TBS Reports Second Quarter Growth

Second quarter financial results for global carrier TBS improved over the same period last year: total revenue was US$111.2 million, compared to US$72.2 million during 2009.

Overall, total revenues for the first six months of 2010 were US$211.3 million, an increase of 47.4 percent compared to $143.4 million for the same period 2009.

TBS shipped 2.37 million tons of cargo at an average freight rate of US$29.76 per ton during the second quarter. While total cargo shipped fell off slightly, the average rate was significantly better than second quarter 2009's rate of US$24.40 per ton.

TBS has successfully renegotiated its credit agreements and is in compliance with all financial covenants, according to the company, which recently sold the vessel Savannah Belle and used the proceeds to pay down a loan with Bank of America.

TBS is expanding its Brazil operations and plans to add six new vessels to its fleet. The company’s Log.Star joint venture, a Brazilian flag shipping company formed in Jan. 2010, will concentrate on breakbulk, bulk parcel, heavy lift, general and project cargoes along Brazil's coastline and Amazon River basin. Log.Star last month obtained an operational license for Brazil for three vessels on a three-year bareboat agreement.

TBS also plans to add a total of six Roymar Class multipurpose vessels with retractable tweendecks to its fleet. Two have been delivered, 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. They are geared with 35-and 40-ton cranes combinable up to 80 tons.