SECOND AMENDMENT TO LOAN AGREEMENT

Exhibit 10.20

SECOND AMENDMENT TO LOAN AGREEMENT

THIS SECOND AMENDMENT (this "Amendment"), dated as of December 9, 2014, to that certain LOAN AGREEMENT dated as of August 25, 2014 is executed by and among LCI SHIPHOLDINGS, INC., a non-resident corporation organized under the laws of the Republic of the Marshall islands, with offices at 11 North Water St., Suite 18290, Mobile, Alabama 36602 ("Borrower"), INTERNATIONAL SHIPHOLDING CORPORATION, a corporation organized under the laws of Delaware, with offices at 11 North Water St., Suite 18290, Mobile, Alabama 36602 (together with its successors and permitted assigns, "Guarantor"), and CITIZENS ASSET FINANCE, INC. (f/k/a RBS Asset Finance, Inc.), a New York corporation, with offices at 71 South Wacker Drive, 29th Floor, Mailstop 1H2935, Chicago, Illinois 60606 (together with its successors and assigns, "Lender").

RECITALS:

WHEREAS, the Loan Agreement was executed and delivered by Borrower, Guarantor and Lender to establish the terms and conditions pursuant to which Lender would open a term loan credit facility in favor of Borrower with available credit thereunder in a principal amount of up to TWENTY-THREE MILLION FORTY THOUSAND AND NO/100 Dollars ($23,040,000.00) in order to refinance certain indebtedness of Borrower under the DNB Credit Agreement (as defined in the Loan Agreement), which debt was secured by a preferred mortgage lien and security interest against the Marshall Islands-flagged vessel, GREEN DALE, Official Number 5236, IMO Number ###-###-#### (the "Vessel") and to fund a portion of the acquisition price payable by Waterman Steamship Corporation, an Affiliate of Borrower and of Guarantor, in connection with the early termination of a bareboat charter of a sister ship of the Vessel; and

WHEREAS, Borrower and Guarantor have requested that Lender agree (a) to amend the definition of Consolidated EBITDA of Section 1.1, and the Minimum Consolidated Tangible Net Worth covenant of Section 6.10(c) of the Loan Agreement, to include a deduction for Specified Impairment Losses, and (b) to add a definition for Specified Impairment Losses to Section 1.1, to conform with comparable amendments made to the corresponding covenant in force under the senior credit facility in favor of Guarantor, the parent of Borrower; and

WHEREAS, Lender has agreed to amend the definition of Consolidated EBITDA and the Minimum Consolidated Tangible Net Worth covenant as requested provided that Borrower and Guarantor execute an amendment to the Loan Agreement reflecting the changes to those provisions.

NOW THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower, Guarantor and Lender hereby agree as follows:

The following amendments to the Loan Agreement are effective as of the date hereof:

1.The definition of "Consolidated EBITDA, in Section 1.1 of the Loan Agreement, is amended and restated to read, in its entirety, as follows:

"Consolidated EBITDA" means, for any period, with respect to the Parent and its Subsidiaries, including Borrower, the sum of (without duplication) (i) Consolidated Net Income; (ii) all Consolidated Interest Expense of the Parent and its Subsidiaries; (iii) income taxes of the Parent and its Subsidiaries; and (iv) depreciation and amortization of the Parent and its Subsidiaries determined on a consolidated basis in accordance with

GAAP for such period; provided that if any Subsidiary is not wholly-owned by the Parent, Consolidated EBITDA shall be reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the amount of Consolidated Net Income attributable to such Subsidiary multiplied by (B) the percentage ownership interest in the income of such Subsidiary not owned by the Parent on the last day of such period; and provided, further, that for purposes of the foregoing calculation, any Specified Impairment Losses shall be excluded from (so as not to reduce) Consolidated Net Income.

"Specified Impairment Losses" means impairment losses incurred by the Guarantor, as Parent, and its Subsidiaries, including Borrower, on a consolidated basis, that, in accordance with GAAP, result from the placement of the following assets as held for sale on the balance sheet of the Parent and its Subsidiaries: the vessel EGS TIDE, the vessel EGS WAVE, the vessel EGS CREST, the vessel NAIDA RAMIL, the vessel PEGGY PALMER and the vessel OCEAN PORPOISE, in an amount not to exceed, in the aggregate, $41,000,000; provided that such impairment losses are incurred by March 31, 2015 at the latest.

Section 6.10Financial Covenants. Until Borrower has paid and performed all of the Obligations, in full, Guarantor, as Parent, and its Subsidiaries shall maintain the following financial covenants on a consolidated basis:

than issuances in connection with the exercise by a present or former employee, officer or director under a stock incentive plan, stock option plan or other equity-based compensation plan or arrangement).

The calculations of the financial covenants shall be made on a pro forma basis after giving effect to any acquisitions and dispositions such that (i) income statement and cash flow statement items attributable to property disposed of shall be excluded to the extent relating to any period prior to the date of such acquisition, (ii) income statement and cash flow statement items attributable to any entity or property acquired, for the prior four rolling quarters, shall be included to the extent related to any period applicable in such calculations and supported by financial statements or other information satisfactory to the Administrative Agent (or following any termination of the Senior Credit Agreement, satisfactory to Lender), and (iii) any Debt assumed in connection with any such transaction shall be deemed to have been incurred as of the first day of the applicable period.

The execution and delivery of this Amendment has been duly authorized, and all conditions and requirements have been satisfied and performed that are necessary to make this Amendment a valid and binding agreement, and to effect the amendment of the Loan Agreement as provided herein.

All of the warranties, representations, covenants and agreements of Borrower and Guarantor, and all the rights, immunities, powers and the remedies of Lender, that are set forth in the Loan Agreement, as previously amended, are incorporated herein and shall apply with the same force and effect as though set forth at length in this Amendment.

This Amendment shall be construed in connection with and as part of the Loan Agreement, as previously amended. Capitalized terms not otherwise defined herein that are defined in the Loan Agreement, as previously amended, are used herein with such defined meanings. If for any reason this Amendment, or any part hereof, shall be declared invalid or unenforceable for any reason whatsoever, such invalidity or unenforceability shall not be deemed to affect the validity or enforceability of the Obligations, any other Loan Document, or the remaining portions of this Amendment.

Except as expressly amended hereby, all provisions of the Loan Agreement, as previously amended, remain in full force and effect. The Loan Agreement, as previously amended, and as further