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
TBS International Limited Announces the Acquisition of a Handymax Bulk Carrier Expanding Its Fleet to 34 Vessels
| Source: TBS International Limited
HAMILTON, BERMUDA -- (MARKET WIRE) -- October 30, 2006 -- TBS International Limited (NASDAQ : TBSI ),
an ocean transportation services company that offers worldwide shipping
solutions through liner, parcel and bulk transportation services, announced
today that it has entered into an agreement to acquire a handymax bulk
carrier, the M/V Aliki to be renamed the M/V Alabama Belle. TBS agreed to
acquire the vessel, charter free for a total consideration of $16.075
million. The M/V Alabama Belle is expected to be delivered to TBS between
November 20 and December 5, 2006.
The M/V Alabama Belle, 41,808 metric ton dwt, was built in 1986. Following
the acquisition of the M/V Alabama Belle, as well as the two recently
announced acquisitions of the M/V Clipper Flamingo to be renamed the M/V
Seminole Princess, and the M/V Clipper Frontier to be renamed the M/V
Laguna Belle, TBS's fleet will be comprised of 34 vessels in total,
including 19 multipurpose and a combination of 15 handysize and handymax
bulk carriers, with an aggregate carrying capacity of 1,024,876 dwt.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We are pleased to announce this new acquisition which expands our fleet to
a total of 34 vessels. Our strategy has been to grow our fleet in response
to the growth in our business. The addition of the M/V Alabama Belle to our
fleet will enhance our ability to better serve our customers and take
advantage of the strong shipping markets and increased trade flows."
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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