TBS International plc Takes Delivery of Its Third Newbuild Roymar Class Multipurpose Tweendecker
02 Settembre 2010 - 2:30PM
Marketwired
TBS International plc (NASDAQ: TBSI) announced today that it has
taken delivery of the newly-constructed vessel M/V Montauk Maiden
from Nantong Yahua Shipbuilding Group Co., Ltd.
The M/V Montauk Maiden is the third in a series of six "Roymar
Class" 34,000 dwt multipurpose tweendecker vessels that the Company
has ordered with China Communications Construction Company Ltd./
Nantong Yahua Shipbuilding Group Co., Ltd. for a purchase price of
$35.4 million per vessel. This vessel, like its sister ships, has
box-shaped holds, open hatches and fully retractable hydraulic
tweendecks, is geared with 35 and 40 ton cranes combinable up to 80
tons, and has a modern fuel-efficient engine enabling the vessel to
operate effectively at 15 knots.
Of the remaining three vessels, the Company expects to take
delivery of one vessel at the end of 2010 and two in 2011 and TBS
has in place the requisite bank financing for these.
With the delivery of this vessel, TBS' current fleet expands to
49 vessels with an aggregate of 1.48 million dwt, consisting of 27
tweendeckers and 22 handymax/ handysize bulk carriers.
Joseph E. Royce, Chairman, Chief Executive Officer and
President, commented: "We are pleased to have taken delivery of our
third newbuilding Roymar Class Tweendecker, the M/V Montauk Maiden,
expanding our operational fleet to a total of 49 vessels. The
addition of this vessel to our fleet enhances our operational
efficiency and versatility."
Forward-Looking Statements "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations.
Included among the factors that, in the company's view, could
cause actual results to differ materially from the forward-looking
statements contained in this press release are the following:
- changes in demand for the company's services, which are
increasingly difficult to predict due to economic conditions and
uncertainty;
- the effect of a decline in vessel valuations;
- the company's ability to maintain financial ratios and satisfy
financial covenants required by its credit facilities, as
amended;
- the company's ability to finance its operations and raise
additional capital on commercially reasonable terms or at all;
- changes in rules and regulations applicable to the shipping
industry, including legislation adopted by international
organizations such as the International Maritime Organization and
the European Union or by individual countries;
- actions taken by regulatory authorities;
- changes in trading patterns, which may significantly affect
overall vessel tonnage requirements;
- changes in the typical seasonal variations in charter
rates;
- volatility in costs, including changes in production of or
demand for oil and petroleum products, crew wages, insurance,
provisions, repairs and maintenance, generally or in particular
regions;
- default by financial counterparties;
- a material decline or weakness in shipping rates, which may
occur if the economic recovery is not sustainable;
- changes in general domestic and international political
conditions;
- changes in the condition of the company's vessels or applicable
maintenance or regulatory standards which may affect, among other
things, the Company's anticipated drydocking or maintenance and
repair costs;
- increases in the cost of the company's drydocking program or
delays in its anticipated drydocking schedule;
- China Communications Construction Company Ltd./Nantong Yahua
Shipbuilding Group Co., Ltd.'s ability to complete and deliver the
remaining multipurpose tweendeckers on the anticipated schedule and
the ability of the parties to satisfy the conditions in the
shipbuilding agreements;
- the possible effects of pending and future legislation in the
United States that may limit or eliminate potential U.S. tax
benefits resulting from the Company's jurisdiction of
incorporation;
- Irish corporate governance and regulatory requirements which
could prove different or more challenging than currently expected;
and
- other factors that are described in the "Risk Factors" sections
of reports filed with the Securities and Exchange Commission.
About TBS International plc TBS is a
fully-integrated transportation service company that provides
worldwide shipping solutions to a diverse client base of industrial
shippers. Through the TBS Five Star Service consisting of ocean
transportation, operations, logistics, port services, and strategic
planning, TBS offers total project coordination and door-to-door
supply chain management. The TBS shipping network operates liner,
parcel and dry bulk services, supported by a fleet of multipurpose
tweendeckers and handysize and handymax bulk carriers, including
specialized heavy-lift vessels and newbuild tonnage. TBS has
developed its business around key trade routes between Latin
America and China, Japan and South Korea, as well as select ports
in North America, Africa, the Caribbean and the Middle East.
Visit our website at www.tbsship.com
For more information, please contact: Company Contact: Ferdinand
V. Lepere Senior Executive Vice President and Chief Financial
Officer TBS International plc Tel. +1-914-961-1000
InvestorRequest@tbsship.com Investor Relations / Media: Nicolas
Bornozis Capital Link, Inc. New York Tel. +1-212-661-7566 E-mail:
tbs@capitallink.com
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