SOURCE: TBS International Limited

April 11, 2007 16:10 ET

TBS International Limited Takes Delivery of a Multipurpose Tweendecker Expanding Its Fleet to 34 Vessels

HAMILTON, BERMUDA -- (MARKET WIRE) -- April 11, 2007 -- TBS International Limited (NASDAQ: TBSI) announced today that it has taken delivery of the M.V. Nanticoke Belle (ex M.V. Blu Mistral II), a vessel it had previously agreed to acquire.

M.V. Nanticoke Belle, built in 1989, has a total dwt of 28,843 and is the sister ship of the TBS vessel M.V. Wichita Belle, built in 1991, with the same dwt capacity. The M.V. Nanticoke Belle has two retractable tweendecks that optimize floor space and cargo flexibility and is one of the very few modern tweendeckers of this size in the industry.

Following this delivery, TBS' fleet is comprised of 34 vessels in total, including 19 multipurpose and a combination of 15 handysize and handymax bulk carriers, with an aggregate of 1,016,294 dwt.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to announce that we have taken delivery of the M.V. Nanticoke Belle, a multipurpose tweendecker, and sister ship to the M.V. Wichita Belle. The benefits of having a sister ship added to our fleet are that it increases our operational flexibility and can generate economies of scale while enabling us to better service our clients. Our present fleet of 19 multipurpose and a combination of 15 handysize and handymax bulk carriers, enables our company to deliver optimum service to our clients by providing complete transportation solutions.

"In addition, as we have already announced, we have embarked on a program to build six new multipurpose vessels thereby ensuring our fleet renewal and expansion for the long term."

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