TBS International plc (NASDAQ: TBSI) announced today its financial
and operating results for the second quarter and six months ended
June 30, 2010.
Second Quarter and Six Months 2010 Highlights:
Metric Q2 2010 Q2 2009 6M 2010 6M 2009
------ ---------- ---------- ---------- ----------
Revenue (thousands) $ 111,240 $ 72,236 $ 211,309 $ 143,394
Net (Loss) attributable to
TBS International plc
(thousands) $ (9,677) $ (16,913) $ (17,520) $ (38,201)
EPS (basic and diluted) $ (0.32) $ (0.57) $ (0.59) $ (1.28)
Weighted Average Number of
Shares (basic and diluted) 29,973,420 29,827,345 29,930,634 29,822,402
EBITDA (thousands) (1) $ 22,222 $ 11,170 $ 45,468 $ 16,022
Drydock Days 110 136 183 290
Freight Voyages
---------------
Average Daily Voyage TCE $ 14,463 $ 11,268 $ 14,491 $ 11,480
Freight Voyage Days 2,556 2,982 5,360 6,098
Tons of Cargo Shipped
(thousands) 2,374 2,449 5,048 4,596
Average Freight Rate for
All Cargoes $ 29.76 $ 24.40 $ 28.72 $ 27.03
Average Freight Rate
excluding Aggregates $ 56.46 $ 40.33 $ 54.54 $ 42.42
Time Charter out Voyages
------------------------
Average Daily Time Charter
TCE $ 18,532 $ 9,642 $ 17,587 $ 8,028
Time Charter Days 1,838 1,140 3,175 2,027
(1) EBITDA is a non-GAAP financial measure. Please refer to "Non-GAAP
Reconciliations" following the financial statements included in this
press release for a reconciliation of EBITDA to Net Loss.
Management Commentary:
Joseph E. Royce, Chairman, Chief Executive Officer and President
stated: "TBS' Second Quarter of 2010 started with a continuation of
the improving freight rates experienced in Q1 2010 for the carriage
of bulk and breakbulk cargoes. Demand for aggregates in the Middle
East increased with expanded imports by Kuwait. Our carriage of
sugar, salt, and grain cargoes to Nigeria were stable throughout
the quarter.
"Our multipurpose tweendeckers showed improvement in both cargo
volumes and freight rates as our traditional customer base
increased exports of steel, liner, project and general cargoes,
restoring operational and rotational balance. Cargo volumes were
solid on our trade route from Asia to South America with all
vessels filled to capacity. Exports of minerals and metals from the
west coast of South America to Asia stayed strong even in the face
of reduced iron ore imports by China. Steel parcel exports by our
long-standing Brazilian clients remained firm although diminished
somewhat by domestic demand.
"Between May 17, 2010 and July 15, 2010, the Baltic Dry Index,
or BDI, the industry indicator for spot dry bulk freight rates,
experienced a continuous slide from a value of 3,939 down to 1,700,
declining by about 57%. This regression in the dry bulk market
freight rates impacted the TBS fleet, especially our bulk carriers
and the impact is continuing in Q3 2010. However, market freight
rates in our sector appear to have stabilized in recent weeks.
"Despite the adversities just mentioned, overall in Q2 2010, top
line revenues, average daily Time Charter Equivalent, voyage
earnings and EBITDA showed improvement over Q2 2009. Our income
from operations, excluding the loss of $5.2 million on the M/V
Savannah Belle, also improved to $0.8 million for Q2 2010 from a
loss of $12.7 million in Q2 2009.
We incurred the following non-cash charges during the
quarter:
-- $5.2 million on the vessel M/V Savannah Belle that was held
for sale
-- $3.3 million of non-cash equity compensation granted to
employees
Together these items represented $(0.28) of the $(0.32) loss per
share.
"We are on track with our fleet renewal and expansion program.
In July 2010, we sold the M/V Savannah Belle, the smallest
handysize bulk carrier in TBS' fleet, we expect to launch the M/V
Comanche Maiden on August 12 and anticipate we will take delivery
of our third newbuilding, the M/V Montauk Maiden, in September.
