SOURCE: TBS International Limited

August 11, 2008 16:05 ET

TBS International Limited Takes Delivery of Handymax, M.V. Tupi Maiden

HAMILTON, BERMUDA--(Marketwire - August 11, 2008) - TBS International Limited (NASDAQ: TBSI) announced today that it has taken delivery of the M.V. Tupi Maiden, formerly known as the M.V. Ken Blossom, an acquisition it announced in June 2008. The M.V. Tupi Maiden is a 1992 built, 38,852 dwt handymax bulk carrier that the Company agreed to acquire charter free for $44.0 million.

With this delivery, TBS' current fleet consists of 45 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of one more handymax bulk carrier (M.V. Fox Maiden) by the end of Q3 2008. Once this delivery is concluded, TBS' fleet will be comprised of 46 vessels with an aggregate of 1,390,473 dwt, consisting of 23 tweendeckers and 23 handymax/ handysize bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to have taken delivery of M.V. Tupi Maiden, which increases our operating fleet to 45 vessels. This delivery further enhances our ability to generate revenues and stable cash flows while implementing our strategy of growing our fleet in response to the growth of our business."

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