TBS International Limited Takes Delivery of Tweendecker, M.V. Ottawa Princess

HAMILTON, BERMUDA, Mar 25, 2008 (MARKET WIRE via COMTEX News Network) -- TBS International Limited (NASDAQ: TBSI) announced that it has taken delivery of the M.V. Ottawa Princess, formerly known as the M.V. Wedellsborg, an acquisition it had announced in December 2007. The M.V. Ottawa Princess is a 1987 built, 22,800 dwt tweendecker that the Company agreed to acquire, along with its sister vessel, the M.V. Caribe Maiden, en bloc for $46 million charter free.

With this delivery, TBS' current fleet consists of 42 multipurpose tweendecker, handymax andhandysize vessels. TBS expects to take delivery of one handymax bulk carrier (M.V. Canarsie Princess) by the end of Q2 2008. Once this delivery is concluded, TBS' fleet will be comprised of 43 vessels with an aggregate of 1,268,500 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. Ottawa Princess which signifies our commitment to grow our fleet in this shipping environment. TBS will continue to opportunistically seek growth prospects in our preferred segments which will enable us to better serve our customers and increase shareholder value."

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