HAMILTON, BERMUDA, Sep. 23, 2009 (Marketwire) --
HAMILTON, BERMUDA -- (Marketwire) -- 09/23/09 -- TBS International Limited (NASDAQ: TBSI) announced today that it has taken delivery in China of the newly-constructed vessel M/V Rockaway Belle from Nantong Yahua Shipbuilding Co., Ltd.
The M/V Rockaway Belle is the first in a series of six "Roymar Class" 34,000 dwt multipurpose tweendecker vessels that the Company has ordered with China Communications Construction Company Ltd./Nantong Yahua Shipbuilding Co., Ltd. for a purchase price of $35.4 million per vessel. This vessel, as well as its five sister ships under construction, 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 delivery of four vessels in 2010 and the last vessel in 2011. The Company has in place the requisite bank financing for all of them.
With the delivery of M/V Rockaway Belle, TBS's current fleet expands to 48 vessels with an aggregate of 1.43 million dwt, consisting of 25 tweendeckers and 23 handymax/handysize bulk carriers.
Joseph E. Royce, Chairman, Chief Executive Officer and President stated: "The delivery of the M/V Rockaway Belle is a significant milestone for our Company and is part of our long term fleet modernization and expansion program. The vessel is entering our TBS Pacific Liner Service and considerably enhances the trade. The M/V Rockaway Belle is the first in a series of six larger multipurpose tweendecker vessels specifically designed by a TBS team with the objective to increase our operational flexibility, optimize our cargo transportation and support the requirements of our customer base.
"TBS today has one of the largest privately owned fleets of general cargo tweendeckers in the 17,000 dwt and larger size range. The Roymar Class vessels are optimal for our liner and parcel services, which transport high-value project cargo, general cargo and steel parcels in one direction and bulk raw materials on the return voyage.
