3SOF

Unbelievable, good earnings + CC, demand for their business keeps growing but TBSI goes down!   
Maybe some funds that desperately wanted to unload but I still believe TBSI is very attractive here at this level and undervalued, hopefully we'll see back $40 soon.

Btw, isn't that a little head and shoulders forming, we're at the right shoulder now, thoughts?


TBS International Limited, Q4 2007 Earnings Call Transcript
http://seekingalpha.com/article/68455-tbs-international-limited-q4-2007-earnings-call-transcript?source=yahoo

Some highlights from their CC:

- But most importantly, TBS is benefiting from the current positive freight environment as we renewed Contracts of Affreightment for 2008 at increased freight rates compared to our 2007 experience.

- further expansion of the fleet

- First of all our new service from Japan and the Far East, Korea and China going into Brazil is based around specialty steels for the automotive industry in Brazil and we see this growing into, with our present customers, into a five year contract business. So that's very solid.


- our business plan has been centered around growth and as you can see from the presentation that we just made, we're continuing to grow the company. There are tremendous opportunities and we as management feel and continue to feel that the best use of the company's cash is to continue to grow the company.


-We could actually use several more ships at this moment if we could plug them into the business. We have the cargo to carry.

-Yes, well our business, and we do this year after year, is that we finalize our contracts for the coming year and the end of the quarter 2007 and we have finalized our contracts and our customers have not only have we finalized these contracts at increased rates, but all of our customers have said that they expect more volume to be moved in 2008 so we're very, very excited where the company is positioned for 2008.

- We will not require a secondary offering to complete the new building program, no. It will come from normal term loan and cash flow.

- I think right now as I said earlier the opportunities for this company our numerous, the markets are very strong. The growth potential is solid and we see this as being again, the best use of the company's cash to grow the company and take advantage of this very, very strong and solid shipping market.

Jefferies Analyst Report     


Investment Summary
With strong demand for dry bulk commodities and continued growth
expected in both the Asian and South American economies, we
believe TBSI shares are attractively valued due to the anticipated
strengthening charter rate environment which could provide upside to
our estimates.


Event
TBS International reported 4Q07 EPS of $1.25 which easily
exceeded our estimate of $1.04 on stronger than anticipated time
charter rates earned during the quarter and a higher than expected
number of chartered-out days during the quarter.
Key Points
• TBSI Reported 4Q07 EPS Of $1.25 Which Easily Exceeded Our
Estimate Due To Stronger Than Anticipated Time Charter Rates
And A Higher Than Expected Number Of Chartered-Out Days
• Maintaining 2008 And 2009 EPS Estimates As Our Outlook
Remains Unchanged; Modestly Higher Rate Expectations Offset By
Higher Drydocking Time And G&A Expenses
• Recovery In Dry Bulk Shipping Charter Rates Expected To
Continue As Iron Ore Volumes Increase With The Conclusion Of
Contract Price Negotiations And Production Capacity Expands
• Modest Financial Leverage Provides TBS International Ample
Flexibility To Pursue Additional Acquisition Opportunities To
Expand Current And Develop New Lines Of Business
• Reiterate Buy Rating As We Expect Attractive Fundamental Market
Conditions To Be Reflected In Share Price And Strengthening
Charter Rate Environment To Provide Upside To Estimates
Valuation/Risks
With strong demand for dry bulk commodities and continued growth
expected in both the Asian and South American economies, we
believe TBSI shares are attractively valued due to the anticipated
strengthening charter rate environment which could provide upside to
our estimates. In fact, the underlying fundamentals of TBS' business
remain very attractive with dry bulk shipping charter rates rebounding
sharply since the recent lows set in late January/early February.
Furthermore, TBS continues to benefit from the ongoing strength in
the South American trade and growth into new markets such as the
Mediterranean, increased backhaul voyages carrying coal from
Colombia and Venezuela to Brazil and Argentina which increases
fleet efficiency, and also a strong balance sheet which should enable
TBS to continue acquiring vessels to meet the increasing needs of
customers by expanding the Company's global footprint. With
expectations for dry bulk vessel time charter rates to continue to
strengthen and TBS to announce additional fleet acquisitions in
addition to the six newbuildings it already has on order, we reiterate
our Buy rating and our 12-month price target of $72 price which is
based on TBSI shares trading at 14-15 times 2008E EPS, 10-11
times 2008E CFPS, and 10-11 times 2008E EV/EBITDA. Risks to our
price target include: (1) lower demand for dry bulk commodities
globally, (2) sustained weakness in South American economies, (3) a
significant increase in the size of the dry bulk or tweendecker fleet.

