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Tbs International Limited News

10 Nov 2008

TBS Reports 3Q, 9 Mo Results

Joseph E. Royce, Chairman and Chief Executive Officer and President of TBS International Limited, stated: "We attribute these record results to the efforts of our worldwide team of shipping professionals delivering our TBS Five Star Service (Ocean Transportation, Logistics, Portside Services, Operations and Strategic Planning) to our global customer base. TBS owns its vessels, deals directly with our clients and presently does not have vessels on long term time charters. "We are in unprecedented times for the global economy and dry cargo shipping industry. The stagnation caused by the crisis in the financial community has interrupted normal trade and reduced cargo movement.

26 Aug 2008

TBS Takes Delivery of Handymax

TBS International Limited has taken delivery of the M.V. Fox Maiden, previously known as the Explorer, a 1985 built, 40,902 dwt handymax bulk carrier. The Company had agreed to acquire this vessel charter free for $35.5 million in June 2008. With this delivery, TBS' current fleet comprises 46 vessels with an aggregate of 1,390,473 dwt, consisting of 23 tweendeckers and 23 handymax/ handysize bulk carriers.

12 Aug 2008

TBS Takes Delivery of Handymax

TBS International Limited has taken delivery of the M.V. Tupi Maiden, formerly known as the M.V. Ken Blossom, an acquisition it announced in June 2008. The M.V. Tupi Maiden is a 1992 built, 38,852 dwt handymax bulk carrier that the Company agreed to acquire charter free for $44.0 million. With this delivery, TBS' current fleet consists of 45 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of one more handymax bulk carrier (M.V. Fox Maiden) by the end of Q3 2008. Once this delivery is concluded, TBS' fleet will be comprised of 46 vessels with an aggregate of 1,390,473 dwt, consisting of 23 tweendeckers and 23 handymax/ handysize bulk carriers.

19 Jun 2008

TBS Takes Delivery of Two Handymax Bulk Carriers

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.

09 Jun 2008

TBS Acquires Handymax Bulk Carrier

TBS International Limited announced that it has entered into an agreement to acquire the M.V. Desert Explorer, to be renamed M.V. Fox Maiden, a 1985 built, 40,902 dwt handymax bulk carrier. TBS has agreed to acquire this vessel charter free for $35.5 million with expected delivery within the third quarter of 2008. Following this acquisition and the deliveries of the previously announced vessels, TBS' fleet will be comprised of 45 vessels with an aggregate of 1,351,621 dwt, consisting of 23 tweendeckers and a combination of 22 handymax/handysize bulk carriers.

13 May 2008

TBS Announces Follow-On Offering of Common Shares

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.

20 Feb 2008

TBS International Takes Delivery of Bulk Carrier

TBS International Limited has taken delivery of the M.V. Mohave Maiden, formerly known as the M.V. Diasozousa, an acquisition it had announced in October 2007. The M.V. Mohave Maiden is a 1984 built, 28,074 dwt handysize bulk carrier that the Company agreed to acquire charter free for $26.0 million. With this delivery, TBS' currently fleet consists 40 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of two multipurpose tweendeckers (the M.V.s Ottawa Princess and Caribe Maiden) by the end of the first quarter of 2008, and one handymax bulk carrier (M.V. Canarsie Princess) by the end of the second quarter of 2008.

19 Feb 2008

TBS Expands to 39 Ships

TBS International Limited has taken delivery of the M.V. Hopi Princess, previously the M.V. African Sanderling, a 1984 built, 20,401 dwt multipurpose tweendecker. TBS had agreed to acquire this vessel charter free for $18.3 million in November 2007. With the delivery of the M.V. Hopi Princess, TBS' current fleet consists of 39 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of two additional multipurpose tweendeckers (the M.V. Ottawa Princess and M.V. Caribe Maiden) and one handysize bulk carrier (the M.V. Mohave Maiden) by end of the first quarter of 2008. Once these deliveries are concluded, TBS' fleet will be comprised of 42 vessels with an aggregate of 1,225,560 dwt, consisting of 23 tweendeckers and 19 handymax/handysize bulk carriers.

