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
TBS International Limited Announces the Acquisition of a Handysize Bulk Carrier Expanding Its Fleet to 36 Vessels
| Source: TBS International Limited
HAMILTON, BERMUDA--(Marketwire - August 15, 2007) - TBS International Limited (NASDAQ : TBSI )
announced today that it has entered into an agreement to acquire the M.V.
Atlantis Charm, to be renamed the M.V. Savannah Belle, a 1982 built, 22,558
dwt handysize bulk carrier. TBS agreed to acquire the vessel charter free
for $10.7 million with expected delivery between October and December 2007.
Following this acquisition as well as the previously announced acquisitions
of two other vessels, TBS' fleet will comprise 36 vessels in total, with an
aggregate of 1,079,077 dwt, including 20 multipurpose tweendeckers and a
combination of 16 handysize and handymax bulk carriers.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We continue with our fleet expansion and renewal program in response to
the growth of our business. In this context, we are pleased to announce the
acquisition of the M.V. Savannah Belle, which will expand our bulk carrier
fleet to 16 handysize and handymax bulk carriers and our overall fleet to
36 vessels.
"Between now and the end of the year, at a time of strong customer demand
and high freight rates, based on the acquisitions we have already
announced, we expect to add three bulk carriers to our fleet, with an
aggregate of 89,054 deadweight tons: the M.V. Yakima Princess, a handymax
vessel, the M.V. Arapaho Belle and the M.V. Savannah Belle, two handysize
vessels.
"These developments are expected to enhance our ability to accommodate the
needs of our expanding customer base and the increasing volume of cargoes
we transport, while taking advantage of the strong shipping markets.
"I would like to remind you that we also have on order with Chinese
shipyards six 34,000 dwt multipurpose vessels, with retractable tweendecks,
specifically designed by TBS to serve our needs. Two of these vessels are
scheduled for delivery in 2009 and the remaining four in 2010. This is the
first phase of our vessel newbuilding program and ensures the renewal and
expansion of our fleet for the long term. In the meantime, given the growth
of our business, we will continue looking for suitable acquisitions of
additional vessels in the second-hand market."
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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