Seems like a nice breakout on the daily and weekly chart, needs some volume though ...

I'm still in this one. It seems if the market recovers this year,this stock should be a leader. I'd like to see at least $50,but do I know.

David,since you're picking EXM for the tech portfolio,do you think TBSI will have a similar rise? I'm still waiting for $50.

Still holding here, chart looks tasty! 

BDI way up today.Dry bulk shippers all screaming higher.

TBS International Limited Announces Date for the Release of the First Quarter 2008 Results, Conference Call and Webcast
Monday , April 14, 2008 08:59ET
http://media.marketwire.com/attachments/200603/250144_tbs.gif

HAMILTON, BERMUDA -- (MARKET WIRE) -- 04/14/08 -- TBS International Limited (NASDAQ: TBSI) announced today that after the market closes in New York on Thursday, May 8, 2008, it will release its results for the first quarter ended March 31, 2008.

The next day, Friday, May 9, 2008 at 10:00 a.m. EDT, the company's management will host a conference call to discuss the results.

&

TBS International Limited Announces the Acquisition of a Handymax Bulk Carrier Expanding Its Fleet to 44 Vessels
Monday , April 21, 2008 16:24ET
http://media.marketwire.com/attachments/200603/250144_tbs.gif

HAMILTON, BERMUDA -- (MARKET WIRE) -- 04/21/08 -- TBS International Limited (NASDAQ: TBSI) announced today that it has entered into an agreement to acquire the M.V. North Star, to be renamed the M.V. Houma Belle, a 1985 built, 42,219 dwt handymax bulk carrier. TBS agreed to acquire the vessel charter free for $34.0 million with expected delivery in June 2008.

Following this acquisition, TBS' fleet will comprise 44 vessels in total, with an aggregate of 1,310,719 dwt, consisting of 23 multipurpose tweendeckers and a combination of 21 handysize and handymax bulk carriers.

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "We are very pleased to announce the acquisition of the M.V. Houma Belle, which expands our drybulk fleet to 21 vessels and our total fleet to 44 vessels. This acquisition reflects our strategy to identify the needs of our customers and in turn acquire a diversified fleet to meet those needs. The addition of this vessel will enhance our ability to generate strong revenues and take advantage of the strength in the shipping market."

Chart:

  Nice numbers! 49.00AH! 

Press Release   Source: TBS International Limited

TBS International Limited Reports First Quarter 2008 Financial Results
Thursday May 8, 4:05 pm ET

HAMILTON, BERMUDA--(MARKET WIRE)--May 8, 2008 -- TBS International Limited (NasdaqGS:TBSI - News) announced today its financial and operating results for the first quarter ended March 31, 2008.

First Quarter 2008 highlights:


Metric                                            Q1 2008        Q1 2007
------                                         -------------  -------------
Revenue (thousands)                            $     131,576  $      70,326
Net Income (thousands)                         $      45,378  $      14,404
EPS (diluted)                                  $        1.62  $        0.51
Weighted Average Number of Shares (diluted)       28,080,071     28,035,881
EBITDA (thousands)(1)                          $      64,300  $      25,419
Drydock Days                                             147            212

Freight Voyages
---------------
Average Daily Voyage TCE                       $      28,303  $      17,816
Freight Voyage Days                                    2,375          1,898
Tons of Cargo Shipped (thousands)                      2,044          1,502
Average Freight Rate for All Cargoes           $       48.02  $       34.58
Average Freight Rate excluding Aggregates      $       86.32  $       55.19
Bunker Cost/Voyage Day                         $       6,233  $       4,318

Time Charter out Voyages
------------------------
Average Daily Time Charter TCE                 $      30,339  $      17,115
Time Charter Days                                      1,030            994

   (1) EBITDA is a non-GAAP financial measure. Please refer to "Non-GAAP
       Reconciliations-EBITDA" following the financial statements included
       in this press release for a reconciliation of EBITDA to Net Income.

