| Ireland                                                                                   | 98-0646151                        |
|-------------------------------------------------------------------------------------------|-----------------------------------|
| (State or other jurisdiction ofincorporation or organization)                             | (IRS Employer Identification No.) |
| Block A1 Vision ConsultingEast Point Business Park FairviewDublin 3 Ireland               |
| (Address of principal executive offices)                                                  |
|                                                                                      |
|   1 353(0) 1 618 0000(Registrant's telephone number, including area code)  |
| Securities registered pursuant to section 12(b) of the Act:                               |
|  Title of each class                                                                 |                              | Name of each exchangeon which registered |   |
| Class A ordinary shares, par value $0.01                                                  |                              | The NASDAQ Global Select Market |   |

| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.                                                                                                                                                                                                                                                                      | Yes o No x |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                                                                                                                                                                                                                                                                                                                         |       |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.                                                                                                                                                                                                                                                                 | Yes o No x |
|                                                                                                                                                                                                                                                                                                                                                                                         |       |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                     | Yes x No o |
|                                                                                                                                                                                                                                                                                                                                                                                         |       |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | Yes o No o |
|                                                                                                                                                                                                                                                                                                                                                                                         |       |
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.       | o          |
|                                                                                                                                                                                                                                                                                                                                                                                         |       |
|                                                                                                                                                                                                                                                                                                                                                                                         |       |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.:                                                                                          |       |
| Large accelerated filer  o    Accelerated filer x    Non-accelerated filer o (Do not check if a smaller reporting company)       Smaller reporting company o                                                                                                                                  |       |
|                                                                                                                                                                                                                                                                                                                                                                                         |       |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).                                                                                                                                                                                                                                                                                      | Yes o No x |

| The aggregate market value of voting and non-voting common equity held by non-affiliates was $101.6 million on June 30, 2010, based upon the last reported sales price of such stock on the NASDAQ Global Select Market on that date.                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                      |
| As of March 15, 2011, the registrant had outstanding 18,037,011 Class A ordinary shares, par value $0.01 per share, 13,200,305 Class B ordinary shares, par value $0.01 per share, and 30,000 Series B preference shares, par value $0.01 per share. |
|                                                                                                                                                                                                                                                      |
| DOCUMENTS INCORPORATED BY REFERENCE                                                                                                                                                                                                                       |
| Portions of the proxy statement for the 2011 Annual Meeting of Stockholders, to be filed within 120 days of the end of the fiscal year ended December 31, 2010, are incorporated in Part III to the extent described herein.                              |

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Table of Contents

|          |   |                                                                                                            |                                                         |   | Page   |
|---------------|--------|-----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|--------|--------|
| Part I        |   |                                                                                                            |
| Item 1        |   | Business                                                                                                        |                                                         |   |   |
|          |   |                                                                                                            |                                                         |   |   |
|          |   | A.                                                                                                              | Overview                                                     |   | 4      |
|          |   | B.                                                                                                         | Our Business Strategy                                        |   | 7      |
|          |   | C.                                                                                                         | Fleet Overview                                               |   | 7      |
|          |   | D.                                                                                                         | Classification and Inspection                                |   | 9      |
|          |   | E.                                                                                                         | Operations Management, Ship Management and Commercial Agents |   | 10     |
|          |   | F.                                                                                                         | Employee and Labor Relations                                 |   | 11     |
|          |   | G.                                                                                                         | Customers                                                    |   | 11     |
|          |   | H.                                                                                                         | Competition                                                  |   | 12     |
|          |   | I.                                                                                                         | Environmental and Other Regulations                          |   | 12     |
|          |   | J.                                                                                                         | Security                                                     |   | 13     |
|          |   | K.                                                                                                         | Insurance                                                    |   | 14     |
|          |   | L.                                                                                                         | Taxation                                                     |   | 15     |
|          |   | M.                                                                                                              | Website Access to Reports                                    |   | 16     |
|          |   |                                                                                                            |                                                         |   |   |
| Item 1A       |   | Risk Factors                                                                                                    |                                                         | 16     |
| Item 1B       |   | Unresolved Staff Comments                                                                                       |                                                         | 30     |
| Item 2        |   | Properties                                                                                                      |                                                         | 31     |
| Item 3        |   | Legal Proceedings                                                                                               |                                                         | 31     |
| Item 4        |   | (Removed and Reserved)                                                                                          |                                                         | 31     |
|          |   |                                                                                                            |                                                         |   |   |
|          |   |                                                                                                            |                                                         |   |   |
| Part II       |   |                                                                                                            |
|          |   |                                                                                                            |                                                         |   |   |
| Item 5        |   | Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities | 32                                                           |
| Item 6        |   | Selected Financial Data                                                                                    |                                                         | 35     |
| Item 7        |   | Management's Discussion and Analysis of Financial Condition and Results of Operations                           | 37                                                           |
| Item 7A       |   | Quantitative and Qualitative Disclosures about Market Risk                                                      |                                                         | 66     |
| Item 8        |   | Financial Statements and Supplementary Data                                                                     |                                                         | 67     |
| Item 9        |   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                            | 67                                                           |
| Item 9A       |   | Controls and Procedures                                                                                    | 67                                                      |
| Item 9B  |   | Other Information                                                                                               |                                                         | 67     |
|          |   |                                                                                                            |                                                         |   |   |
|          |   |                                                                                                            |                                                         |   |   |
| Part III      |   |                                                                                                            |
| Item 10       |   | Directors, Executive Officers and Corporate Governance                                                          |                                                         | 68     |
| Item 11       |   | Executive Compensation                                                                                          |                                                         | 70     |
| Item 12       |   | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters                  | 70                                                           |
|          |   |                                                                                                            |                                                         |   |   |
| Item 13       |   | Certain Relationships and Related Transactions, and Director Independence                                       |                                                         | 70     |
| Item 14       |   | Principal Accounting Fees and Services                                                                          |                                                         | 70     |
|          |   |                                                                                                            |                                                         |   |   |
|          |   |                                                                                                            |                                                         |   |   |
| Part IV       |   |                                                                                                            |
| Item 15       |   | Exhibits and Financial Statement Schedules                                                                      |                                                         | 71     |
|          |   | Signatures                                                                                                      |                                                         |   |

