TBS International Expands Fleet to 50 Vessels

TBS International plc (NASDAQ: TBSI) has taken delivery of the newly-constructed vessel M/V Omaha Belle from China Communications Construction Company Ltd./ Nantong Yahua Shipbuilding Group Co., Ltd. The M/V Omaha Belle is the fourth in a series of six Roymar Class 34,000 dwt multipurpose tweendecker vessels that the Company ordered at a purchase price of $35.4m per vessel. TBS expects to take delivery of the remaining two vessels by the third quarter of 2011. The Company has in place the requisite bank financing for these vessels. With the delivery of the M/V Omaha Belle, TBS's current fleet expands to 50 vessels with an aggregate of 1.51 million dwt, consisting of 28 tweendeckers and 22 handymax/ handysize bulk carriers.