UPDATE 1-Int'l Shipholding retains advisors to review bid

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Oct 14 (Reuters) - International Shipholding Corp (ISH.N) said it retained Lazard as its financial advisor and Thacher Proffitt & Wood LLP as its legal advisor to evaluate a takeover bid from Liberty Shipping Group LLC.

Last month, drybulk operator Liberty Shipping had offered to buy the company for about $308 million, or $25.75 a share.

In a separate statement, the company said it expects third-quarter net income in the range of $11 million to $11.5 million, or $1.51 a share to $1.59 a share.

The company said its latest quarter witnessed an increase in the carriage of supplemental cargoes and the continued improvement of the rail ferry service.

Shares of the Mobile, Alabama-based company were trading up nearly a percent at $20.57 in morning trade on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Anil D'Silva)