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 Its First Heavy-Lift Tweendecker Expanding Its Fleet to 47 Vessels
| Source: TBS International Limited
HAMILTON, BERMUDA--(Marketwire - December 15, 2008) - TBS International Limited (NASDAQ : TBSI )
announced today that it has taken delivery of the M.V. Zia Belle,
previously known as the M.V. CEC Cardigan, a 1997 built, 8,734 dwt
heavy-lift multipurpose tweendecker with two 150 ton cranes, combinable up
to 300 tons. The Company had agreed to acquire this vessel charter free for
$20.6 million in September 2008.
With this delivery, TBS's current fleet comprises 47 vessels with an
aggregate of 1,399,207 dwt, consisting of 24 tweendeckers and 23 handymax/
handysize bulk carriers. The Company also has on order six Roymar Class
34,000 dwt each multipurpose vessels, with retractable tweendecks, two of
which are scheduled for delivery in 2009 and the remaining four in 2010.
These vessels are being built to TBS specifications, thereby contributing
to the renewal of the TBS fleet.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We are pleased to have taken delivery of the M.V. Zia Belle, which expands
our fleet to 47 vessels and enables us to further improve our customer
service capabilities. This vessel, our first tweendecker with heavy-lift
gear, is in demand for our project shipping business. It will enable us to
accommodate the needs of our expanding client base engaged with projects in
energy, mining, steel, construction and infrastructure development.
"In today's challenging environment, TBS continues to provide its extensive
and long established customer base with complete transportation solutions,
enabling them to optimize their global supply chain."
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 Middle East. TBS adds value by
offering its customers the TBS "5 Star Service": ocean transportation,
operations, logistics, port services and strategic planning.
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.
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