TBS International's Second New Tweendecker

Tuesday, March 30, 2010

TBS International plc (NASDAQ: TBSI) announced that it has taken delivery of the newbuild vessel M/V Dakota Princess from China Communications Construction Company Ltd/ Nantong Yahua Shipbuilding Group Co., Ltd on March 26, 2010.The M/V Dakota Princess is the second of a series of six TBS-designed Roymar Class 34,000 dwt multipurpose tweendecker vessels that the company had ordered for a purchase price of $35.4m per vessel. Of the remaining four vessels, the company expects to take delivery of two vessels in 2010 and two in 2011. The company has in place the requisite bank financing for all of these. With this delivery, TBS' current fleet is comprised of 49 vessels with an aggregate of 1.47 million dwt, consisting of 26 tweendeckers and 23 handymax/ handysize bulk carriers.


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