TBS posts $7.8 million first quarter loss

TBS posts $7.8 million first quarter loss    TBS International said it had a net loss of $7.8 million in the first quarter of 2010 compared to $21.3 million in the same 2009 period.
   Revenue for the quarter was $100.1 million compared to $71.1 in the year earlier quarter.
   “TBS is making positive progress in emerging from the economic crisis and financial malaise that has affected world trade,' said Joseph E. Royce, chairman and chief executive officer of the breakbulk and bulk shipping company. 'Our handymax and handysize bulk carriers have enabled us to benefit from improving freight rates for the carriage of bulk cargoes. Our multipurpose tweendeckers showed marked improvement in Q1 2010 in both cargo volumes and freight rates as our traditional customer base increased exports of steel, liner, project and general cargoes. We are optimistic that the volume of finished goods cargoes we carry will continue to improve throughout 2010 and that TBS will return to a more balanced rotation of its tweendecker fleet in the second half of this year.”
   The company said it has successfully restructured syndicated credit facilities led by Bank of America, The Royal Bank of Scotland and DVB Group Merchant Bank, as well as individual credit facilities with AIG Commercial Equipment, Credit Suisse, Berenberg Bank and Commerzbank. The company said the amendments modify the financial covenants and other terms of the credit facilities, including covenants related to TBS’s collateral coverage, consolidated leverage ratio, consolidated fixed interest coverage ratio, consolidated fixed charge coverage ratio and minimum cash balance.