TBS International Takes Delivery of Its Fifth Newbuild Roymar Class Multipurpose Tweendecker and Expands Fleet to 51 Vessels
February 23 2011 - 9:00AM
Marketwired
TBS International plc (NASDAQ: TBSI) announced today that it has
taken delivery of the newly-constructed vessel M/V Comanche Maiden
from China Communications Construction Company Ltd./Nantong Yahua
Shipbuilding Group Co., Ltd.
The M/V Comanche Maiden is the fifth in a series of six "Roymar
Class" 34,000 dwt multipurpose tweendecker vessels that the Company
ordered at a purchase price of $35.4 million per vessel. This
vessel, like her sister ships, has box-shaped holds, open hatches
and fully retractable hydraulic tweendecks, is geared with 35 and
40 ton cranes combinable up to 80 tons, and has a modern
fuel-efficient engine enabling the vessel to operate effectively at
15 knots.
TBS expects to take delivery of the remaining vessel in the
second quarter of 2011, and has in place the requisite bank
financing for this vessel.
With the delivery of the M/V Comanche Maiden, TBS's current
fleet expands to 51 vessels with an aggregate of 1.55 million dwt,
consisting of 29 tweendeckers and 22 handymax/ handysize bulk
carriers.
Joseph E. Royce, Chairman, Chief Executive Officer and
President, commented: "We are pleased to add the M/V Comanche
Maiden to our operating fleet, thereby expanding our operational
fleet to a total of 51 vessels. The delivery of this modern
tweendecker vessel is in line with our goal to modernize our fleet.
We continue to focus on delivering a quality service to our
customers.
"The TBS Five-Star Service consisting of Ocean Transportation,
Projects, Operations, Port Services, and Strategic Planning
addresses the various transportation needs of our customers and the
addition to our fleet of these newly built Roymar Class
Multipurpose Tweendecker vessels optimizes our operational
capabilities."
Forward-Looking Statements "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations.
Included among the factors that, in the Company's view, could cause
actual results to differ materially from the forward looking
statements contained in this press release are the following:
- changes in demand for and pricing of the Company's services,
both of which are difficult to predict due to continuing economic
uncertainty;
- the effect of a decline in vessel valuations;
- the Company's ability to maintain financial ratios and comply
with the financial covenants required by its credit facilities as
amended;
- the Company's ability to finance its operations and raise
additional capital on commercially reasonable terms or at all;
- changes in rules and regulations applicable to the shipping
industry, including legislation adopted by international
organizations such as the International Maritime Organization and
the European Union or by individual countries;
- actions taken by regulatory authorities;
- changes in trading patterns, which may significantly affect
overall vessel tonnage requirements;
- changes in the typical seasonal variations in charter
rates;
- volatility in costs, including changes in production of or
demand for oil and petroleum products, crew wages, insurance,
provisions, repairs and maintenance, generally or in particular
regions;
- additional material declines or continued weakness in shipping
rates;
- changes in general domestic and international political
conditions;
- changes in the condition of the Company's vessels or applicable
maintenance or regulatory standards which may affect, among other
things, the Company's anticipated drydocking or maintenance and
repair costs;
- increases in the cost of the Company's drydocking program or
delays in its anticipated drydocking schedule;
- China Communications Construction Company Ltd./Nantong Yahua
Shipbuilding Group Co., Ltd.'s ability to complete and deliver the
remaining multipurpose tweendeckers on the anticipated schedule and
the ability of the parties to satisfy the conditions in the
shipbuilding agreements;
- the possible effects of pending and future legislation in the
United States that may limit or eliminate potential U.S. tax
benefits resulting from the Company's jurisdiction of
incorporation;
- Irish corporate governance and regulatory requirements which
could prove different or more challenging than currently expected;
and
- other factors that are described in the "Risk Factors" sections
of the Company's reports filed with the Securities and Exchange
Commission.
About TBS International plc: TBS provides
worldwide shipping solutions to a diverse client base of industrial
shippers through its Five Star Service: ocean transportation,
projects, operations, port services, and strategic planning. The
TBS shipping network operates liner, parcel and dry bulk services,
supported by a fleet of multipurpose tweendeckers and handysize/
handymax bulk carriers, including specialized heavy-lift vessels
and newbuild tonnage. TBS has developed its franchise 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. Visit our website at
www.tbsship.com.
For more information, please contact: Ferdinand V. Lepere Senior
Executive Vice President and Chief Financial Officer TBS
International plc Tel. 914-961-1000 InvestorRequest@tbsship.com
Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. New
York Tel. 212-661-7566 E-mail: tbs@capitallink.com
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