TBS Announces Follow-On Offering of Common Shares

Tuesday, May 13, 2008

TBS International Limited announced that it and certain of its shareholders have commenced a follow-on offering of a combined 3,400,000 Class A Common Shares. Jefferies & Company, Inc. and Banc of America Securities LLC are acting as joint book-running managers for the offering. The company is offering 2,000,000 Class A common shares and the selling shareholders are offering an additional 1,400,000 Class A common shares. The company has granted the underwriters an option to purchase an additional 510,000 Class A Common Shares. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The company intends the net proceeds it receives from the offering will be used for general corporate purposes, including the acquisition of secondhand vessels, the acquisition or construction of newbuild vessels, repayment of debt and additions to working capital or capital expenditures.

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