TBS International reports higher earnings, revenues

TBS International reports higher earnings, revenues TBS International, the Yonkers, N.Y.-based shipping company, reported earnings of $14.4 million for the quarter ended March 31, 80 percent more than the same period in 2006. Revenues were up 11 percent to $70.8 million.
   The company said voyage revenue was up primarily due to an increase in revenue tons carried that was offset by a decrease in average freight rates. Revenue tons increased almost 46 percent due to an increase in aggregate bulk cargo carried by its ships.
   TBS also said time charter revenue improved an increase in the average charter hire rates, part of an overall upward trend in worldwide shipping spot market rates.