"We continue to capitalize on the alliances we built during the
past year to expand the TBS brand and Five Star Service in Latin
America and Africa, which we view as emerging continents, rich in
energy and mineral resources that can sustain viable growth for
decades to come. Last month, our Log.Star joint venture obtained an
operational license in Brazil to provide domestic shipping services
meeting the growing demand for a Brazilian coastal and Amazon River
domestic transportation service. This joint venture capitalizes on
our domestic market knowledge, our international breakbulk shipping
expertise and our long standing customer relationships enabling us
to enter a new market segment with growth potential."
Ferdinand V. Lepere, Executive Vice President and Chief
Financial Officer, commented: "As already announced on May 7, 2010,
TBS successfully renegotiated its credit facilities and is in
compliance with the financial covenants. The financial covenants,
such as the consolidated leverage ratio, fixed interest coverage
ratio and minimum cash balance requirements, have been modified
through the maturity of the respective credit facility. Our Balance
Sheet therefore returned to the traditional classification of
short-term debt and long-term debt.
"TBS remains in a solid financial condition. At the end of June
30, 2010, our net debt to capitalization ratio was 36.6% which we
believe to be at a modest level as compared to industry standards.
Our cash balances at the end of June 30, 2010 were about $30.1
million excluding $6.6 million of restricted cash on deposit, to be
used to fund our share of payments to the shipyard for our
newbuilding program. During the six months ended June 30, 2010, we
made scheduled debt repayments in the amount of $35.1 million.
"In June 2010, we entered into an agreement to sell the M/V
Savannah Belle, the smallest handysize bulk carrier in our fleet at
22,558 deadweight tons, for a gross price of $2.8 million. We
delivered the vessel to its new owners on July 20, 2010 and the
Company used the net proceeds to pay down the Bank of America
Credit Facility. As a result, $5.2 million was recorded on June 30,
2010 on the vessel held for sale to write down to the net realized
value.
"With the sale of this vessel, TBS' current fleet is comprised
of 48 vessels with an aggregate of 1.44 million DWT, consisting of
26 tweendeckers and 22 handymax/handysize bulk carriers.
"Our newbuilding program for the six Roymar Class multipurpose
tweendeckers is progressing well and we have the requisite bank
financing for them in place. We have taken delivery of our first
two vessels in September 2009 and March 2010. Of the remaining four
vessels, we expect two vessels to be delivered in the second half
of 2010 and two in 2011.
"In the second quarter of 2010, we continued our drydocking
program and have drydocked five vessels with 110 drydocking days
without significantly impacting our operational efficiency.
"We granted 832,000 fully vested shares having a value of $5.6
million to employees in June 2010. Non-cash equity compensation
expense of $3.3 million and $5.9 million for the three and six
months ended June 30, 2010, respectively are included in G&A
expenses."
Second Quarter 2010 Results:
For the second quarter ended June 30, 2010, total revenues were
$111.2 million, an increase of 54.0% compared to the $72.2 million
for the same period in 2009. Net loss for the second quarter 2010
was $9.7 million, after loss attributable to the non-controlling
interests, which is an improvement of 42.6% compared to $16.9
million loss for the same period in 2009. Loss per share on a basic
and diluted basis were $(0.32) in the second quarter of 2010,
calculated based on 29,973,420 shares, compared to $(0.57) for the
second quarter of 2009, calculated based on 29,827,345 shares. Net
loss for the quarter ended June 30, 2010 includes a loss of $5.2
million on the sale of M/V Savannah Belle and a $3.3 million
expense for the amortization of non-cash equity compensation.
EBITDA, which is a non-GAAP measure, increased to $22.2 million
for the quarter ended June 30, 2010 from $11.2 million in 2009.
Please see "Non-GAAP Reconciliations - EBITDA" following the
financial statements in this press release for a reconciliation of
EBITDA to net (loss).
Revenues:
Total revenues for the second quarter of 2010 were $111.2
million and include voyage revenues of $70.6 million, time charter
revenues of $37.7 million and logistics and other revenues of $2.9
million.
An average of 48 vessels (excluding off-hire) were operated
during the second quarter 2010 compared to 45 vessels (excluding
off-hire) during the same period in 2009.
Voyage Revenues:
Voyage revenues for the quarter ended June 30, 2010 were $70.6
million, an increase of $10.9 million or 18.3% from $59.7 million
for the same period in 2009. The increase in voyage revenue is
primarily attributable to the increase in freight rates.