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| ·   | the effects of severe and rapid declines in industry conditions that have required the Company to restructure its outstanding indebtedness; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the Company's ability to manage and repay its substantial indebtedness; |
|--------------------|-------------------------------------------------------------------------|

| ·   | the Company's ability to maintain financial ratios and comply with the financial covenants in its credit facilities; |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| ·   | the Company's ability to effectively operate its business and manage its growth while complying with operating covenants in its credit facilities; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the Company's ability to generate the significant amounts of cash necessary to service its debt obligations; |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ·   | very high volatility in the Company's revenues and costs, including volatility caused by increasing oil prices; |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| ·   | excess supplies of dry bulk vessels in all classes and resulting heavy pressure on freight rates; |
|--------------------|---------------------------------------------------------------------------------------------------|

| ·   | adverse weather conditions that may significantly decrease the volume of many dry bulk cargoes; |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | the stability and continued growth of the Asian and Latin American economies and rising inflation in China; |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | the Company's vessels exceeding their economic useful life and the risks associated with operating older vessels; |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| ·   | the Company's ability to grow its vessel fleet and effectively manage its growth; |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | impairments of the Company's long lived assets or goodwill; |
|--------------------|-------------------------------------------------------------|

| ·   | compliance with environmental laws and regulations and the implementation of new environmental laws and regulations; |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| ·   | other factors that are described in the "Risk Factors" sections of the Company's reports filed with the Securities and Exchange Commission. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

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A.  Overview

| Year ended December 31, |   | Total Assets |    |   | Total Revenue |   |   | Net Income/ (Loss) |   | Total revenue tons (RT) carried |   | Number of Voyages |    |
|-------------------------|--------|--------------|---------|--------|---------------|--------|--------|--------------------|--------|---------------------------------|--------|-------------------|---------|
|                    |   |         |    |   |          |   |   |               |   |                            |   |              |    |
| 2010                    |   | $            | 686.3   |   |          | $      | 411.8  |               |   | $                               | (245.3 | )                 | 10.3 RT |   |   | 476 |   |
|                    |   |         |    |   |          |   |   |               |   |                            |   |              |    |   |   |   |   |
| 2009                    |   | $            | 953.6   |   |          | $      | 302.5  |               |   | $                               | (67.0  | )                 | 8.8 RT  |   |   | 424 |   |
|                    |   |         |    |   |          |   |   |               |   |                            |   |              |    |   |   |   |   |
| 2008                    |   | $            | 1,041.7 |   |          | $      | 611.6  |               |   | $                               | 191.8  |              | 9.3 RT  |   |   | 380 |   |

