TBS International Limited Announces the Acquisition of a Handymax Bulk Carrier Expanding Its Fleet to 46 Vessels

HAMILTON, BERMUDA, Jun 23, 2008 (MARKET WIRE via COMTEX News Network) -- TBS International Limited (NASDAQ: TBSI) announced that it has entered into an agreement to acquire the M.V. Ken Blossom (to be renamed), a 38,852 dwt, 1992 built handymax bulk carrier. TBS has agreed to acquire this vessel for a purchase price of $44.0 million charter free with expected delivery during the third quarter of 2008.

Following this acquisition, TBS's fleet will be comprised of 46 vessels with an aggregate of 1,390,473 dwt, consisting of 23 tweendeckers and 23 handymax/ handysize bulk carriers. TBS expects to take delivery of the previously announced handymax bulk carrier M.V. Fox Maiden by the end of Q3 2008.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to announce the acquisition of the M.V. Ken Blossom, our 23rd bulk carrier, expanding our total fleet to 46 vessels. This acquisition is consistent with our articulated strategy. We expect this acquisition to enhance our revenue and cash flow generation capacity as well as help us to serve our customers' needs."

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