Total cargo volume (including aggregates) decreased 75,000 tons
or 3.1% to 2,374,000 tons for the quarter ended June 30, 2010, from
2,449,000 tons for the same period in 2009. This decrease is mainly
attributable to the decrease in agricultural and bulk cargoes
transported. Non-aggregate revenue tons carried decreased by
199,000 tons for second quarter 2010 whereas aggregate revenue tons
carried increased by 124,000 tons for second quarter 2010 as
compared to second quarter 2009. Freight rates excluding aggregates
increased by $16.13 per ton or 40.0% to $56.46 per ton for quarter
ended June 30, 2010 from $40.33 per ton during the same period in
2009 and an increase of 6.85% from $52.84 per ton in the first
quarter of 2010.
Average Daily Voyage Time Charter Equivalent, which is an
industry standard metric reflecting the daily net earnings of a
voyage after deducting all voyage expenses from voyage revenues,
was $14,463 per day for the second quarter of 2010, an increase of
28.4% from $11,268 per day during the second quarter of 2009 and an
decrease of 0.3% from $14,511 per day during the first quarter of
2010.
Time Charter Revenues:
Time charter revenues increased by $25.5 million to $37.7
million for the quarter ended June 30, 2010 from $12.2 million for
the quarter ended June 30, 2009. The increase was primarily due to
higher average charter hire rates and an increase in time
charter-out days.
Average Daily Time Charter Equivalent, which is an industry
standard metric reflecting time charter-out revenues during the
period reduced by commissions, was $18,532 per day for the second
quarter of 2010, an increase of $8,890 from $9,642 per day during
the same period in 2009 and an increase of 13.7% from $16,299 per
day during the first quarter of 2010.
Expenses:
Total operating expenses for the quarter ended June 30, 2010
increased by $30.6 million or 36.0% to $115.6 million from $85.0
million for the same period in 2009.
Voyage expenses, which include fuel costs, commissions, port
call charges and stevedoring, increased by $10.0 million or 36.4%
to $37.3 million for the quarter ended June 30, 2010. The rise was
primarily due to increase in fuel expenses as a result of increased
average fuel costs and commission expenses due to a rise in freight
and time charter revenues, as well as increase in port call
expenses and stevedore and other cargo-related expenses.
Vessel expenses, which consist of operating expenses relating to
owned and controlled vessels, such as crewing, stores, repairs and
maintenance, insurance and charter hire fees for vessels that are
chartered-in, increased by $6.2 million or 24.3% to $31.7 million
for the second quarter 2010 as compared to $25.5 million for the
second quarter of 2009. The increase in vessel operating expense
was due to an increase in the average operating expense day rate
due to higher stores and maintenance expenses. In addition, our new
Brazilian joint venture subsidiary added to vessel operating
expenses caused by the three Brazilian flagged vessels having
higher crewing expenses and higher repair expenses.
General and administrative expenses increased by $5.7 million or
68.0% to $14.0 million for the quarter ended June 30, 2010,
primarily due to the non-cash equity compensation expense.
Operating expenses for the second quarter 2010 also includes an
expense of $1.7 million related to TBS Logistics Incorporated, our
cargo and transport management subsidiary.
Results for the Six Months ended June 30, 2010:
For the six months ended June 30, 2010, total revenues were
$211.3 million, an increase of 47.4% compared to the $143.4 million
for the same period 2009. Net loss for the six months 2010 was
$17.5 million, after loss attributable to the non-controlling
interests, which is an improvement of 54.2% compared to $38.2
million loss for the same period 2009. Loss per share on a basic
and diluted basis were $(0.59) for the six months ended June 30,
2010, calculated based on 29,930,634 shares, compared to $(1.28)
for the same period of 2009, calculated based on 29,822,402 shares.
Net loss for the six months ended June 30, 2010 includes a $5.2
million loss on the sale of the M/V Savannah Belle and a $3.3
million expense for non-cash equity compensation.
EBITDA, which is a non-GAAP measure, increased by 184.4% to
$45.5 million for the six months ended June 30, 2010 from $16.0
million in 2009. Please see "Non-GAAP Reconciliations - EBITDA"
following the financial statements included in this press release
for a reconciliation of EBITDA to net income.
An average of 47 vessels (excluding off-hire) were operated
during the six months 2010 compared to 45 vessels (excluding
off-hire) during the same period of 2009.