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| Service                   |   | Routes                                                                                     |   | Cargoes                                           |
|---------------------------|--------|--------------------------------------------------------------------------------------------|--------|---------------------------------------------------|
| TBS Pacific Service       |   | Eastbound:                                                                                 |   |                                              |
|                      |   | Japan, South Korea and                                                                     |   | Steel products, project cargo                     |
|                      |   | China to the West, North and East Coasts of South America                                  |   | and general cargo                                 |
|                      |   | Westbound:                                                                                 |   |                                              |
|                      |   | Peru, Ecuador and Chile to East Asia                                                       |   | Minerals, metals, metal concentrates and fishmeal |
| TBS Latin America Service |   | Northbound:                                                                                |   |                                              |
|                      |   | Brazil to the Caribbean basin                                                              |   | Steel products, project cargo                     |
|                      |   | and the West Coast of South America                                                        |   | and general cargo                                 |
|                      |   | Southbound:                                                                                |   |                                              |
|                      |   | Colombia to Brazil and Argentina                                                           |   | Coal and petroleum coke                      |
| TBS North America Service |   | Southbound:                                                                                |   |                                              |
|                      |   | North America to the Caribbean                                                             |   | Fertilizer, agricultural products                 |
|                      |   | basin, South America and West Africa                                                       |   | and steel products                                |
|                      |   | Northbound:                                                                                |   |                                              |
|                      |   | Caribbean to North America                                                                 |   | Limestone and aggregates                     |
| TBS Middle East Carriers  |   | Middle East region, including ports in the United Arab Emirates, to Qatar and Kuwait  |   | Bulk aggregates                                   |
| TBS Ocean Carriers        |   | Brazil to the West Coast of Africa                                                         |   | Bulk sugar and salt                               |

| ·   | Steel products include specialty and carbon steel coils, steel pipe and structural steel used in infrastructure development, construction, oil and gas transmission, and automotive and appliance manufacturing industries. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Fertilizers include ammonium sulfate shipped in bulk for use in commercial agriculture. |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | Metal concentrates include copper, zinc, silver, and other metals generally shipped in small break-bulk lots from 1,000 to 10,000 metric ton parcels that are processed at their destinations by smelters into purer forms. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | General and project cargoes include industrial machinery, spare parts, oil well supplies, trailers, industrial tanks and other commercial goods used in industrial applications. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Year |   | Number of Charters |   |   | Duration(Days) |   |   | Gross Revenue(in thousands) |   |
|------|--------|--------------------|--------|--------|----------------|--------|--------|-----------------------------|--------|
| 2010 |   |               | 136    |   |           |   | 5,818  |                        |   | $ | 105,824 |   |
| 2009 |   |               | 132    |   |           |   | 4,733  |                        |   |   | 51,201 |   |
| 2008 |   |               | 74     |   |           |   | 3,004  |                        |   |   | 83,883 |   |
| 2007 |   |               | 67     |   |           |   | 3,659  |                        |   |   | 88,365 |   |
| 2006 |   |               | 57     |   |           |   | 4,301  |                        |   |   | 63,114 |   |

