UNITED STATES
                                          SECURITIES AND EXCHANGE COMMISSION
                                                 Washington, D.C. 20549


                                                       SCHEDULE 13G

                                      Under the Securities Exchange Act of 1934


                                      International Shipping Enterprises Inc.

                                   --------------------------------------------

                                                   (Name of Issuer)

                                     Common Stock, par value $.0001 per share
                                 ---------------------------------------------
                                              (Title of Class of Securities)

                                                     46032U207
                                  --------------------------------------------
                                                   (CUSIP Number)

                                                  December 13, 2004
                                  ---------------------------------------------
                         (Date of Event Which Requires Filing of this Statement)



             Check the appropriate box to designate the rule pursuant to which 
                this Schedule is filed:
                  [ ]  Rule 13d-1(b)
                  [X] Rule 13d-1(c) 
                  [ ] Rule 13d-1(d)


             *The remainder of this cover page shall be filled out for a
             reporting person's initial filing on this form with respect to the
             subject class of securities, and for any subsequent amendment
             containing information which would alter the disclosures provided
             in a prior cover page.

             The information required in the remainder of this cover page shall
             not be deemed to be "filed" for the purpose of Section 18 of the
             Securities Exchange Act of 1934 ("Act") or otherwise subject to the
             liabilities of that section of the Act but shall be subject to all
             other provisions of the Act (however, see the Notes).










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CUSIP No. 46032U207        SCHEDULE 13G            Page  2  of 5 Pages

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1       NAME OF REPORTING PERSON
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

            North Sound Capital LLC (1)
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2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  (a) [x]
                                                           (b) [ ]

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3       SEC USE ONLY
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4       CITIZENSHIP OR PLACE OF ORGANIZATION

        Delaware
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                        5      SOLE VOTING POWER
      NUMBER OF                 0
        SHARES          -------------------------------------------------------
     BENEFICIALLY
       OWNED BY         6      SHARED VOTING POWER
         EACH                   2,700,000
      REPORTING         -------------------------------------------------------
        PERSON          7      SOLE DISPOSITIVE POWER
         WITH                   0
                        -------------------------------------------------------
                        8      SHARED DISPOSITIVE POWER

                                           2,700,000
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9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

        2,700,000
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10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
        [ ]

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11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

        7.58%
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12      TYPE OF REPORTING PERSON*

        OO
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(1)  The ultimate managing member of North Sound Capital LLC is Thomas  McAuley.
     The Reporting Person may be deemed the beneficial owner of the shares in 
     its capacity as the managing member of North Sound Legacy Fund LLC and 
     North Sound Legacy Institutional Fund LLC and the investment advisor of 
     North Sound Legacy International Ltd. (the "Funds"), who are the holders of
     such shares. As the managing member or investment advisor, respectively, of
     the Funds, the Reporting Person has voting and investment control with 
     respect to the shares of common stock held by the Funds.


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CUSIP No. 46032U207        SCHEDULE 13G          Page   3  of   5  Pages

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Item 1(a).        Name of Issuer:

                  International Shipping Enterprises Inc.

Item 1(b).        Address of Issuer's Principal Executive Offices:

                  1225 Franklin Avenue, Suite 325
                        Garden City, NY 11530

Item 2(a).        Name of Person Filing.
Item 2(b).        Address of Principal Business Office or, if None, Residence.
Item 2(c).        Citizenship.

                  North Sound Capital LLC
                  53 Forest Avenue, Suite 202
                  Old Greenwich, CT 06870
                  Delaware limited liability company

Item 2(d).        Title of Class of Securities:

                  Common Stock, par value $.0001 per share

Item 2(e).        CUSIP Number:

                  46032U207

Item 3.           If this statement is filed pursuant to ss.ss.240.13d-1(b) or 
                  240.13d-2(b) or (c), check whether the person filing is a:

                  Not Applicable

Item 4.           Ownership.

                  The following is information regarding the aggregate number
         and percentage of the class of securities of the issuer identified in
         Item 1:

                  (a) Amount beneficially owned: 2,700,000 shares of Common
                        Stock

                  (b) Percent of Class:7.58%

                  (c) Number of shares as to which such person has:

                           (i) sole power to vote or direct the vote: 0

                           (ii) shared power to vote or direct the vote:
                                2,700,000

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CUSIP No. 46032U207          SCHEDULE 13G       Page   4  of   5  Pages

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                           (iii) sole power to dispose or direct the disposition
                                of: 0

                           (iv) shared power to dispose or direct the
                                disposition of: 2,700,000

Item 5.         Ownership of Five Percent or Less of a Class.

                  Not Applicable



Item 6.         Ownership of More than Five Percent on Behalf of Another Person.

                  Not Applicable

Item 7.         Identification and Classification of the Subsidiary Which 
                Acquired the Security Being Reported on By the Parent Holding 
                Company.

                  Not Applicable

Item 8.         Identification and Classification of Members of the Group.

                  Not Applicable

Item 9.         Notice of Dissolution of Group.

                  Not Applicable

Item 10.        Certification.

                  Certification pursuant to ss.240.13d-1(c):

                  By signing below I certify that, to the best of my knowledge
                  and belief, the securities referred to above were not acquired
                  and are not held for the purpose of or with the effect of
                  changing or influencing the control of the issuer of the
                  securities and were not acquired and are not held in
                  connection with or as a participant in any transaction having
                  that purpose or effect.


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CUSIP No. 46032U207       SCHEDULE 13G     Page   5  of   5  Pages

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                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

         Dated:  December 15, 2004


                                              NORTH SOUND CAPITAL LLC


                                           By: /s/ Thomas McAuley
                                               --------------------
                                           Name: Thomas McAuley
                                           Title:   Chief Investment Officer