TBS Acquires Two Ships

TBS International Limited entered into agreements to acquire two sister tweendeckers, the M.V. Wedellsborg and the M.V. Frijsenborg. TBS has agreed to acquire these vessels en bloc for $46m charter free and they are expected to be delivered to the Company in the first quarter of 2008. The M.V. Wedellsborg, to be renamed the M.V. Ottawa Princess, is a 1987 built tweendecker of 22,800 dwt and the M.V. Frijsenborg, to be renamed the M.V. Caribe Maiden, is also a 1987 built 22,800 dwt tweendecker. In addition to these two vessels, TBS also expects to take delivery of three handysize bulk carriers (the MVs Oneida Princess, Mohave Maiden, and Zuni Princess) and one additional multipurpose tweendecker (the M.V. Hopi Princess) by the end of the first quarter 2008. Once TBS takes delivery of all the above vessels, its fleet will comprise of 42 vessels in total with an aggregate of 1,224,523 dwt, including 23 tweendeckers and 19 handymax / handysize bulk carriers. TBS also has on order with Chinese shipyards six newly designed multipurpose tweendecker vessels with scheduled delivery of two vessels in 2009 and four vessels in 2010.