Total revenues of $211.3 million for the six months 2010 include
voyage revenues of $145.0 million, time charter revenues of $60.6
million and logistic and other revenues of $5.7 million.
Brazilian Joint Venture:
The Company entered into a joint venture agreement with an
un-affiliated Brazilian corporation, Log-In Logistica Intermodal
S/A (BOSVESPA: LOGN3), to form, Log.Star Navegacão S.A., or
Log.Star, in January 2010. TBS owns 70% of the joint venture with
the remaining 30% owned by Log-In Logistica. Log.Star is a
Brazilian flag shipping company formed to concentrate on the
movement of breakbulk, bulk parcel, heavy left, general and project
cargoes along Brazil's coastline and Amazon River basin. This joint
venture has recently obtained an operational licence in Brazil to
provide domestic shipping services, for which it has chartered-in
three vessels on a three year bareboat agreement.
Fleet Expansion and Newbuilding Program:
The TBS Newbuilding Program to construct six Roymar Class
multipurpose vessels with retractable tweendecks proceeded with the
delivery of two vessels: the first in September 2009 and the second
in March 2010. Two vessels are scheduled to be delivered in the
third and fourth quarters of 2010, and the remaining two vessels in
2011.
Each of these vessels has box-shaped holds, open hatches and
fully retractable hydraulic tweendecks and is geared with 35-and
40-ton cranes combinable up to 80 tons. Each will also have a
modern fuel-efficient engine enabling the vessel to operate
effectively at 15 knots.
TBS previously entered into a $150 million term loan credit
agreement with a syndicate of lenders led by The Royal Bank of
Scotland to finance the building and purchase of these six new
multipurpose vessels. As of June 30, 2010, the Company has made
cumulative payments of $98.0 million to the Shipyard towards the
purchase of these vessels.
TBS 2010 Drydock Program and Vessel Upgrade Program:
For 2010, TBS' plan is to drydock 16 vessels for approximately
406 drydocking days with a steel renewal of about 2,151 metric tons
at a total cost of approximately $16.3 million. This includes two
vessels that entered into drydocking during the fourth quarter of
2009.
Our anticipated 2010 drydocking schedule is as follows:
-- During the three months ended March 31, 2010, TBS had two
vessels that entered into drydock during the fourth quarter of 2009
that continued their drydock for 28 days in the first quarter of
2010. In addition, two vessels entered into drydock for 45 days,
requiring about 85 metric tons of steel.
-- During the second quarter 2010, five vessels entered into
drydocking requiring about 481 metric tons of steel and 110 drydock
days.
-- In the third quarter 2010, TBS plans to drydock five vessels
requiring about 1,090 metric tons of steel and about 149 drydock
days. Two vessels that entered into drydock in the second quarter
are expected to continue their drydocking in this quarter.
-- In the fourth quarter 2010, TBS plans to drydock two vessels,
requiring about 495 metric tons of steel and about 74 drydock days.
Two vessels scheduled to enter into drydock in the third quarter
are planned to continue their drydocking in this quarter.
Conference call and webcast:
Today, August 6, 2010 at 8:30 a.m. EDT, the Company's management
will host a conference call to discuss the results.
Conference call details:
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1-888-713-4216 (from
the US) or 1-617-213-4868 (International Dial In). Participant
Passcode: 84822225. Participants may pre-register for the call at
https://www.theconferencingservice.com/prereg/key.process?key=PYMVNDCHM.
Pre-registrants will be issued a PIN number to use when dialing
into the live call which will provide quick access to the
conference by bypassing the operator upon connection.
Webcast:
There will also be a live- and then archived- slides and audio
webcast of the conference call on the company's website
www.tbsship.com, which can be accessed by clicking on the webcast
link. As soon as practicable, the webcast and the corresponding
slides will be archived and will also be accessible on our
website.
Replay:
A telephonic replay of the conference call will be available
from 11:30 a.m. EDT on Friday, August 6, 2010 until Friday, August
13, 2010 by dialing 1-888-286-8010 (from the US) or 1-617-801-6888
(International Dial In). Access Code: 24376532. A replay of the
webcast will be available soon after the completion of the
call.
