TBS International Limited to Acquire Vessel

Friday, December 30, 2005
TBS International Limited has reached an agreement to expand its fleet with the acquisition of the M.V. Kibishio Maru. The M.V. Kibishio Maru is a 19,777 dwt multipurpose tweendecker that was built in 1984. TBS agreed on December 29, 2005 to acquire the M.V. Kibishio Maru for $8.1 million. The company expects to fund the acquisition using proceeds from its previously announced $17.5 Million Credit Facility and working capital. The company expects delivery of the M.V. Kibishio Maru in April of 2006.
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