TBS buys heavylift ship
BERMUDA registered dry cargo shipowner TBS International Limited says it is buying the CEC Cardigan a 1997 built, 8,874 dwt heavy-lift multi-purpose tweendecker with two 150 ton cranes, combinable up to 300 tons. TBS says has agreed to acquire this vessel charter-free for $20.6m with expected delivery during the fourth quarter of 2008.
To be renamed the Zia Belle the acquisition will be TBS's first tweendecker with heavy-lift gear, a cargo capability in demand for project shipping worldwide.
Following this purchase, TBS' fleet will comprise 47 vessels with an aggregate of 1.4 million dwt, consisting of 24 multi-purpose tweendeckers and 23 handysize/handymax bulk carriers. In addition, TBS has on order with Chinese shipyards six Roymar Class 34,000 dwt multi-purpose vessels with retractable tweendecks, of which two are scheduled for delivery in 2009 and four in 2010.
Joseph Royce, chairman and CEO said: "We are excited to announce the acquisition of the M.V. Zia Belle, our first heavy-lift tweendecker, which solidifies TBS' operational capabilities in project cargoes and complements our multi-purpose tweendecker fleet. Adding heavy-lift capability in the TBS Fleet will better enable TBS to service our growing list of customers engaged in global projects in the energy, mining, steel, construction and infrastructure industries which require vessels with heavy-lift capabilities. Unlike a traditional dry bulk company which charters its vessels to other companies or trades its ships in the spot market, TBS has been able to achieve consistent growth with the implementation of our 'Business First, Fleet Second' strategy as well as our foundation of direct customer relationships. Despite the volatility in the shipping markets, our business continues to grow and we continue to evaluate opportunities to expand our fleet."