Requisite Bank News

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) has taken delivery of the newly-constructed vessel M/V Omaha Belle from China Communications Construction Company Ltd./ Nantong Yahua Shipbuilding Group Co., Ltd. The M/V Omaha Belle is the fourth in a series of six Roymar Class 34,000 dwt multipurpose tweendecker vessels that the Company ordered at a purchase price of $35.4m per vessel. TBS expects to take delivery of the remaining two vessels by the third quarter of 2011. The Company has in place the requisite bank financing for these vessels. With the delivery of the M/V Omaha Belle, TBS's current fleet expands to 50 vessels with an aggregate of 1.51 million dwt, consisting of 28 tweendeckers and 22 handymax/ handysize bulk carriers.

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 that it has taken delivery of the newbuild vessel M/V Dakota Princess from China Communications Construction Company Ltd/ Nantong Yahua Shipbuilding Group Co., Ltd on March 26, 2010.The M/V Dakota Princess is the second of a series of six TBS-designed Roymar Class 34,000 dwt multipurpose tweendecker vessels that the company had ordered for a purchase price of $35.4m per vessel. Of the remaining four vessels, the company expects to take delivery of two vessels in 2010 and two in 2011. The company has in place the requisite bank financing for all of these. With this delivery, TBS' current fleet is comprised of 49 vessels with an aggregate of 1.47 million dwt, consisting of 26 tweendeckers and 23 handymax/ handysize bulk carriers.