HAMILTON, BERMUDA -- (MARKET WIRE) -- November 15, 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 taken delivery of the M.V. Laguna Belle (ex M.V. Clipper
Frontier), a vessel it had previously agreed to acquire.
The M.V. Laguna Belle, 29,458 dwt, was built in 1996 at the Dalian
Shipyard. The TBS fleet currently consists of 33 multipurpose, handymax and
handysize vessels.
As already announced, TBS has also entered into an agreement to acquire the
M.V. Alabama Belle (ex M.V. Aliki), a 41,808 dwt 1986-built handymax bulk
carrier. TBS expects to take delivery of the M.V. Alabama Belle between
November 20 and December 5, 2006, thereby further expanding its fleet to 34
vessels.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"The delivery of the M.V. Laguna Belle, along with that of the M.V. Alabama
Belle which is expected later this month, will complete our initial three
vessel expansion program we implemented in the third quarter, as a response
to the growth of our business. In this context, our fleet will shortly be
comprised of a total of 34 multipurpose, handymax and handysize vessels,
which further enhances our ability to accommodate our customers and are
ideally suited for the ports and cargoes we service. We plan to continue
exploring opportunities for further fleet renewal and expansion as the
growth of our business in our main markets and trade routes, as well as new
business opportunities we have been developing, increase."
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 "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on management's current
expectations and observations.
Included among the factors that, in the company's view, could cause actual
results to differ materially from the forward-looking statements contained
in this press release are the following:
-- changes in demand;
-- a material decline or prolonged weakness in rates in the shipping
market;
-- changes in rules and regulations applicable to the shipping industry,
including, without limitation, legislation adopted by international
organizations such as the International Maritime Organization and the
European Union or by individual countries;
-- actions taken by regulatory authorities;
-- changes in trading patterns significantly impacting overall vessel
tonnage requirements;
-- changes in the typical seasonal variations in charter rates;
-- increases in costs including without limitation: changes in production
of or demand for oil and petroleum products, generally or in particular
regions; crew wages, insurance, provisions, repairs and maintenance;
-- changes in general domestic and international political conditions;
-- changes in the condition of the company's vessels or applicable
maintenance or regulatory standards (which may affect, among other things,
the company's anticipated drydocking or maintenance and repair costs); and
-- other factors listed from time to time in the company's filings with
the Securities and Exchange Commission, including, without limitation, its
Annual Report on Form 10-K for the period ended December 31, 2005 and its
subsequent reports on Form 10-Q and Form 8-K.
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