10:44am

Thu April 9, 2009
WVAS Local

Mobile Company Closely Watches Piracy

Montgomery, Alabama – MOBILE, Ala. (AP) - Officials at Mobile-based International
Shipholding Corp. are monitoring the piracy incident off the coast
of Somalia closely.
The vessel is owned by Maersk USA and leased to International
Shipholding, under what is known as a bareboat charter. The firm
says it has had such relationships with Maersk for the past three
to five years.
Pirates took Capt. Richard Phillips as a hostage after an attack
on the M/V Maersk Alabama on Wednesday. A standoff continues.
International Shipholding says Maersk is taking the lead on the
negotiations, but it is working closely with the firm.
Under a bareboat charter, a crew or provisions are provided by
the entity that rents the boat from the owner. The vessel then in
turn is leased back to Maersk USA. Officials say none of the
crew members are from the Gulf Coast.

(Copyright 2009 by The Associated Press. All Rights Reserved.)