TBS International Continues Discussions With Its Lenders

DUBLIN, IRELAND, Mar 31, 2010 (MARKETWIRE via COMTEX) --TBS International plc (NASDAQ: TBSI) announced today that it has secured a waiver through April 30, 2010 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"). The 30-day waiver is intended to give the parties adequate time to continue negotiations of new credit facilities, or amendments to existing credit facilities, which TBS International believes will be executed prior to April 30.

In December 2009, the company entered into agreements with the lenders under the Financing Facilities to waive certain financial covenants through March 31, 2010. On March 31, 2010, the Financing Facilities were further modified to provide a waiver through April 30, 2010 of the collateral coverage covenants and other financial covenants, provided that the company satisfies new covenants, including minimum end of month cash balances of not less than $25.0 million and a minimum ratio of earnings before interest, depreciation and amortization to interest expense.

About TBS International plc: TBS is a fully-integrated transportation service company that provides worldwide shipping solutions to a diverse client base of industrial shippers. Through the TBS Five Star Service consisting of ocean transportation, operations, logistics, port services, and strategic planning, TBS offers total project coordination and door-to-door supply chain management. The TBS shipping network operates liner, parcel and dry bulk services, supported by a fleet of multipurpose tweendeckers and handysize and handymax bulk carriers, including specialized heavy-lift vessels and newbuild tonnage. 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