TBS Takes Delivery of Two Handymax Bulk Carriers

Thursday, June 19, 2008

TBS International Limited has taken delivery of the M.V. Canarsie Princess, formerly known as the M.V. Athinoula, and the M.V. Houma Belle, previously known as the M.V. North Star.
M.V. Canarsie Princess is a 1985 built, 42,842 dwt handymax bulk carrier that the Company agreed to acquire charter free for $30.3 million in February 2008. The acquisition of M.V. Houma Belle, which was announced in April 2008, is a 1985 built, 42,219 dwt handymax bulk carrier that the Company agreed to acquire for $34 million charter free.
With these deliveries, TBS's current fleet consists of 44 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of an additional handymax bulk carrier (M.V. Fox Maiden) by the end of Q3 2008. Once this delivery is concluded, TBS's fleet will be comprised of 45 vessels with an aggregate of 1,351,621 dwt, consisting of 23 tweendeckers and 22 handymax/ handysize bulk carriers.

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