TBS International Limited to Acquire Vessel

TBS International Limited has reached an agreement to expand its fleet with the acquisition of the M.V. Kibishio Maru. The M.V. Kibishio Maru is a 19,777 dwt multipurpose tweendecker that was built in 1984. TBS agreed on December 29, 2005 to acquire the M.V. Kibishio Maru for $8.1 million. The company expects to fund the acquisition using proceeds from its previously announced $17.5 Million Credit Facility and working capital. The company expects delivery of the M.V. Kibishio Maru in April of 2006.