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 Its First Heavy-Lift Tweendecker, Expanding Its Fleet to 47 Vessels
| Source: TBS International Limited
HAMILTON, BERMUDA--(Marketwire - September 10, 2008) - TBS International Limited (NASDAQ : TBSI )
announced today that it has entered into an agreement to acquire the M.V.
CEC Cardigan, to be renamed M.V. Zia Belle, a 1997 built, 8,874 dwt
heavy-lift multipurpose tweendecker with two 150 ton cranes, combinable up
to 300 tons. TBS has agreed to acquire this vessel charter free for $20.6
million with expected delivery during the fourth quarter of 2008.
The Zia Belle will be TBS' first tweendecker with heavy-lift gear, a cargo
capability in demand for project shipping worldwide.
Following this purchase, TBS' fleet will be comprised of 47 vessels with an
aggregate of 1.4 million dwt, consisting of 24 multipurpose tweendeckers
and 23 handysize/handymax bulk carriers. In addition, TBS has on order with
Chinese shipyards six Roymar Class 34,000 dwt multipurpose vessels with
retractable tweendecks, of which two are scheduled for delivery in 2009 and
four in 2010.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We are excited to announce the acquisition of the M.V. Zia Belle, our
first heavy-lift tweendecker, which solidifies TBS' operational
capabilities in project cargoes and complements our multipurpose
tweendecker fleet. Adding heavy-lift capability in the TBS Fleet will
better enable TBS to service our growing list of customers engaged in
global projects in the energy, mining, steel, construction and
infrastructure industries which require vessels with heavy-lift
capabilities.
"Unlike a traditional dry bulk company which charters its vessels to other
companies or trades its ships in the spot market, TBS has been able to
achieve consistent growth with the implementation of our 'Business First,
Fleet Second' strategy as well as our foundation of direct customer
relationships. Despite the volatility in the shipping markets, our business
continues to grow and we continue to evaluate opportunities to expand our
fleet."
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, the Middle East and the
Mediterranean. TBS adds value by offering its customers the TBS "5 Star
Service": ocean transportation, operations, project logistics, port
services and strategic planning.
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