TBS agreed to acquire the vessel charter free for $29.0 million. The vessel is expected to be delivered to TBS between November 1 and December 30, 2007.
The 24,021 dwt vessel, to be renamed the M.V. ARAPAHO BELLE, was built in 1998. Following this acquisition, as well as the recently announced acquisition of the 1990-built 42,475 dwt M.V. YAKIMA PRINCESS, which is expected to be delivered to TBS between July and October 2007, the TBS fleet will be comprised of 35 vessels, with an aggregate of 1,058,482 dwt.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"Continuing with our fleet renewal and expansion program, we are pleased to announce the addition to our fleet of the handysize bulk carrier M.V. ARAPAHO BELLE. This latest acquisition by TBS is in line with our strategy of growing our fleet in response to the growth of our business. It will enable us to better serve the growing needs of our customers and to accommodate the strong demand we are experiencing in the markets we serve.
"As our business continues
to grow, we are looking for additional fleet expansion
opportunities in the secondhand market, while we are waiting for
the delivery in 2009 and 2010 of the six multipurpose
newbuildings which we have on order with China Communications
Construction Company Ltd. and Nantong Yahua Shipbuilding Co.,
Ltd."
TBS operates liner, parcel and bulk services, and vessel
chartering with key trade routes between Latin America and
China, Japan and South Korea, as well as select ports in North
America, Africa and the Caribbean.