ADVERTISEMENT

Management Commentary:

Joseph E. Royce, Chairman, Chief Executive Officer and President, stated: "In the first quarter of 2008, TBS continued to build on the momentum we generated in 2007, achieving record quarterly results for revenues, EBITDA, net income and earnings per share. With our increased cargo volumes, enlarged fleet and improved freight rates, we have a positive outlook for the entire year.

"Once again I must applaud the professionalism and dedication of the almost 280 worldwide employees of TBS and our affiliated agencies who executed the TBS business growth model as a pure dry cargo shipping and logistics company. This positioning as a solid growth company has enabled TBS to prosper significantly from the very positive cargo volume and freight rate environment that is buoying the dry cargo market.

"The Logistics division of our TBS Five Star Service (Ocean Transportation, Logistics, Port Services, Operations and Strategic Planning) is gaining traction and the prospects for 2008 look promising.

"TBS increased cargo volumes and gained market share in our established trading lanes. We grow our fleet in response to the growth of our business and are looking for suitable vessel acquisitions in the second-hand market. Our program to build six Roymar Class 34,000 dwt multipurpose vessels with retractable tweendecks is progressing with the laying of the keel of the first vessel having taken place in March. We are scheduled to receive delivery of two vessels in 2009 and four vessels in 2010. We are now investigating the feasibility of building additional vessels for delivery in 2011.

"Since January 1, 2008, as a result of our customers' expanded dry cargo transportation requirements, we:

-- Took delivery of six vessels and have two additional vessels under purchase contracts. This will bring our operational fleet to 44 vessels comprised of 23 multipurpose tweendeckers and 21 handymax/ handysize bulk carriers;

-- Financed the six delivered vessels and increased our liquidity;

-- Secured a new contract for the transport of about two million tons of aggregates in the Middle East; and

-- Celebrated the fifteenth anniversary of the founding of our Company in March.

"As part of our comprehensive drydock program, which will continue in 2008, TBS drydocked five vessels during the first quarter, including one vessel which extended in the drydock from the fourth quarter of 2007, and plans to drydock 17 vessels for the full year (plus new vessel acquisitions scheduled for a 2008 drydock).

"TBS is strategically positioned to participate in the expanding globalization of world trade, particularly in logistic and project businesses relating to the steel, mining, energy and construction industries. We have strong franchises in Latin America, East Asia, the Middle East and Africa. Our TBS fleet of multipurpose tweendeckers is uniquely suited to the transportation of project cargoes, and our portside and inland logistics services enable TBS to provide complete solutions for the project's transportation requirements.

"Looking at 2008 and beyond, we believe that TBS is positioned to continue benefiting from the positive fundamentals of our business growth model."

Ferdinand V. Lepere, Executive Vice President and Chief Financial Officer, commented: "The expansion of our overall liquidity through the negotiation of additional credit facilities at competitive terms is a testimony to our strong financial condition and profitability, as well as to the soundness of TBS' business model. Specifically, we:

-- Continued our moderate leverage, strong financial condition and access to bank financing;

-- Closed a $75 million loan facility with a syndicate of banks led by DVB Group Merchant Bank (Asia) Ltd.;

-- Closed a $35 million loan facility with AIG Commercial Equipment Finance, Inc.;

-- Restructured and expanded our credit facility with the Banc of America Syndicate to $267.5 million from its existing balance of approximately $120 million. This expansion, originally targeted at $200 million, was oversubscribed; and

-- Received commitments from two European Banks to separately finance the Ottawa Princess and the Caribe Maiden.

"We are particularly pleased with the support from the international banking community."

