TBS International Limited Takes Delivery of a Handysize Bulk Carrier, Expanding Its Operational Fleet to 38 Vessels

HAMILTON, BERMUDA, Feb 13, 2008 (MARKET WIRE via COMTEX News Network) -- TBS International Limited (NASDAQ: TBSI) announced that it has taken delivery of the M.V. Oneida Princess, formerly the M.V. Gebe Oldendorff, a 1998 built, 24,247 dwt handysize bulk carrier. TBS had agreed to acquire this vessel charter free for $32.0 million in September 2007.

With the delivery of the M.V. Oneida Princess, TBS' current fleet consists of 38 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of an additional handysize bulk carrier (the M.V. Mohave Maiden) and three multipurpose tweendeckers (the MVs Hopi Princess, Ottawa Princess and Caribe Maiden) by end of the first quarter of 2008. Once these deliveries are concluded, TBS' fleet will be comprised of 42 vessels with an aggregate of 1,225,560 dwt, consisting of 23 tweendeckers and 19 handymax / handysize bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to have taken delivery of the M.V. Oneida Princess to our operational fleet which further enhances our ability to take advantage of the strong fundamentals in the industry. This has been a period of strong business growth reflecting increased customer demand and robust rates, therefore this delivery comes at an optimum time."

About TBS International Limited
TBS is an ocean transportation services company that offers worldwide shipping solutions through liner, parcel and bulk services, and vessel chartering. TBS has developed its business around key trade routes between Latin America and China, Japan and South Korea, as well as select ports in North America, Africa, the Caribbean and the Mediterranean. TBS provides frequent regularly scheduled voyages in its network, as well as cargo scheduling, loading and discharge for its customers.

Source: TBS International Limited