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.