TBS reports increase in profits, revenues

TBS reports increase in profits, revenues TBS International Ltd. reported first quarter net profit of $45.4 million compared to $14.4 million in the same 2007 period.
   Revenue for the period was $131.6 million versus $70.3 million in the first quarter of 2007.
   Joseph E. Royce, chief executive officer, said the company “continued to build on the momentum we generated in 2007,” and that “with our increased cargo volumes, enlarged fleet and improved freight rates, we have a positive outlook for the entire year.”
   Since the beginning of the year the company has taken delivery of six vessels. With two additional vessels under purchase contracts the company’s fleet will swell to 44 ships comprising 23 multipurpose tweendeckers and 21 handymax/handysize bulk carriers.