TBS International Limited Takes Delivery of Two Handymax Bulk Carriers, M.V. Canarsie Princess and M.V. Houma Belle

HAMILTON, BERMUDA, Jun 18, 2008 (MARKET WIRE via COMTEX News Network) -- TBS International Limited (NASDAQ: TBSI) announced that it has taken delivery of the M.V. Canarsie Princess, formerly known as the M.V. Athinoula, and the M.V. Houma Belle, previously known as the M.V. North Star.

M.V. Canarsie Princess is a 1985 built, 42,842 dwt handymax bulk carrier that the Company agreed to acquire charter free for $30.3 million in February 2008. The acquisition of M.V. Houma Belle, which was announced in April 2008, is a 1985 built, 42,219 dwt handymax bulk carrier that the Company agreed to acquire for $34 million charter free.

With these deliveries, TBS's current fleet consists of 44 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of an additional handymax bulk carrier (M.V. Fox Maiden) by the end of Q3 2008. Once this delivery is concluded, TBS's fleet will be comprised of 45 vessels with an aggregate of 1,351,621 dwt, consisting of 23 tweendeckers and 22 handymax/ handysize bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to announce that we have taken the delivery of both the M.V. Canarsie Princess and the M.V. Houma Belle, thereby increasing our capacity to take advantage of the strong demand in the drybulk market and creating additional value for our customers and shareholders. We intend to continue with our fleet expansion focusing on selective and accretive acquisitions."

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.

TBS International Limited