TBS Exercises Purchase Options for Tweendecks

Wednesday, December 19, 2007
TBS International Limited announced that on December 17, 2007, through its wholly owned subsidiaries, it exercised its options to purchase 7 of its multipurpose tweendeck vessels for $2.85m each. The 7 vessels are part of TBS' operational fleet and since December 2003 have been under a 66-month sale-leaseback arrangement, which provided TBS with purchase options. These seven multipurpose tweendeck vessels are the MVs Kickapoo Belle, 1987 built, 23,319 dwt; Seneca Maiden, 1986 built, 19,762 dwt; Navajo Princess, 1987 built, 21,902 dwt; Kiowa Princess, 1986 built, 19,762 dwt; Cherokee Princess, 1990 built, 23,286 dwt; Inca Maiden, 1986 built, 22,133 dwt; and Apache Maiden, 1987 built, 23,319 dwt. TBS fleet comprises 42 vessels in total with an aggregate of 1,224,523 dwt, including 23 tweendeckers and 19 handymax / handysize bulk carriers. This includes six vessels, three multipurpose tweendeckers and three handysize bulk carriers, which TBS has agreed to acquire and have been scheduled for delivery to TBS by the end of the first quarter 2008.

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