First Quarter 2008 Results:

For the first quarter ended March 31, 2008, total revenues were $131.6 million, an increase of 87.2% compared to the $70.3 million for the same period in 2007. Net income for the first quarter 2008 was $45.4 million, an increase of 215.3% compared to $14.4 million for the same period in 2007. Net income was $1.62 per diluted share in the first quarter of 2008 compared to $0.51 for the first quarter 2007.

EBITDA, which is a non-GAAP measure, increased 153.1% to $64.3 million for the first quarter 2008 from $25.4 million in 2007. Please see "Non-GAAP Reconciliations - EBITDA" following the financial statements in this press release for a reconciliation of EBITDA to net income.

Revenues:

Total revenues of $131.6 million for the first quarter 2008 include voyage revenues of $98.2 million, time charter revenues of $32.7 million and other revenues of $0.7 million.

An average of 37 vessels (excluding off-hire) were operated during the first quarter 2008 compared to 32 vessels (excluding off-hire) during the same period of 2007.

Voyage Revenues:

Voyage revenues in the first quarter 2008 were $98.2 million, an increase of $46.3 million or 89.2% from the $51.9 million during the same period in 2007.

General cargo volume (excluding aggregates) increased 153,079 tons or 18.2% to 993,829 tons for the first quarter 2008 from 840,750 tons for the same period in 2007. Reflecting stronger market conditions, freight rates excluding aggregates increased $31.13 per ton or 56.4% to $86.32 per ton for the first quarter 2008 from $55.19 per ton during the same period in 2007.

Average Daily Voyage Time Charter Equivalent, which is an industry standard metric reflecting the daily net earnings of a voyage after deducting all voyage expenses from voyage revenues, was $28,303 per vessel in the first quarter 2008, an increase of 58.9% from the $17,816 during the same period in 2007 and an increase of 17.2% from the $24,149 per day during the fourth quarter 2007, indicative of the continued market strength in the industry.

Total cargo volume (including aggregates) increased 541,862 tons or 36.1% to 2,043,952 tons for the first quarter 2008 from 1,502,090 for the same period in 2007. The majority of the increase in the cargo volume is attributed to the increase in aggregates carried as well as an increase in the non-aggregate bulk cargo products carried.

Time Charter Revenues:

Time charter revenues increased by $14.6 million or 80.7% to $32.7 million for the first quarter 2008 from $18.1 million for the same period in 2007.

Average Daily Time Charter Equivalent which is an industry standard metric reflecting time charter-out revenues during the period reduced by commissions was $30,339 per day in the first quarter 2008, an increase of 77.3% from the $17,115 during the same period of 2007. The increase in the average charter hire rate per day is mainly due to the continued strength in the overall worldwide shipping spot market rates.

Expenses:

Total operating expenses for the first quarter 2008 increased by $28.0 million or 52.7% to $81.1 million from $53.1 million for the same period in 2007. However, as a percentage of revenue, total operating expenses decreased by 13.9% to 61.6% for the first quarter of 2008 from 75.5% for the same period of 2007.

Voyage expenses, which include fuel, commissions, port call charges and stevedoring increased by $13.2 million or 69.0% to $32.4 million for the first quarter 2008. However, as a percentage of total revenue, they decreased by 2.7% as compared to the same period last year. The increase is due to higher average fuel costs and commission expense as a result of higher voyage revenues, as well as port call expenses and stevedore and other cargo-related expenses.

Vessel expenses which consist of operating expenses relating to owned vessels, such as crewing, stores, maintenance, insurance and charter hire for vessels we chartered-in increased by $5.8 million or 33.0% to $23.4 million for the first quarter 2008 as compared to $17.6 million for the same period in 2007. This increase reflects an increase in average daily operating costs and the number of vessel days for owned/controlled vessels as well as increased hire rates for vessels we charter in.

General and administrative expenses increased by $4.6 million or 63.9% to $11.8 million in the first quarter 2008 reflecting an increase in staff levels due to the growth of TBS' business.

Net interest expense for the first quarter 2008 increased by $0.7 million as compared to the same period last year. This is primarily due to higher debt levels, higher fees and amortized deferred financing costs, and a decrease in the valuation of an interest rate swap contract that did not qualify for hedge accounting.

