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. Following the acquisition of the M/V Blu Mistral II, TBS's fleet will be comprised of 35 vessels in total, including 20 multipurpose and a combination of 15 handysize and handymax bulk carriers, with an aggregate of 1,053,719 dwt.