TBS International Limited announced that it has entered into an agreement to acquire the M.V. Athinoula, to be renamed M.V. Canarsie Princess, a 1985 built, 42,842 dwt handymax bulk carrier. TBS has agreed to acquire this vessel charter free for $30.3 million with expected delivery within the second quarter of 2008.

Following this acquisition and the deliveries of the previously announced vessels, TBS' fleet will be comprised of 43 vessels with an aggregate of 1,268,402 dwt, consisting of 23 tweendeckers and 20 handymax/ handysize bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to announce the acquisition of the M.V. Canarsie Princess, which further expands our dry bulk fleet enabling us to benefit from the sector's positive fundamentals. Our growth strategy focuses on bolstering the earning capacity of the Company and enhancing our flexibility to better service our customers.