Recent Fleet Developments:

On March 25, 2008, TBS took delivery of the M.V. Ottawa Princess, formerly known as the M.V. Wedellsborg, an acquisition the Company announced in December 2007 when it was purchased en bloc for $46 million charter free along with its sister vessel, the M.V. Caribe Maiden.

On April 18, 2008, the Company entered into an agreement to acquire the M.V. North Star, to be renamed the M.V. Houma Belle, a 1985 built, 42,219 dwt handymax bulk carrier for $34.0 million. TBS expects to take delivery of this vessel in June 2008.

TBS's current fleet consists of 42 multipurpose tweendeckers, handymax and handysize vessels. TBS expects to take delivery of two handymax bulk carriers (the M.V. Canarsie Princess and M.V. Houma Belle) by the end of the second quarter 2008. Once these deliveries are concluded, the TBS fleet will be comprised of 44 vessels, with an aggregate of 1,310,719 dwt, including 23 multipurpose tweendeckers and a combination of 21 handysize and handymax bulk carriers.

Fleet Expansion and Newbuilding Program:

The previously announced TBS Newbuilding Program to construct six multipurpose vessels with retractable tweendecks is proceeding with the laying of the keel of the first vessel in March 2008. We expect delivery of two vessels in 2009 and four vessels in 2010.

TBS entered into a $150 million term loan credit agreement with a syndicate of lenders led by The Royal Bank of Scotland to finance the building and purchase of these six new multipurpose vessels.

TBS 2008 Intensive Drydock and Vessel Upgrade Program:

For 2008, TBS plans to drydock 17 vessels for approximately 572 drydocking days with a steel renewal of about 2,695 metric tons at a total cost of approximately $16.4 million.

Our anticipated 2008 drydocking schedule is as follows:

-- During the three months ended March 31, 2008, TBS drydocked one vessel that entered into drydock during the fourth quarter of 2007 and continued its drydocking for 15 days in the first quarter of 2008. Additionally, four vessels entered drydock requiring about 895 metric tons of steel for a total of 132 drydock days.

-- Second quarter 2008, five vessels requiring about 650 metric tons of steel and about 200 drydock days.

-- Third quarter 2008, three vessels requiring about 350 metric tons of steel and about 100 drydock days.

-- Fourth quarter 2008, four vessels requiring about 800 metric tons of steel and about 125 days in drydock.

Conference call and webcast:

On Friday, May 9, 2008 at 10:00 a.m. EDT, the company's management will host a conference call to discuss the results.

Conference call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-888-713-4216 (from the US) or 1-617-213-4868 (International Dial In). Participant Passcode: 83764873. The conference call will also be webcast live on the company's website: www.tbsship.com by clicking on the webcast link. Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PLEJC8TEB.

Pre-registrants will be issued a PIN number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection.

Webcast:

There will also be a live -- and then archived -- slides and audio webcast of the conference call on the company's website www.tbsship.com, which can be accessed by clicking on the webcast link. As soon as practicable, the webcast and the corresponding slides will be archived and will also be accessible on our website.

Replay:

QuoteNice numbers! 49.00AH!

Yep, awesome results, 36% better than what the one analyst following the company was expecting:



If TBSI just does as well in the upcoming three quarters as it did in Q1 2008, it will report $1.62*4 = $6.48 EPS for the full year. The analyst following the company is expecting just $5.02. I guess he'll have to raise his full year estimate, after this significant positive surprise in Q1.

I'll post the report on this thread when/if it comes out.

This one is another for my wall of shame, which is starting to get pretty extensive.

Congrats to anyone still holding

I'm not holding anymore but I am a 'TBSI believer' because I like the sector they are in! 

I kept buying this all the way down to $20. This whole sector was clobbered; I just rode out the storm.

update

I have been in & out of TBSI several times in last couple of months and since I believe the markets head higher for awhile I thought I would post that I am back in again today at 39.45.  We will know in the fullness of time if my crystal ball is still working.

poli