Consolidated Statements of Income
For the First Quarter and Six Months Ended June 30, 2010 and 2009
(In thousands, except per share amounts and outstanding shares)
Three Months Ended Six Month Ended
June 30, June 30,
---------------------- ----------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Revenue
Voyage revenue $ 70,640 $ 59,741 $ 144,998 $ 124,254
Time charter revenue 37,658 12,168 60,561 18,339
Logistic revenue (1) 2,931 270 5,583 536
Other revenue 11 57 167 265
---------- ---------- ---------- ----------
Total Revenue 111,240 72,236 211,309 143,394
---------- ---------- ---------- ----------
Operating expenses
Voyage 37,268 27,314 72,048 56,313
Logistics (1) 1,748 172 3,625 421
Vessel 31,668 25,520 59,439 53,499
Depreciation and
amortization of vessels
and other fixed assets 25,733 23,603 51,230 46,322
General and
administrative 14,030 8,349 26,403 17,035
Net loss on vessel held
for sale and other
impairment (2) 5,154 - 5,154 -
---------- ---------- ---------- ----------
Total Operating expenses 115,601 84,958 217,899 173,590
---------- ---------- ---------- ----------
(Loss) income from
operations (4,361) (12,722) (6,590) (30,196)
Other (expenses) and income
Interest expense (6,172) (4,466) (11,568) (7,977)
Loss on extinguishment of
debt (3) 0 0 (200) 0
Interest and other income
(expense) 42 275 24 (28)
0 0 0 0
---------- ---------- ---------- ----------
Total other (expenses) and
income, net (6,130) (4,191) (11,744) (8,005)
---------- ---------- ---------- ----------
Net (loss) (10,491) (16,913) (18,334) (38,201)
========== ========== ========== ==========
Less: Net (loss) attributable
to the noncontrolling
interests (4) (814) - (814) -
---------- ---------- ---------- ----------
Net (loss) attributable to
TBS International plc $ (9,677) $ (16,913) $ (17,520) $ (38,201)
========== ========== ========== ==========
Earnings per share
Net (loss) income per
common share
Basic and Diluted $ (0.32) $ (0.57) $ (0.59) $ (1.28)
Weighted average common
shares outstanding
Basic and Diluted 29,973,420 29,827,345 29,930,634 29,822,402
Operating Data for the Three and Six Months Ended June 30, 2010 and 2009
Three Months Ended Six Month Ended
June 30, June 30,
---------------------- ----------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Other Operating Data:
Controlled vessels
(at end of period) (5) 49 47 49 47
Chartered vessels
(at end of period) (6) 4 2 4 2
Freight Voyage days (7) 2,556 2,982 5,360 6,098
Vessel days (8) 4,659 4,364 8,984 8,726
Tons of cargo shipped (9) 2,374 2,449 5,048 4,596
Revenue per ton (10) $ 29.76 $ 24.40 $ 28.72 $ 27.03
Tons of cargo shipped,
excluding
aggregates (9) (11) 1,098 1,297 2,337 2,449
Revenue per ton, excluding
aggregates (10) (11) $ 56.46 $ 40.33 $ 54.54 $ 42.42
Chartered-out days 1,838 1,140 3,175 2,027
Chartered-out rate per day $ 20,489 $ 10,674 $ 19,074 $ 9,047
TCE per day-Freight
Voyages (12) $ 14,463 $ 11,268 $ 14,491 $ 11,480
TCE per day-Time
Charters-Out (13) $ 18,532 $ 9,642 $ 17,587 $ 8,028
(1) TBS Logistics represents revenue and related costs for cargo and
transportation management services as part of TBS' Five Star Service
to customers which began operations in the fourth quarter of 2007.
(2) On June 29, 2010, the Company signed a Memorandum of Agreement to sell
the M/V Savannah Belle for $2.8 million. The sale was completed in
July 20, 2010. The net loss on this vessel held for sale as of
June 30, 2010 was $5.2 million after deducting the cost of vessel and
improvement less accumulated depreciation and other closing costs.
(3) In 2010 the loss on extinguishment of debt represents the write-off of
unamortized deferred financing costs in connection with the loan
modifications subsequent to March 31, 2010.
(4) Represents a 30% non controlling interest held by LOG.STAR NAVEGACAO
S.A.
(5) Controlled vessels are vessels that are owned or chartered-in with an
option to purchase. As of June 30, 2010, two vessels in the controlled
fleet were chartered-in with an option to purchase.
