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
TBS International Limited Takes Delivery of a Handysize Bulk Carrier Expanding Its Operational Fleet to 37 Vessels
| Source: TBS International Limited
HAMILTON, BERMUDA--(Marketwire - January 29, 2008) - TBS International Limited (NASDAQ : TBSI )
announced that it has taken delivery of the M.V. Zuni Princess, formally
the M.V. Ypermachos, a 1984 built, 28,166 dwt handysize bulk carrier. TBS
had agreed to acquire this vessel charter free for $26.0 million in October
2007.
With the delivery of the M.V. Zuni Princess, TBS' current fleet consists of
37 multipurpose tweendecker, handymax and handysize vessels. TBS expects to
take delivery of two additional handysize bulk carriers (the MVs Oneida
Princess and Mohave Maiden) and three multipurpose tweendeckers (the MVs
Hopi Princess, Ottawa Princess and Caribe Maiden) by end of the first
quarter of 2008. Once these deliveries are concluded, TBS' fleet will be
comprised of 42 vessels with an aggregate of 1,224,523 dwt, consisting of
23 tweendeckers and 19 handymax / handysize bulk carriers.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We are pleased to add the M.V. Zuni Princess to our operational fleet, our
first delivery of this year. With this delivery and consistent with our
strategy, we have strengthened our position to take advantage of the
growing demand in the industry."
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