18 Dec 2007

TBS Acquires Two Ships

TBS International Limited entered into agreements to acquire two sister tweendeckers, the M.V. Wedellsborg and the M.V. Frijsenborg. TBS has agreed to acquire these vessels en bloc for $46m charter free and they are expected to be delivered to the Company in the first quarter of 2008. The M.V. Wedellsborg, to be renamed the M.V. Ottawa Princess, is a 1987 built tweendecker of 22,800 dwt and the M.V. Frijsenborg, to be renamed the M.V. Caribe Maiden, is also a 1987 built 22,800 dwt tweendecker. In addition to these two vessels, TBS also expects to take delivery of three handysize bulk carriers (the MVs Oneida Princess, Mohave Maiden, and Zuni Princess) and one additional multipurpose tweendecker (the M.V. Hopi Princess) by the end of the first quarter 2008.

19 Dec 2007

TBS Exercises Purchase Options for Tweendecks

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.

17 Dec 2007

TBS Acquires Tweendeckers

TBS International Limited announced that it has entered into agreements to acquire two sister tweendeckers, the M.V. Wedellsborg and the M.V. Frijsenborg. TBS has agreed to acquire these vessels en bloc for $46 million charter free and they are expected to be delivered to the Company in the first quarter of 2008. The M.V. Wedellsborg, to be renamed the M.V. Ottawa Princess, is a 1987 built tweendecker of 22,800 dwt and the M.V. Frijsenborg, to be renamed the M.V. Caribe Maiden, is also a 1987 built 22,800 dwt tweendecker. In addition to these two vessels, TBS also expects to take delivery of three handysize bulk carriers (the MVs Oneida Princess, Mohave Maiden, and Zuni Princess) and one additional multipurpose tweendecker (the M.V. Hopi Princess) by the end of the first quarter 2008.

27 Nov 2007

TBS International Takes Delivery of Bulk Carrier

TBS International Limited announced that it has taken delivery of its the M.V. Arapaho Belle, formerly the M.V. Elsa Oldendorff, an acquisition that it had announced in July 2007. The M.V. Arapaho Belle is a 1998 built, 24,021 dwt handysize bulk carrier the Company agreed to acquire charter free for $29m. With the delivery of the M.V. Arapaho Belle, TBS' current fleet consists of 36 multipurpose, handymax and handysize vessels. TBS expects to take delivery of three additional handysize bulk carriers (the MVs Oneida Princess, Mohave Maiden, and Zuni Princess) and one multipurpose tweendecker (the M.V. Hopi Princess) by the end of first quarter 2008.

08 Nov 2007

TBS International Ltd. Acquires Multipurpose Tweendecker

TBS International Limited (NASDAQ: TBSI) announced that it has entered into an agreement to acquire the M.V. African Sanderling, to be renamed the M.V. Hopi Princess, a 1984 built, 20,401 dwt multipurpose tweendecker. TBS agreed to acquire the vessel charter free for $18.3m with expected delivery between mid-January and mid-February 2008. Following this acquisition as well as the previously announced acquisitions of five other vessels, TBS' fleet will comprise 40 vessels in total, with an aggregate of 1,179,223 dwt, including 21 multipurpose tweendeckers and a combination of 19 handysize and handymax bulk carriers.

14 Sep 2007

TBS Expands Fleet

TBS International Limited (NASDAQ: TBSI) entered into an agreement to acquire the M.V. Gebe Oldendorff, to be renamed the M.V. Oneida Princess, a 1998 built, 23,510 dwt handysize bulk carrier. TBS agreed to acquire the vessel charter free for $32m with expected delivery in January 2008. Following this acquisition as well as the previously announced acquisitions of three other vessels, TBS' fleet will comprise 37 vessels in total, with an aggregate of 1,102,524 dwt, including 20 multipurpose tweendeckers and a combination of 17 handysize and handymax bulk carriers. "We are very pleased to announce the acquisition of the M.V. Oneida Princess which expands our bulk carrier fleet to 17 handysize and handymax bulk carriers and our overall fleet to 37 vessels,” said Joseph E.

