SOURCE: TBS International Limited

March 11, 2008 16:05 ET

TBS International Limited Takes Delivery of Tweendecker, M.V. Caribe Maiden

HAMILTON, BERMUDA--(Marketwire - March 11, 2008) - TBS International Limited (NASDAQ: TBSI) announced that it has taken delivery of the M.V. Caribe Maiden, formerly known as the M.V. Frijsenborg, an acquisition it had announced in December 2007. The M.V. Caribe Maiden is a 1987 built, 22,800 dwt tweendecker that the Company agreed to acquire, along with its sister vessel, the M.V. Ottawa Princess, en bloc for $46 million charter free.

With this delivery, TBS' current fleet consists of 41 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of an additional multipurpose tweendecker (the M.V. Ottawa Princess) by the end of the first quarter of 2008, and one handymax bulk carrier (M.V. Canarsie Princess) by the end of the second quarter of 2008. Once these deliveries are concluded, TBS' fleet will be comprised of 43 vessels with an aggregate of 1,268,402 dwt, consisting of 23 tweendeckers and 20 handymax / handysize bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to have taken the delivery of M.V. Caribe Maiden. This delivery further expands our operational capability in a period of high customer demand."

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.

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Contact Information

  • For more information, please 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