High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
DUBLIN, IRELAND, Jan 05, 2011 (MARKETWIRE via COMTEX) — TBS International plc (NASDAQ: TBSI) announced today that it has taken delivery of the newly-constructed vessel M/V Omaha Belle from China Communications Construction Company Ltd./ Nantong Yahua Shipbuilding Group Co., Ltd.
The M/V Omaha Belle is the fourth in a series of six “Roymar Class” 34,000 dwt multipurpose tweendecker vessels that the Company ordered at a purchase price of $35.4 million per vessel. TBS expects to take delivery of the remaining two vessels by the third quarter of 2011. The Company has in place the requisite bank financing for these vessels.
With the delivery of the M/V Omaha Belle, TBS’s current fleet expands to 50 vessels with an aggregate of 1.51 million dwt, consisting of 28 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 fourth newbuild Roymar Class tweendecker, the M/V Omaha Belle, thereby expanding our operational fleet to 50 vessels. The addition of this vessel to our fleet further increases our operational flexibility, enhances our cargo transportation abilities and supports the requirements of our expanding customer base.”
Image: Lauch of TBS Internationals M/V ROCKAWAY BELLE (c) TBS International
Source: TBS International
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