BERMUDA – The NASDAQ listed shipping group TBS, whose vessels range from bulk carriers to heavy lift ships and who offer port services and associated logistics operations, are intending to commence trading from Ireland having re-registered the company’s affairs currently TBS International plc as TBS – Ireland. Stock will still trade as ticker symbol “TBSI” assuming the approval of the Supreme Court of Bermuda and the stockholders, the Directors have approved the move unanimously.
Mr Joseph E. Royce, Chairman, President and CEO of TBS said "After a careful review, our Board of Directors has determined that changing our place of incorporation to Ireland is in the best interest of the company and our shareholders. We believe that incorporating in Ireland will provide us with economic benefits and help ensure our continued global competitiveness.
"As a member of the European Union, Ireland offers a stable political and economic environment and sophisticated, well-developed corporate, legal and regulatory environment. It also has a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the US and other countries around the world where TBS does business. In addition, Ireland has the financial and legal infrastructure to meet TBS's current and future needs."
A vote will be put to shareholders within the next three months according to the company statement.
TBS currently claims ownership of 47 vessels including multipurpose tweendeckers and handysize and handymax bulk carriers. This count is believed to include 6 new ships currently on order from China Communications Construction Company Ltd / Nantong Yahua Shipbuilding Group Co. Ltd. The company’s policy is to pursue the trade to smaller ports lying on 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 where larger vessels cannot access or the major lines have no interest in.
