SOURCE: TBS International Limited

June 23, 2008 16:05 ET

TBS International Limited Announces the Acquisition of a Handymax Bulk Carrier Expanding Its Fleet to 46 Vessels

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.

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Contact Information

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

    Investor Relations / Media:
    Nicolas Bornozis
    Capital Link, Inc. New York
    Tel. 212-661-7566