TBS International Delays Earnings Release

TBS International Secures Covenant Waiver for Credit Facilities and Announces New Dates for the Release of Fourth Quarter and Full Year 2008 Results, Conference Call and Webcast

HAMILTON, BERMUDA, Mar 27, 2009 (MARKET WIRE via COMTEX) -- TBS International Limited (NASDAQ: TBSI) made today the following announcements:

Secures Covenant Waiver for Credit Facilities

The company announced that it has secured a waiver of certain covenants with respect to its outstanding credit facilities with its syndicate of lenders led by Bank of America, its syndicate of lenders led by The Royal Bank of Scotland and its syndicate of lenders led by DVB Group Merchant Bank, as well as its loan agreements with AIG Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit Suisse (the "Financing Facilities").

As a result of the current economic conditions and their impact on the shipping industry, and specifically the market value of vessels, the company initiated discussions with its lenders to obtain waivers to the financial covenants. On March 27, 2009, the Financing Facilities were modified to provide a waiver through December 31, 2009 of loan-to-value and other financial covenants, provided that the company satisfies new covenants, including minimum end of month cash balances of not less than $40.0 million and a minimum ratio of earnings before interest, depreciation and amortization to interest expense.

Date for Fourth Quarter and Full Year 2008 Earnings Results

In addition, TBS International announced that it will release its results for the fourth quarter and full year ended December 31, 2008 after the market closes in New York on Monday, March 30, 2009.

On Wednesday, April 1, 2009 at 10:00 a.m. ET, the company's management will host a conference call to discuss the results.

About TBS International Limited:
TBS is a fully-integrated transportation service company that offers customers the TBS Five Star Service consisting of: ocean transportation, operations, logistics, port services, and strategic planning. We offer liner, parcel, bulk, and chartering services, supported by a fleet of multipurpose tweendeckers and handysize and handymax bulk carriers, including specialized heavy-lift vessels. 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 Middle East.

TBS International Limited