HAMILTON, BERMUDA--(Marketwire - December 18, 2007) - TBS International Limited (NASDAQ: TBSI)
announced that on December 17, 2007, through its wholly owned subsidiaries,
it exercised its options to purchase 7 of its multipurpose tweendeck
vessels for $2.85 million each. The 7 vessels are part of TBS' operational
fleet and since December 2003 have been under a 66-month
sale-leaseback arrangement, which provided TBS with purchase options.
These seven multipurpose tweendeck vessels are the MVs Kickapoo Belle, 1987
built, 23,319 dwt; Seneca Maiden, 1986 built, 19,762 dwt; Navajo Princess,
1987 built, 21,902 dwt; Kiowa Princess, 1986 built, 19,762 dwt; Cherokee
Princess, 1990 built, 23,286 dwt; Inca Maiden, 1986 built, 22,133 dwt; and
Apache Maiden, 1987 built, 23,319 dwt.
TBS fleet comprises 42 vessels in total with an aggregate of 1,224,523 dwt,
including 23 tweendeckers and 19 handymax / handysize bulk carriers. This
includes six vessels, three multipurpose tweendeckers and three handysize
bulk carriers, which TBS has agreed to acquire and have been scheduled for
delivery to TBS by the end of the first quarter 2008.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"By exercising our purchase options, TBS now owns these vessels outright
instead of operating them under a capital lease arrangement. These assets
have appreciated significantly, given the current strong market
environment, the shortage of high quality second-hand tweendecker vessels
and our intensive fleet upgrade and maintenance program. We believe TBS
will be able to benefit from the additional equity that has built up in
these assets for our continued business development and fleet growth."
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
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