SOURCE: TBS International Limited

February 01, 2007 11:10 ET

TBS International Limited Announces Sale of a Vessel

HAMILTON, BERMUDA -- (MARKET WIRE) -- February 1, 2007 -- TBS International Limited (NASDAQ: TBSI) announced today that it has reached an agreement to sell the M.V. Maya Princess.

The M.V. Maya Princess is a 37,425 dwt multipurpose tweendecker that was built in 1983. TBS agreed to sell the M.V. Maya Princess for $ 13.0 million. The company expects to utilize the proceeds from the sale of the vessel to reduce its outstanding revolver. The company expects to deliver the M.V. Maya Princess to the buyer in late February 2007.

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

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:
    Company 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