TBS International Limited Takes Delivery of Handymax, M.V. Tupi Maiden
HAMILTON, BERMUDA--(Marketwire - August 11, 2008) - TBS International Limited (NASDAQ: TBSI)
announced today that it has taken delivery of the M.V. Tupi Maiden,
formerly known as the M.V. Ken Blossom, an acquisition it announced in June
2008. The M.V. Tupi Maiden is a 1992 built, 38,852 dwt handymax bulk
carrier that the Company agreed to acquire charter free for $44.0 million.
With this delivery, TBS' current fleet consists of 45 multipurpose
tweendecker, handymax and handysize vessels. TBS expects to take delivery
of one more handymax bulk carrier (M.V. Fox Maiden) by the end of Q3 2008.
Once this delivery is concluded, TBS' fleet will be comprised of 46 vessels
with an aggregate of 1,390,473 dwt, consisting of 23 tweendeckers and 23
handymax/ handysize bulk carriers.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We are pleased to have taken delivery of M.V. Tupi Maiden, which increases
our operating fleet to 45 vessels. This delivery further enhances our
ability to generate revenues and stable cash flows while implementing our
strategy of growing our fleet in response to the growth of our business."
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.
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
Investor Relations / Media:
Capital Link, Inc. New York