(6) Represents vessels that were both chartered-in under short-term
charters (less than one year at the start of the charter) and
chartered in under long-term charters without an option to purchase.
Includes three Brazilian flagged vessels chartered in under a bareboat
charter through our joint venture LOG.STAR NAVEGACAO S.A.
(7) Represents the number of days controlled and time-chartered vessels
were operated by the Company performing freight voyages. Freight
voyage days exclude both off-hire days and time chartered out days.
(8) Represents the number of days that relate to vessel expense for
controlled and time-chartered vessels. Vessel expense relating to
controlled vessels is based on a 365-day year. Vessel expense relating
to chartered-in vessels is based on the actual number of days the
vessel is operated, excluding off-hire days.
(9) In thousands.
(10) Revenue tons is a measurement on which shipments are freighted.
Cargoes are rated as weight (based on metric tons) or measure (based
on cubic meters), whichever produces the higher revenue will be
considered the revenue ton.
(11) Aggregates represent high-volume, low-freighted cargo, which can
overstate the amount of tons that is carried on a regular basis and
accordingly reduces the revenue per ton. TBS believes that the
exclusion of aggregates better reflects their cargo shipping and
revenue per ton data for their principal services.
(12) Daily Time Charter Equivalent or "TCE" rates are defined as voyage
revenue less voyage expenses during the period divided by the number
of available freight voyage days during the period. Voyage expenses
include: fuel, port call, commissions, stevedore and other cargo
related and miscellaneous voyage expenses. To conform to the 2009
presentation daily time charter equivalent rates for 2008 were revised
to exclude logistic expenses which are classified as voyage expense in
2008. No deduction is made for vessel or general and administrative
expenses. TCE includes the full amount of any probable losses on
voyages at the time such losses can be estimated. TCE is an industry
standard for measuring and analyzing fluctuations between financial
periods and as a method of equating TCE revenue generated from a
voyage charter to time charter revenue.
(13) Daily Time Charter Equivalent or "TCE" rates for vessels that are time
chartered out are defined as time charter revenue during the period
reduced principally by commissions and certain voyage costs (for which
TBS is responsible under some of the time charter contracts) divided
by the number of available time charter days during the period.
Commission for vessels that are time chartered out for the three and
six months ended June 30, 2010 and June 30, 2009 were $1.6 million and
$2.7 million and $0.5 million and $0.8 million, respectively. Voyage
costs incurred for both the three and six months ending June 30, 2010
was $1.8 million and for the three and six months ended June 30, 2009,
time charter voyages include fuel cost of $0.7 million and
$1.3 million, respectively. The fuel cost is related to fuel price
differentials caused by volatility in the fuel market and the cost for
ballasting vessels to time charter delivery ports. No deduction is
made for vessel or general and administrative expenses. TCE is an
industry standard for measuring and analyzing fluctuations between
financial periods and as a method of equating TCE revenue generated
from a voyage charter to time charter revenue.
Balance Sheet Data
Please find below TBS' selected balance sheet data:
June 30, December 31,
2010 2009
----------- -----------
Balance Sheet Data (In thousands):
Cash and cash equivalents $ 30,097 $ 51,040
Restricted cash 6,575 8,675
Working capital (33,119) (285,823)
Total assets 918,829 953,588
Total debt, including current portion 331,166 351,247
Total shareholders' equity 522,178 537,728
Non-GAAP Reconciliations
Please find below TBS' EBITDA reconciliation for the three and six months
ended June 30, 2010 and 2009.
Three Months Ended Six Month Ended
June 30, June 30,
---------------------- ----------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
EBITDA Reconciliation
(In thousands):
Net (loss) attributable
to TBS
International plc $ (9,677) $ (16,913) $ (17,520) $ (38,201)
Net interest expense 6,166 4,480 11,758 7,901
Depreciation and
Amortization 25,733 23,603 51,230 46,322
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
EBITDA $ 22,222 $ 11,170 $ 45,468 $ 16,022
========== ========== ========== ==========
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. 914-961-1000 InvestorRequest@tbsship.com
Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. New
York Tel. 212-661-7566 E-mail: tbs@capitallink.com
Tbs International (MM) (NASDAQ:TBSI)
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부터 5월(5) 2024 으로 5월(5) 2024
Tbs International (MM) (NASDAQ:TBSI)
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부터 5월(5) 2023 으로 5월(5) 2024
