HAMILTON, BERMUDA--(Marketwire - July 10, 2007) - TBS International Limited (NASDAQ: TBSI)
reported today that it has entered into an agreement to acquire a handysize
bulk carrier, the M.V. Elsa Oldendorff. TBS agreed to acquire the vessel
charter free for $29.0 million. The vessel is expected to be delivered to
TBS between November 1 and December 30, 2007.
The 24,021 dwt vessel, to be renamed the M.V. Arapaho Belle, was built in
1998. Following this acquisition, as well as the recently announced
acquisition of the 1990-built 42,475 dwt M.V. Yakima Princess, which is
expected to be delivered to TBS between July and October 2007, the TBS
fleet will be comprised of 35 vessels, with an aggregate of 1,058,482 dwt.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"Continuing with our fleet renewal and expansion program, we are pleased to
announce the addition to our fleet of the handysize bulk carrier M.V.
Arapaho Belle. This latest acquisition by TBS is in line with our strategy
of growing our fleet in response to the growth of our business. It will
enable us to better serve the growing needs of our customers and to
accommodate the strong demand we are experiencing in the markets we serve.
As our business continues to grow, we are looking for additional fleet
expansion opportunities in the secondhand market, while we are waiting for
the delivery in 2009 and 2010 of the six multipurpose newbuildings which we
have on order with China Communications Construction Company Ltd. and
Nantong Yahua Shipbuilding Co., Ltd."
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