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
TBS International Limited Takes Delivery of Tweendecker, M.V. Caribe Maiden
| Source: TBS International Limited
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.
Visit our website at www.tbsship.com