TBS International Limited Takes Delivery of Tweendecker, M.V. Caribe Maiden

HAMILTON, BERMUDA, Mar 11, 2008 (MARKET WIRE via COMTEX News Network) -- TBS International Limited (NASDAQ: TBSI) announced that it has taken delivery of the M.V. Caribe Maiden, formerly known as the M.V. Frijsenborg, an acquisition it had announced in December 2007. The M.V. Caribe Maiden is a 1987 built, 22,800 dwt tweendecker that the Company agreed to acquire, along with its sister vessel, the M.V. Ottawa Princess, en bloc for $46 million charter free.

With this delivery, TBS' current fleet consists of 41 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of an additional multipurpose tweendecker (the M.V. Ottawa Princess) by the end of the first quarter of 2008, and one handymax bulk carrier (M.V. Canarsie Princess) by the end of the second quarter of 2008. Once these deliveries are concluded, TBS' fleet will be comprised of 43 vessels with an aggregate of 1,268,402 dwt, consisting of 23 tweendeckers and 20 handymax / handysize bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to have taken the delivery of M.V. Caribe Maiden. This delivery further expands our operational capability in a period of high customer demand."

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