HAMILTON, BERMUDA -- (MARKET WIRE) -- April 11, 2007 -- TBS International Limited (NASDAQ: TBSI)
announced today that it has taken delivery of the M.V. Nanticoke Belle (ex
M.V. Blu Mistral II), a vessel it had previously agreed to acquire.
M.V. Nanticoke Belle, built in 1989, has a total dwt of 28,843 and is the
sister ship of the TBS vessel M.V. Wichita Belle, built in 1991, with the
same dwt capacity. The M.V. Nanticoke Belle has two retractable tweendecks
that optimize floor space and cargo flexibility and is one of the very few
modern tweendeckers of this size in the industry.
Following this delivery, TBS' fleet is comprised of 34 vessels in total,
including 19 multipurpose and a combination of 15 handysize and handymax
bulk carriers, with an aggregate of 1,016,294 dwt.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We are pleased to announce that we have taken delivery of the M.V.
Nanticoke Belle, a multipurpose tweendecker, and sister ship to the M.V.
Wichita Belle. The benefits of having a sister ship added to our fleet are
that it increases our operational flexibility and can generate economies of
scale while enabling us to better service our clients. Our present fleet of
19 multipurpose and a combination of 15 handysize and handymax bulk
carriers, enables our company to deliver optimum service to our clients by
providing complete transportation solutions.
"In addition, as we have already announced, we have embarked on a program
to build six new multipurpose vessels thereby ensuring our fleet renewal
and expansion for the long term."
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.
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