TBS Shipping Board of Directors Announces Departure of Company Founder and CEO, Joe Royce, and Appointment of Board Chairman as Interim CEO.
News Release
TBS International Limited Bermuda
September 24, 2012
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<P><B><FONT size=4>HAMILTON, BERMUDA - September 17, 2012 - TBS Shipping
announced today that Joe Royce will leave the position of chief executive
officer effective September 30th and remain on the Board of Directors. The Board
of Directors has appointed its Chairman, Jeff Parry, as interim CEO. Mr. Parry
has served as director since April 2012 and has served as CEO, Managing Director
and Restructuring Advisor for various public and private companies during 29
years in the international shipping industry. The Board has formed a special
committee to oversee the process of selecting a permanent CEO and will promote a
candidate from within the Company. Evan Cohen, Managing Director of DVB Bank,
one of TBS’ major shareholders, says he is in full support of the TBS management
team and is confident in their ability to see this Company through this tough
market. </P>
<P>The Board of Directors thanks Joe Royce for his enormous contribution to TBS
over decades and most recently positioning the Company for future growth
following its successful emergence from Chapter 11 in April. The Board of
Directors looks forward to Joe’s continued presence on the Board and also looks
forward to working with and supporting the excellent management team he has put
in place. </P>
<P>TBS provides worldwide shipping solutions to industrial shippers through its
Five Star Service: ocean transportation, projects, operations, port services,
and strategic planning. The TBS shipping network operates liner, parcel and dry
bulk services, supported by a fleet of approximately 30 vessels with an
aggregate of over 1 million dwt, consisting of multipurpose tweendeckers and
handysize / handymax bulk carriers. TBS has developed its franchise 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. TBS
serves a diverse client base of approximately 300 customers in 20 countries. Its
customers rely on TBS’ regular </P>
<P>service as an integral part of their supply chain, and many of these
relationships have been established for nearly twenty years. </P>
<P>For more information, please contact: </P>
<P>Company Contact: </P>
<P>Ferdinand V. Lepere </P>
<P>Senior Executive Vice President and Chief Financial Officer </P>
<P>TBS Shipping Limited </P>
<P>Tel. 914-961-1000 </P></B></FONT></DIV></BODY></HTML>
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<P><B><FONT size=4>HAMILTON, BERMUDA - September 17, 2012 - TBS Shipping
announced today that Joe Royce will leave the position of chief executive
officer effective September 30th and remain on the Board of Directors. The Board
of Directors has appointed its Chairman, Jeff Parry, as interim CEO. Mr. Parry
has served as director since April 2012 and has served as CEO, Managing Director
and Restructuring Advisor for various public and private companies during 29
years in the international shipping industry. The Board has formed a special
committee to oversee the process of selecting a permanent CEO and will promote a
candidate from within the Company. Evan Cohen, Managing Director of DVB Bank,
one of TBS’ major shareholders, says he is in full support of the TBS management
team and is confident in their ability to see this Company through this tough
market. </P>
<P>The Board of Directors thanks Joe Royce for his enormous contribution to TBS
over decades and most recently positioning the Company for future growth
following its successful emergence from Chapter 11 in April. The Board of
Directors looks forward to Joe’s continued presence on the Board and also looks
forward to working with and supporting the excellent management team he has put
in place. </P>
<P>TBS provides worldwide shipping solutions to industrial shippers through its
Five Star Service: ocean transportation, projects, operations, port services,
and strategic planning. The TBS shipping network operates liner, parcel and dry
bulk services, supported by a fleet of approximately 30 vessels with an
aggregate of over 1 million dwt, consisting of multipurpose tweendeckers and
handysize / handymax bulk carriers. TBS has developed its franchise 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. TBS
serves a diverse client base of approximately 300 customers in 20 countries. Its
customers rely on TBS’ regular </P>
<P>service as an integral part of their supply chain, and many of these
relationships have been established for nearly twenty years. </P>
<P>For more information, please contact: </P>
<P>Company Contact: </P>
<P>Ferdinand V. Lepere </P>
<P>Senior Executive Vice President and Chief Financial Officer </P>
<P>TBS Shipping Limited </P>
<P>Tel. 914-961-1000 </P></B></FONT></DIV></BODY></HTML>