SOURCE: TBS International Limited

December 15, 2008 09:00 ET

TBS International Limited Takes Delivery of Its First Heavy-Lift Tweendecker Expanding Its Fleet to 47 Vessels

HAMILTON, BERMUDA--(Marketwire - December 15, 2008) - TBS International Limited (NASDAQ: TBSI) announced today that it has taken delivery of the M.V. Zia Belle, previously known as the M.V. CEC Cardigan, a 1997 built, 8,734 dwt heavy-lift multipurpose tweendecker with two 150 ton cranes, combinable up to 300 tons. The Company had agreed to acquire this vessel charter free for $20.6 million in September 2008.

With this delivery, TBS's current fleet comprises 47 vessels with an aggregate of 1,399,207 dwt, consisting of 24 tweendeckers and 23 handymax/ handysize bulk carriers. The Company also has on order six Roymar Class 34,000 dwt each multipurpose vessels, with retractable tweendecks, two of which are scheduled for delivery in 2009 and the remaining four in 2010. These vessels are being built to TBS specifications, thereby contributing to the renewal of the TBS fleet.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to have taken delivery of the M.V. Zia Belle, which expands our fleet to 47 vessels and enables us to further improve our customer service capabilities. This vessel, our first tweendecker with heavy-lift gear, is in demand for our project shipping business. It will enable us to accommodate the needs of our expanding client base engaged with projects in energy, mining, steel, construction and infrastructure development.

"In today's challenging environment, TBS continues to provide its extensive and long established customer base with complete transportation solutions, enabling them to optimize their global supply chain."

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 Middle East. TBS adds value by offering its customers the TBS "5 Star Service": ocean transportation, operations, 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

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