TBS International reports improved results

TBS International reports improved results    TBS International Ltd., an operator of multipurpose and dry bulk ships, reported higher profits and revenues in the second quarter ending June 30.
   TBS, whose main office is in Yonkers, N.Y., had net profit of $21.7 million in the most recent quarter compared to $6.9 million in the second quarter of 2006. Revenues were $77.2 million, compared to $59 million in the same 2006 period.
   Second quarter 2007 included $6.0 million from the sale and insurance recovery of the Huron Maiden, a 23,300-deadweight-ton multipurpose tweendecker built in 1983. That ship was declared as a constructive total loss after it grounded on an uncharted rock formation off the coast of Singapore near its loading location on March 9. The vessel was en route to North China, where its time charter was scheduled to conclude.
   Joseph Royce, chief executive officer, said the company has been experiencing increased demand “across the board.”
   Average daily freight voyage time charter equivalents increased to $19,247 per day in the second quarter of 2007 from $16,740 per day in the first quarter of 2007, and from $11,849 per day in the second quarter of 2006.
   He said an accelerated dry dock and vessel upgrade program is on schedule.
   “When our dry dock program is substantially complete, which we expect to occur in the third quarter of 2007, we believe TBS will benefit from the enhanced efficiency of our fleet and the diminished maintenance requirements in the ensuing years, thereby enabling us to take full advantage of the strong market conditions while at the same time improving our operational efficiency and customer service,” Royce said.
   He noted in February TBS contracted with China Communications Construction Co. Ltd. and Nantong Yahua Shipbuilding Co., Ltd. for six 34,000 dwt multipurpose vessels with retractable tweendecks. The ships will cost $35.4 million each. Two are to be delivered in 2009 and four in 2010.