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TBS Shipping Board of Directors Announces Appointment of TBS Co-Founder Gregg McNelis as Permanent CEO

HAMILTON, BERMUDA -- (Marketwire) -- 11/15/12 -- TBS Shipping announced today that the Board of Directors has appointed the Company's co-founder and Chief Operating Officer, Gregg McNelis, to Chief Executive Officer and President. Mr. McNelis will continue to serve as a Board Director.

Mr. McNelis commented, "TBS has a renewed focus on enhancing customer relationships, refreshing the fleet and empowering the many dedicated professionals who professionally execute our business worldwide. I look forward to my expanded role, leading TBS to successfully compete in our global markets while increasing stakeholder value."

Executive Chairman of the Board, Jeff Parry, commented, "The Board is pleased to promote Gregg to the CEO position which reinforces the Company's commitment and continuity in meeting all of TBS' customers' shipping and logistics needs as the Company grows through the shipping cycle."

About TBS Shipping Limited

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 a 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; within South America; 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 service as an integral part of their supply chain, and many of these relationships have been established for nearly twenty years. Visit our website at www.tbsship.com.

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