DUBLIN, IRELAND--(Marketwire - February 23, 2011) - TBS International plc (
The M/V Comanche Maiden is the fifth in a series of six "Roymar Class" 34,000 dwt multipurpose tweendecker vessels that the Company ordered at a purchase price of $35.4 million per vessel. This vessel, like her sister ships, has box-shaped holds, open hatches and fully retractable hydraulic tweendecks, is geared with 35 and 40 ton cranes combinable up to 80 tons, and has a modern fuel-efficient engine enabling the vessel to operate effectively at 15 knots.
TBS expects to take delivery of the remaining vessel in the second quarter of 2011, and has in place the requisite bank financing for this vessel.
With the delivery of the M/V Comanche Maiden, TBS's current fleet expands to 51 vessels with an aggregate of 1.55 million dwt, consisting of 29 tweendeckers and 22 handymax/ handysize bulk carriers.
Joseph E. Royce, Chairman, Chief Executive Officer and President, commented: "We are pleased to add the M/V Comanche Maiden to our operating fleet, thereby expanding our operational fleet to a total of 51 vessels. The delivery of this modern tweendecker vessel is in line with our goal to modernize our fleet. We continue to focus on delivering a quality service to our customers.
"The TBS Five-Star Service consisting of Ocean Transportation, Projects, Operations, Port Services, and Strategic Planning addresses the various transportation needs of our customers and the addition to our fleet of these newly built Roymar Class Multipurpose Tweendecker vessels optimizes our operational capabilities."
Forward-Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following:
About TBS International plc:
TBS provides worldwide shipping solutions to a diverse client base of industrial shippers through its Five Star Service: ocean transportation, projects, operations, port services, and strategic planning. The TBS shipping network operates liner, parcel and dry bulk services, supported by a fleet of multipurpose tweendeckers and handysize/ handymax bulk carriers, including specialized heavy-lift vessels and newbuild tonnage. TBS has developed its franchise 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. Visit our website at www.tbsship.com.
Contact Information:
For more information, please contact:
Ferdinand V. Lepere
Senior Executive Vice President and Chief Financial Officer
TBS International plc
Tel. 914-961-1000
InvestorRequest@tbsship.com
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. New York
Tel. 212-661-7566
E-mail: tbs@capitallink.com