TBS International Limited Announces the Acquisition of a Multi-Purpose Tweendecker Expanding Its Fleet to 35 Vessels

HAMILTON, BERMUDA -- (MARKET WIRE) -- December 11, 2006 -- TBS International Limited (NASDAQ: TBSI), an ocean transportation services company that offers worldwide shipping solutions through liner, parcel and bulk transportation services, announced today that it has entered into an agreement to acquire a multi-purpose tweendecker, the M/V Blu Mistral II to be renamed the M/V Nanticoke Belle. TBS agreed to acquire the vessel charter free for $16.95 million. The vessel is expected to be delivered to TBS between February 15, 2007 and March 31, 2007.

M/V Blu Mistral II, built in 1989, has a total dwt of 28,843 and is the sister ship of the TBS vessel M/V Wichita Belle, built in 1991, with the same dwt capacity. The M/V Blu Mistral II has two retractable tweendecks that optimize the floor space and cargo flexibility and is one of the very few modern tweendeckers of this size in the industry.

Following the acquisition of the M/V Blu Mistral II, TBS's fleet will be comprised of 35 vessels in total, including 20 multipurpose and a combination of 15 handysize and handymax bulk carriers, with an aggregate of 1,053,719 dwt.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are pleased to announce the acquisition of the M/V Blu Mistral II, a multi-purpose tweendecker, and sister ship to the M/V Wichita Belle. The benefits of having a sister ship added to our fleet is that it increases our operational flexibility and can generate economies of scale while enabling us to better service our clients. This acquisition fits our present as well as our long-term strategic business plan for our liner and parcel cargo service network. In addition, this acquisition is within the context of our overall fleet expansion and renewal strategy, which is in response to the growth of our business. In 2006, TBS acquired four vessels and sold one, expanding our fleet to 35 vessels."

About TBS International Limited

TBS is an ocean transportation services company that offers worldwide shipping solutions through liner, parcel and bulk services, and vessel chartering. 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 and the Caribbean. TBS provides frequent regularly scheduled voyages in its network, as well as cargo scheduling, loading and discharge for its customers.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are hereby cautioned that these statements may be affected by certain factors, among others, set forth below and in TBS's filings with the Securities and Exchange Commission, and consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated by forward-looking statements is the ability of the buyer and seller of the vessel to satisfy customary conditions to our obligation to purchase the vessel. Other factors that could affect TBS's operations and results are discussed in TBS's filings with the Securities and Exchange Commission. TBS undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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Contact Information: For more information, please contact: Company Contact: Ferdinand V. Lepere Executive Vice President and Chief Financial Officer TBS International Limited Tel. 914-961-1000 InvestorRequest@tbsship.com Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. New York Tel. 212-661-7566 E-mail: nbornozis@capitallink.com