TBS reports “strongest quarter”
TBS International had profit of $27 million in the nine months ending Sept. 30 compared to $9.8 million in the same 2006 period.Revenue for the quarter was $92.4 million versus $65.4 million in the same 2006 period.
Joseph E. Royce, the company’s chief executive, said it was the “strongest quarter in the company’s history in terms of operational and financial results.” TBS operates dry bulk ships and tweendeckers.
During the quarter the company said it:
' Began a global marketing campaign that the company introduced in Europe, South America and Asia for existing and prospective customers.
' Expanded its Pacific service with the introduction of a steel parcel service from China, Korea and Japan to the West Coast of South America.
' Established a steel, general cargo and project parcel service from China, Korea and Japan to Brazil and Argentina.
' Developed a backhaul steam and industrial coal transport business from Colombia and Venezuela to Brazil and Argentina.
' Introduced a new service from Argentina and Brazil into the Mediterranean.
' Opened a TBS Logistics headquarters in Houston, to work on international project logistics capabilities.
The company contracted for six dry bulk carriers and one multipurpose tweendecker during the quarter, expanding its fleet to 40 vessels.
