Contact Information: For more information, please 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
TBS International Limited Announces the Acquisition of a Handymax Bulk Carrier Expanding Its Fleet to 46 Vessels
| Source: TBS International Limited
HAMILTON, BERMUDA--(Marketwire - June 23, 2008) - TBS International Limited (NASDAQ : TBSI )
announced that it has entered into an agreement to acquire the M.V. Ken
Blossom (to be renamed), a 38,852 dwt, 1992 built handymax bulk carrier.
TBS has agreed to acquire this vessel for a purchase price of $44.0 million
charter free with expected delivery during the third quarter of 2008.
Following this acquisition, TBS's fleet will be comprised of 46 vessels
with an aggregate of 1,390,473 dwt, consisting of 23 tweendeckers and 23
handymax/ handysize bulk carriers. TBS expects to take delivery of the
previously announced handymax bulk carrier M.V. Fox Maiden by the end of Q3
2008.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We are pleased to announce the acquisition of the M.V. Ken Blossom, our
23rd bulk carrier, expanding our total fleet to 46 vessels. This
acquisition is consistent with our articulated strategy. We expect this
acquisition to enhance our revenue and cash flow generation capacity as
well as help us to serve our customers' needs."
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, the Caribbean and the Mediterranean. TBS provides
frequent regularly scheduled voyages in its network, as well as cargo
scheduling, loading and discharge for its customers.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. You are hereby
cautioned that these statements may be affected by certain factors, among
others, set forth below and in TBS's filings with the Securities and
Exchange Commission, and consequently, actual operations and results may
differ materially from the results discussed in the forward-looking
statements. Among the factors that could cause actual results to differ
materially from those indicated by forward-looking statements is the
ability of the buyer and seller of the vessel to satisfy customary
conditions to our obligation to purchase the vessel. Other factors that
could affect TBS's operations and results are discussed in TBS's filings
with the Securities and Exchange Commission. TBS undertakes no obligation
to update any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Visit our website at www.tbsship.com