TBS International Limited announced today that it has taken delivery of the M.V. Tupi Maiden, formerly known as the M.V. Ken Blossom, an acquisition it announced in June 2008.
The M.V. Tupi Maiden is a 1992 built, 38,852 dwt handymax bulk carrier that the Company agreed to acquire charter free for $44.0 million. With this delivery, TBS' current fleet consists of 45 multipurpose tweendecker, handymax and handysize vessels. TBS expects to take delivery of one more handymax bulk carrier (M.V. Fox Maiden) by the end of Q3 2008. Once this delivery is concluded, TBS' fleet will be comprised of 46 vessels with an aggregate of 1,390,473 dwt, consisting of 23 tweendeckers and 23 handymax/ handysize bulk carriers. Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to have taken delivery of M.V. Tupi Maiden, which increases our operating fleet to 45 vessels. This delivery further enhances our ability to generate revenues and stable cash flows while implementing our strategy of growing our fleet in response to the growth of our business." TBS is an ocean transportation services company that offers worldwide shipping solutions through liner, parcel and bulk services, and vessel chartering. TBS has developed its business 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 Mediterranean. TBS provides frequent regularly scheduled voyages in its network, as well as cargo scheduling, loading and discharge for its customers.
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