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. Royce, Chairman, Chief Executive Officer and President. "Between now and the end of January 2008, based on the acquisitions we have already announced, we expect to take delivery of four bulk carriers, with an aggregate of 112,564 deadweight tons: the M.V. Yakima Princess, a handymax vessel, the M.V. Arapaho Belle, the M.V. Savannah Belle, and the M.V. Oneida Princess, three handysize vessels. These additions to our fleet take place in a period of robust customer demand and strong freight rates and will enable us to better serve our expanding customer base and the increasing volume of cargoes we transport. Given the growth of our business, we intend to continue looking for suitable acquisitions of additional vessels in the second-hand market. "I would like to remind you that we also have on order with Chinese shipyards six 34,000 dwt multipurpose vessels, with retractable tweendecks, specifically designed by TBS to serve our needs. Two of these vessels are scheduled for delivery in 2009 and the remaining four in 2010."