SOURCE: TBS International Limited

November 26, 2007 16:05 ET

TBS International Limited Takes Delivery of Handysize Bulk Carrier, M.V. Arapaho Belle

HAMILTON, BERMUDA--(Marketwire - November 26, 2007) - TBS International Limited (NASDAQ: TBSI) announced today that it has taken delivery of its the M.V. Arapaho Belle, formerly the M.V. Elsa Oldendorff, an acquisition that it had announced in July 2007.

The M.V. Arapaho Belle is a 1998 built, 24,021 dwt handysize bulk carrier the Company agreed to acquire charter free for $29.0 million. With the delivery of the M.V. Arapaho Belle, TBS' current fleet consists of 36 multipurpose, handymax and handysize vessels. TBS expects to take delivery of three additional handysize bulk carriers (the MVs Oneida Princess, Mohave Maiden, and Zuni Princess) and one multipurpose tweendecker (the M.V. Hopi Princess) by the end of first quarter 2008.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "In line with our strategy, the delivery of the M.V. Arapaho Belle continues to emphasize our continued commitment to increase our participation in this strong shipping market thereby better serving our customer base."

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:
    Company 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