10 Jul 2007

TBS International Acquires Bulk Carrier

TBS International Limited reported that it has entered into an agreement to acquire a handysize bulk carrier, the M.V. Elsa Oldendorff. TBS agreed to acquire the vessel charter free for $29m. The vessel is expected to be delivered to TBS between November 1 and December 30, 2007. The 24,021 dwt vessel, to be renamed the M.V. Arapaho Belle, was built in 1998. Following this acquisition, as well as the recently announced acquisition of the 1990-built 42,475 dwt M.V. Yakima Princess, which is expected to be delivered to TBS between July and October 2007, the TBS fleet will be comprised of 35 vessels, with an aggregate of 1,058,482 dwt.

12 Dec 2006

TBS International Acquires Expanding its Fleet

TBS International Limited has entered into an agreement to acquire a multi-purpose tweendecker, the M/V Blu Mistral II to be renamed the M/V Nanticoke Belle. TBS agreed to acquire the vessel charter free for $16.95 million. The vessel is expected to be delivered to TBS between February 15, 2007 and March 31, 2007. M/V Blu Mistral II, built in 1989, has a total dwt of 28,843 and is the sister ship of the TBS vessel M/V Wichita Belle, built in 1991, with the same dwt capacity. The M/V Blu Mistral II has two retractable tweendecks that optimize the floor space and cargo flexibility and is one of the very few modern tweendeckers of this size in the industry.

13 Nov 2006

TBS International Limited Expands Fleet

TBS International Limited an ocean transportation services company that offers worldwide shipping solutions through liner, parcel and bulk transportation services, announced today that it has taken delivery of the M.V. Seminole Princess (ex M.V. Clipper Flamingo), a vessel it had previously agreed to acquire. The M.V. Seminole Princess, 29,516 dwt, was built in 1997 at the Dalian Shipyard. With the delivery of the M.V. Seminole Princess, the TBS fleet currently consists of 32 multipurpose, handymax and handysize vessels. Between November 20 and December 5, 2006, TBS expects to take delivery of two additional bulk carriers that it has agreed to acquire, further expanding its fleet to 34 vessels. These two vessels are the M.V. Laguna Belle (ex M.V.

30 Dec 2005

TBS International Limited to Acquire Vessel

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.

02 May 2006

TBS International Limited Takes Delivery of Vessel

TBS International Limited has taken delivery of the M.V. Kibishio Maru, which it had previously agreed to acquire, thereby expanding its controlled fleet to 32 vessels. The M.V. Kibishio Maru, renamed the M.V. Aztec Maiden, 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. It was delivered in Ho Chi Minh City, Vietnam on May 2, 2006. The acquisition of the M.V. Kibishio Maru was previously disclosed in TBS's filings with the Securities and Exchange Commission, including the annual report on Form 10-K, for the year ended December 31, 2005, filed on March 16, 2006. The company's controlled fleet of 32 vessels is composed of 25 owned vessels and 7 vessels under charters with options to purchase.

17 Nov 2005

TBS Acquires Vessel

TBS International Limited has expanded its fleet of vessels by taking delivery of the M.V. Comanche Belle. The M.V. Comanche Belle, which will be renamed the Huron Maiden, is a 23,300 dwt multipurpose tweendecker that was built in 1983. TBS exercised the purchase option granted under the time charter dated December 9, 1996 to purchase the vessel for $3.8 million. It was delivered in Pusan, Korea on November 16, 2005. The acquisition of the M.V. Comanche Belle was previously disclosed in TBS's filings with the Securities and Exchange Commission, including the quarterly report on Form 10-Q, for the quarter ended September 30, 2005, filed on November 10, 2005.