rule 433

Registration Statement No. 333-169899

Supplementing the Preliminary Prospectus Supplement dated February 11, 2013

Issuer

International Shipholding Corporation

Securities Offered

Trade Date

Settlement Date/Form

Offering Size

Issue Price

Maturity

Conversion; Exchange and Preemptive Rights

Dividends

Dividend Rate

Dividend Payment Dates

Dividend Step-Up

If the Issuer does not pay dividends in full on the Series A Preferred Shares on any two Dividend Payment Dates (whether consecutive or not), the per annum dividend rate will increase by an additional 2.00% per $100.00 stated liquidation preference, or $2.00 per annum (or $0.50 per quarter), per Series A Preferred Share on and after the day following such second Dividend Payment Date.

On each subsequent Dividend Payment Date on which cash dividends on the Series A Preferred Shares shall not be declared and paid, the annual dividend rate payable on the Series A Preferred Shares shall increase by an additional 2.00% per annum per $100.00 stated liquidation preference per Series A Preferred Share, up to a maximum annual dividend rate on the Series A Preferred Shares of 19.00%.

The dividend rate will reset to the original dividend rate of 9.50% once all accrued but unpaid dividends on the Series A Preferred Shares have been paid for three consecutive Dividend Payment Dates.

Voting Rights

If six quarterly dividends, whether or not consecutive, payable on the Series A Preferred Shares are in arrears, the holders of Series A Preferred Shares will be entitled to elect two directors to serve on the Issuer’s board of directors.

Unless the Issuer has received the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series A Preferred Shares, voting as a single class, the Issuer may not:

(i) adopt any amendment to its Certificate of Incorporation that adversely alters the preferences, powers or rights of the Series A Preferred Shares;

(ii) issue any Parity Securities if the cumulative dividends payable on outstanding Series A Preferred Shares are in arrears; or

(iii) issue any Senior Securities.

Redemption

At the option of the Issuer anytime on or after April 30, 2018, in whole or in part, at a redemption price of $100.00 per share plus an amount equal to all accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the date of redemption.

Upon the occurrence of a Change of Control, the Issuer may, at its option, redeem the Series A Preferred Shares, in whole, within 120 days after the date on which such Change of Control occurred for a cash redemption price of $100.00 per share, plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the date of redemption.

Ranking

The Series A Preferred Shares will rank:

(i) senior to all classes of the Issuer’s common shares and to each other class or series of capital stock established after the original issue date of the Series A Preferred Shares that is not expressly made senior to or on parity with the Series A Preferred Shares as to the payment of dividends and amounts payable upon the liquidation of the Issuer’s affairs (collectively, “Junior Securities”)

(ii) pari passu with any other class or series of capital stock established after the original issue date of the Series A Preferred Shares that is not expressly subordinated or senior to the Series A Preferred Shares as to the payment of dividends and amounts payable upon the liquidation of the Issuer’s affairs (collectively, “Parity Securities”); and

(iii) junior to all of the Issuer’s indebtedness and other liabilities with respect to assets available to satisfy claims against the Issuer and each other class or series of capital stock expressly made senior to the Series A Preferred Shares as to the payment of dividends and amounts payable upon the liquidation of the Issuer’s affairs (collectively, “Senior Securities”)

Day Count

Net Proceeds to the Issuer (before expenses)

Use of Proceeds

Net Worth Covenant

Ratings

Listing

CUSIP/ISIN

Joint Lead Book-Running Managers

Sole Structuring Agent