SOURCE: TBS International Limited

January 29, 2008 16:05 ET

TBS International Limited Takes Delivery of a Handysize Bulk Carrier Expanding Its Operational Fleet to 37 Vessels

HAMILTON, BERMUDA--(Marketwire - January 29, 2008) - TBS International Limited (NASDAQ: TBSI) announced that it has taken delivery of the M.V. Zuni Princess, formally the M.V. Ypermachos, a 1984 built, 28,166 dwt handysize bulk carrier. TBS had agreed to acquire this vessel charter free for $26.0 million in October 2007.

With the delivery of the M.V. Zuni Princess, TBS' current fleet consists of 37 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of two additional handysize bulk carriers (the MVs Oneida Princess and Mohave Maiden) and three multipurpose tweendeckers (the MVs Hopi Princess, Ottawa Princess and Caribe Maiden) by end of the first quarter of 2008. Once these deliveries are concluded, TBS' fleet will be comprised of 42 vessels with an aggregate of 1,224,523 dwt, consisting of 23 tweendeckers and 19 handymax / handysize bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to add the M.V. Zuni Princess to our operational fleet, our first delivery of this year. With this delivery and consistent with our strategy, we have strengthened our position to take advantage of the growing demand in the industry."

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