GNO, Inc. Welcomes International Shipholding Corporation Back to New Orleans

NEW ORLEANS (02/05/2014) – Today, Greater New Orleans, Inc. (GNO, Inc.) President and CEO Michael Hecht joined Governor Bobby Jindal, New Orleans Mayor Mitch Landrieu and International Shipholding Corporation President Erik L. Johnsen to announce that the company will relocate its corporate headquarters from Mobile, AL to New Orleans, where the company was founded in 1947. After Hurricane Katrina, recovery challenges led ISC to relocate its corporate headquarters to Mobile. GNO, Inc. has worked closely with International Shipholding Corporation and Louisiana Economic Development since June 2013 to ensure its return to the region.

“Greater New Orleans, Inc. is proud to be part of the team that has helped bring International Shipholding back to New Orleans,” said Michael Hecht, President and CEO of Greater New Orleans, Inc. “International Shipholding’s return is a double-win for the region. First, we are gaining 100 new direct jobs and $10 million in investment. But even more importantly, International Shipholding’s return to New Orleans heralds a broader, deeply important trend – the best people and companies are coming home.”

“We are pleased to be returning to New Orleans where the Mississippi River once again plays an important strategic role for our company,” ISC President Erik L. Johnsen said. “We are excited to be returning at a time when the city has made significant progress in its recovery. We further believe we will be better-positioned in New Orleans to take advantage of transportation opportunities from the significant industrial investment being made in the state.”

In New Orleans, ISC will create 100 new direct jobs at a 45,000- to 50,000-square-foot headquarters facility in the city’s Warehouse District, where the company will soon complete a purchase of property already under contract. The new direct jobs will average $70,000 per year, plus benefits, and Louisiana Economic Development estimates the project will result in an additional 113 new indirect jobs, for a total of more than 210 new jobs in the greater New Orleans area.

Gov. Jindal said, “I am excited to announce the return of International Shipholding Corporation to New Orleans, where ISH will continue a great tradition of maritime and international commerce companies operating in Louisiana’s largest city. ISH could have stayed in Mobile, but they are coming back home because of our strong business climate, expanding industrial projects, resurgent New Orleans economy, and business growth along the Mississippi River.

“We have worked long and hard to bring back this storied company to its rightful place in New Orleans. Not only is this a great international commerce win for our state, but ISH will provide outstanding professional career opportunities in New Orleans and add another publicly held company to our growing business community. International Shipholding’s return affirms a genuine truth about New Orleans – this city is back, and better than ever before.”

“New Orleans is open for business, attracting private investment and introducing major developments in neighborhoods across the city,” New Orleans Mayor Mitch Landrieu said. “The return of International Shipholding reflects the economic growth, jobs and increasing opportunities that will help us rebuild better than we were before.”

International Shipholding Corp. will conduct its headquarters facility renovation in 2014 and 2015 and relocate employees and resources as the corporate headquarters is completed. The entire transition will be concluded by the fourth quarter of 2015, when ISC will begin formal operation of its headquarters in New Orleans.

Listed on the New York Stock Exchange, ISC owns and operates a global fleet of waterborne cargo vessels. The company recorded annual revenue of more than $310 million in its just concluded 2013 fiscal year.