Joseph E Royce News

Marine Procurement Solutions (MPS) has built an electronic platform that aims to enhance the purchasing cycle for the maritime industry. MPS provides software, consultancy services and other customized solutions through its Direct Connect e-procurement trading platform that is designed to unite buyers, vendors and other members of the supply chain via a cloud-based interface that allows users to electronically process requests for quotations, purchase orders, confirmations and documents associated with supply management transactions.

TBS International plc announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Company's Plan of Reorganization, paving the way for the reorganized Company's expedited emergence from chapter 11 proceedings, less than 60 days after its February 6 filing. The Plan reflects overwhelming support from its voting lenders to restructure the Company's secured debt and to pay in full in cash all allowed claims of unsecured creditors, including all vendors. As a result, the reorganized Company will emerge from its pre-packaged restructuring with a healthy capital structure, including approximately $40.0 million in new money financing…

TBS International plc (NASDAQ: TBSI) announced today that it has taken delivery of the newly-constructed vessel M/V Maya Princess from China Communications Construction Company Ltd./ Nantong Yahua Shipbuilding Group Co., Ltd. The M/V Maya Princes is the sixth and final delivery in the series of six "Roymar Class" 34,000 dwt multipurpose tweendecker vessels that the Company ordered at a purchase price of $35.4 million per vessel. This vessel, like her sister ships, has box-shaped holds…

DUBLIN, IRELAND, Mar 15, 2011 (MARKETWIRE via COMTEX) --TBS International plc (NASDAQ: TBSI) announced today its financial and operating results for the fourth quarter and year ended December 31, 2010. Joseph E. "The TBS results for the fourth quarter 2010 reflect the ongoing downward pressure on dry cargo freight rates that have continued into the first quarter of 2011, as evidenced by the Baltic Dry Indices. "The Baltic Dry Index ('BDI') which was at 2,446 on September 30, 2010 descended to 1,773 on December 24th (the last reporting date in 2010) and was at 1,559 on March 14, 2011.

TBS International plc (NASDAQ: TBSI) announced it has taken delivery of the newly-constructed vessel M/V Montauk Maiden from Nantong Yahua Shipbuilding Group Co., Ltd. The M/V Montauk Maiden is the third in a series of six “Roymar Class” 34,000 dwt multipurpose tweendecker vessels that the company has ordered with China Communications Construction Company Ltd./ Nantong Yahua Shipbuilding Group Co., Ltd. for a purchase price of $35.4m per vessel. This vessel, like its sister ships, has box-shaped holds, open hatches and fully retractable hydraulic tweendecks, is geared with 35 and 40 ton cranes combinable up to 80 tons, and has a modern fuel-efficient engine enabling the vessel to operate effectively at 15 knots.

TBS International plc (NASDAQ: TBSI) announced its joint venture, Log.Star Navegacao S.A., obtained an operational license in Brazil to provide domestic shipping services. Lof.Star is a Brazilian flag shipping company that will concentrate on the movement of breakbulk, bulk parcels, heavy lift, general and project cargoes along Brazil's coastline and Amazon River basin. TBS owns 70% of the joint venture with the remaining 30% owned by Log-In Logistica Intermodal S/A (BOVESPA: LOGN3), a publicly-traded Brazilian logistics company with major shareholders including Vale and Petros (pension fund of Petrobras). TBS expects to use its international breakbulk shipping expertise to meet the growing demand of a Brazilian coastal and Amazon River domestic transportation service. Joseph E.

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.

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.