TBS will buy seven leased tweendeckers

TBS will buy seven leased tweendeckers TBS International Ltd. said it has exercised options to purchase seven multipurpose tweendeck vessels in its fleet for $2.85 million each.
   The seven ships are part of TBS’s operational fleet, and since December 2003 have been under a 66-month sale-leaseback arrangement, which provided TBS with purchase options.
   These seven multipurpose tweendeck vessels are:
   ' Kickapoo Belle, 1987 built, 23,319 deadweight tons.
   ' Seneca Maiden, 1986, 19,762 dwt.
   ' Navajo Princess, 1987, 21,902 dwt.
   ' Kiowa Princess, 1986, 19,762 dwt.
   ' Cherokee Princess, 1990, 23,286 dwt.
   ' Inca Maiden, 1986, 22,133 dwt.
   ' Apache Maiden, 1987, 23,319 dwt.
   TBS fleet comprises 42 vessels with an aggregate of 1.2 million dwt, including 23 tweendeckers and 19 handymax/handysize bulk carriers. This includes three multipurpose tweendeckers and three handysize bulk carriers, which TBS has agreed to acquire and have been scheduled for delivery to TBS by the end of the first quarter 2008.
   “By exercising our purchase options, TBS now owns these vessels outright instead of operating them under a capital lease arrangement,” said Joseph E. Royce, chairman, chief executive officer and president. “These assets have appreciated significantly, given the current strong market environment, the shortage of high quality second-hand tweendecker vessels and our intensive fleet upgrade and maintenance program. We believe TBS will be able to benefit from the additional equity that has built up in these assets for our continued business development and fleet growth.”