TBS International Limited Announces Sale of a Vessel
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 reached an agreement to sell the M.V. Dakota Belle.
The M.V. Dakota Belle is an 18,576 dwt multipurpose tweendecker that was built in 1977. TBS agreed on August 8, 2006 to sell the M.V. Dakota Belle for $ 3.225 million. The company expects to utilize the proceeds to reduce its outstanding revolver. The company expects to deliver the M.V. Dakota Belle in September of 2006.