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8-K - PRESS RELEASE 9/2/10 - TBS International plc | press_release090210.htm |
TBS
International plc Takes Delivery of Its Third Newbuild Roymar Class Multipurpose
Tweendecker
DUBLIN, IRELAND – September 2,
2010 – TBS International plc (NASDAQ: TBSI) announced today that it has
taken delivery of the newly-constructed vessel M/V Montauk Maiden from Nantong
Yahua Shipbuilding Group Co., Ltd.
The M/V
Montauk Maiden is the third 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 Group Co.,
Ltd. for a purchase price of $35.4 million per vessel. This vessel, like its
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.
Of the
remaining three vessels, the Company expects to take delivery of one vessel at
the end of 2010 and two in 2011 and TBS has in place the requisite bank
financing for these.
With the
delivery of this vessel, TBS’ current fleet expands to 49 vessels with an
aggregate of 1.48 million dwt, consisting of 27 tweendeckers and 22 handymax/
handysize bulk carriers.
Joseph E.
Royce, Chairman, Chief Executive Officer and President, commented: “We are
pleased to have taken delivery of our third newbuilding Roymar Class
Tweendecker, the M/V Montauk Maiden, expanding our operational fleet to a total
of 49 vessels. The addition of this vessel to our fleet enhances our operational
efficiency and versatility.”
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 the company’s services, which are increasingly difficult to
predict due to economic conditions and
uncertainty;
|
·
|
the
effect of a decline in vessel
valuations;
|
·
|
the
company’s ability to maintain financial ratios and satisfy 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;
|
·
|
default
by financial counterparties;
|
·
|
a
material decline or weakness in shipping rates, which may occur if the
economic recovery is not
sustainable;
|
·
|
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 reports filed
with the Securities and Exchange
Commission.
|
About
TBS International plc
TBS is a
fully-integrated transportation service company that provides worldwide shipping
solutions to a diverse client base of industrial shippers. Through
the TBS Five Star Service consisting of ocean transportation, operations,
logistics, port services, and strategic planning, TBS offers total project
coordination and door-to-door supply chain management. The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet of
multipurpose tweendeckers and handysize and handymax bulk carriers, including
specialized heavy-lift vessels and newbuild tonnage. 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 Middle East.
Visit our
website at www.tbsship.com
For more
information, please contact:
Company
Contact:
Ferdinand
V. Lepere
Senior
Executive Vice President and Chief Financial Officer
TBS
International plc
Tel.
+1-914-961-1000
InvestorRequest@tbsship.com
Investor
Relations / Media:
Nicolas
Bornozis
Capital
Link, Inc. New York
Tel.
+1-212-661-7566
E-mail:
tbs@capitallink.com