SOURCE: TBS International Limited

June 09, 2008 09:00 ET

TBS International Limited Announces the Acquisition of a Handymax Bulk Carrier

HAMILTON, BERMUDA--(Marketwire - June 9, 2008) - TBS International Limited (NASDAQ: TBSI) announced that it has entered into an agreement to acquire the M.V. Desert Explorer, to be renamed M.V. Fox Maiden, a 1985 built, 40,902 dwt handymax bulk carrier. TBS has agreed to acquire this vessel charter free for $35.5 million with expected delivery within the third quarter of 2008.

Following this acquisition and the deliveries of the previously announced vessels, TBS' fleet will be comprised of 45 vessels with an aggregate of 1,351,621 dwt, consisting of 23 tweendeckers and a combination of 22 handymax/handysize bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to announce the acquisition of the M.V. Fox Maiden, which further expands our dry bulk fleet and earnings potential. We believe that this acquisition is in line with our strategy of positioning our Company to take advantage of the strong fundamentals of the industry and benefit from global demand."

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

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