SOURCE: TBS International Limited

November 15, 2006 13:01 ET

TBS International Limited Takes Delivery of a Handysize Bulk Carrier Expanding Its Fleet to 33 Vessels

HAMILTON, BERMUDA -- (MARKET WIRE) -- November 15, 2006 -- TBS International Limited (NASDAQ: TBSI), an ocean transportation services company that offers worldwide shipping solutions through liner, parcel and bulk transportation services, announced today that it has taken delivery of the M.V. Laguna Belle (ex M.V. Clipper Frontier), a vessel it had previously agreed to acquire.

The M.V. Laguna Belle, 29,458 dwt, was built in 1996 at the Dalian Shipyard. The TBS fleet currently consists of 33 multipurpose, handymax and handysize vessels.

As already announced, TBS has also entered into an agreement to acquire the M.V. Alabama Belle (ex M.V. Aliki), a 41,808 dwt 1986-built handymax bulk carrier. TBS expects to take delivery of the M.V. Alabama Belle between November 20 and December 5, 2006, thereby further expanding its fleet to 34 vessels.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "The delivery of the M.V. Laguna Belle, along with that of the M.V. Alabama Belle which is expected later this month, will complete our initial three vessel expansion program we implemented in the third quarter, as a response to the growth of our business. In this context, our fleet will shortly be comprised of a total of 34 multipurpose, handymax and handysize vessels, which further enhances our ability to accommodate our customers and are ideally suited for the ports and cargoes we service. We plan to continue exploring opportunities for further fleet renewal and expansion as the growth of our business in our main markets and trade routes, as well as new business opportunities we have been developing, increase."

About TBS International Limited

TBS is an ocean transportation services company that offers worldwide shipping solutions through liner, parcel and bulk services, and vessel chartering. TBS has developed its business around key trade routes between Latin America and China, Japan and South Korea, as well as select ports in North America, Africa and the Caribbean. TBS provides frequent regularly scheduled voyages in its network, as well as cargo scheduling, loading and discharge for its customers.

Forward-Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations.

Included among the factors that, in the company's view, could cause actual results to differ materially from the forward-looking statements contained in this press release are the following:

--  changes in demand;
--  a material decline or prolonged weakness in rates in the shipping
    market;
--  changes in rules and regulations applicable to the shipping industry,
    including, without limitation, legislation adopted by international
    organizations such as the International Maritime Organization and the
    European Union or by individual countries;
--  actions taken by regulatory authorities;
--  changes in trading patterns significantly impacting overall vessel
    tonnage requirements;
--  changes in the typical seasonal variations in charter rates;
--  increases in costs including without limitation: changes in production
    of or demand for oil and petroleum products, generally or in particular
    regions; crew wages, insurance, provisions, repairs and maintenance;
--  changes in general domestic and international political conditions;
--  changes in the condition of the company's vessels or applicable
    maintenance or regulatory standards (which may affect, among other things,
    the company's anticipated drydocking or maintenance and repair costs); and
--  other factors listed from time to time in the company's filings with
    the Securities and Exchange Commission, including, without limitation, its
    Annual Report on Form 10-K for the period ended December 31, 2005  and its
    subsequent reports on Form 10-Q and Form 8-K.
    
Visit our website at www.tbsship.com

Contact Information

  • For more information, please contact:
    Company Contact:
    Ferdinand V. Lepere
    Executive Vice President and Chief Financial Officer
    TBS International Limited
    Tel. 914-961-1000
    InvestorRequest@tbsship.com

    Investor Relations / Media:
    Nicolas Bornozis
    Capital Link, Inc. New York
    Tel. 212-661-7566
    E-mail: nbornozis@capitallink.com