B.  Our Business Strategy

C.  Fleet Overview

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|                  |   |                     |   |       |   | Deadweight  |      |
|-----------------------|--------|--------------------------|--------|------------|--------|-------------|-----------|
| Vessel Name           |   | Vessel Type              |   | Year Built |   | Weight Tons |      |
| Zia Belle             |   | Multipurpose Tweendecker |   | 1997       |   |        | 8,492     |   |
| Tamoyo Maiden         |   | Multipurpose Tweendecker |   | 1986       |   |        | 17,235    |   |
| Ainu Princess         |   | Multipurpose Tweendecker |   | 1987       |   |        | 17,324    |   |
| Siboney Belle         |   | Multipurpose Tweendecker |   | 1987       |   |        | 17,324    |   |
| Kiowa Princess        |   | Multipurpose Tweendecker |   | 1986       |   |        | 19,762    |   |
| Seneca Maiden         |   | Multipurpose Tweendecker |   | 1986       |   |        | 19,764    |   |
| Aztec Maiden          |   | Multipurpose Tweendecker |   | 1984       |   |        | 19,777    |   |
| Hopi Princess         |   | Multipurpose Tweendecker |   | 1984       |   |        | 20,401    |   |
| Navajo Princess (1)   |   | Multipurpose Tweendecker |   | 1987       |   |        | 21,902    |   |
| Inca Maiden (1)       |   | Multipurpose Tweendecker |   | 1986       |   |        | 22,133    |   |
| Shawnee Princess      |   | Multipurpose Tweendecker |   | 1984       |   |        | 22,323    |   |
| Caribe Maiden         |   | Multipurpose Tweendecker |   | 1987       |   |        | 22,800    |   |
| Ottawa Princess       |   | Multipurpose Tweendecker |   | 1987       |   |        | 22,800    |   |
| Taino Maiden          |   | Multipurpose Tweendecker |   | 1985       |   |        | 23,278    |   |
| Tuckahoe Maiden       |   | Multipurpose Tweendecker |   | 1985       |   |        | 23,278    |   |
| Cherokee Princess     |   | Multipurpose Tweendecker |   | 1990       |   |        | 23,286    |   |
| Kickapoo Belle        |   | Multipurpose Tweendecker |   | 1987       |   |        | 23,319    |   |
| Apache Maiden         |   | Multipurpose Tweendecker |   | 1987       |   |        | 23,325    |   |
| Mohegan Princess      |   | Multipurpose Tweendecker |   | 1983       |   |        | 26,276    |   |
| Tayrona Princess      |   | Multipurpose Tweendecker |   | 1983       |   |        | 26,320    |   |
| Laguna Belle (2)      |   | Multipurpose Tweendecker |   | 1996       |   |        | 28,503    |   |
| Seminole Princess (2) |   | Multipurpose Tweendecker |   | 1997       |   |        | 28,503    |   |
| Nanticoke Belle       |   | Multipurpose Tweendecker |   | 1989       |   |        | 28,835    |   |
| Wichita Belle         |   | Multipurpose Tweendecker |   | 1991       |   |        | 28,843    |   |
| Rockaway Belle (3)    |   | Multipurpose Tweendecker |   | 2009       |   |        | 34,006    |   |
| Dakota Princess       |   | Multipurpose Tweendecker |   | 2010       |   |        | 34,038    |   |
| Montauk Maiden        |   | Multipurpose Tweendecker |   | 2010       |   |        | 34,022    |   |
| Arapaho Belle         |   | Handysize Bulk Carrier   |   | 1998       |   |        | 24,021    |   |
| Oneida Princess       |   | Handysize Bulk Carrier   |   | 1998       |   |        | 24,247    |   |
| Mohave Maiden         |   | Handysize Bulk Carrier   |   | 1984       |   |        | 28,074    |   |
| Zuni Princess         |   | Handysize Bulk Carrier   |   | 1984       |   |        | 28,166    |   |
| La Jolla Belle (3)    |   | Handymax Bulk Carrier    |   | 1982       |   |        | 35,025    |   |
| Shinnecock Belle      |   | Handymax Bulk Carrier    |   | 1985       |   |        | 37,451    |   |
| Maori Maiden          |   | Handymax Bulk Carrier    |   | 1984       |   |        | 37,734    |   |
| Tupi Maiden           |   | Handymax Bulk Carrier    |   | 1992       |   |        | 38,852    |   |
| Nyack Princess        |   | Handymax Bulk Carrier    |   | 1984       |   |        | 38,885    |   |
| Biloxi Belle          |   | Handymax Bulk Carrier    |   | 1984       |   |        | 39,225    |   |
| Miami Maiden          |   | Handymax Bulk Carrier    |   | 1984       |   |        | 39,333    |   |
| Iroquois Maiden       |   | Handymax Bulk Carrier    |   | 1983       |   |        | 40,876    |   |
| Fox Maiden            |   | Handymax Bulk Carrier    |   | 1985       |   |        | 40,902    |   |
| Alabama Belle         |   | Handymax Bulk Carrier    |   | 1986       |   |        | 41,808    |   |
| Houma Belle           |   | Handymax Bulk Carrier    |   | 1985       |   |        | 42,219    |   |
| Sioux Maiden          |   | Handymax Bulk Carrier    |   | 1989       |   |        | 42,248    |   |
| Mohawk Princess       |   | Handymax Bulk Carrier    |   | 1982       |   |        | 42,360    |   |
| Yakima Princess       |   | Handymax Bulk Carrier    |   | 1990       |   |        | 42,475    |   |
| Canarsie Princess     |   | Handymax Bulk Carrier    |   | 1985       |   |        | 42,842    |   |
| Chesapeake Belle      |   | Handymax Bulk Carrier    |   | 1984       |   |        | 44,146    |   |
| Tuscarora Belle       |   | Handymax Bulk Carrier    |   | 1984       |   |        | 44,189    |   |
| Manhattan Princess    |   | Handymax Bulk Carrier    |   | 1982       |   |        | 45,526    |   |
|                  |   | Total DWT                |   |       |   |        | 1,478,473 |   |
|                  |   |                     |   |       |   |        |      |   |

| (1)   | These vessels are multipurpose tweendeckers with the ability to carry wheeled cargo such as automobiles, tractors or trailers. The vessels allow cargo to be "rolled on" and "rolled off" in addition to allowing cargo to be "lifted-on" and "lifted-off". |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (2)   | These vessels are leased and operated by us under a sale-leaseback arrangement that expires in 2014.  These leases are accounted for as operating leases for financial reporting purposes.  Each agreement allows for the purchase of the respective vessel at the end of 2012 and each year thereafter until the end of the charter period. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | On September 23, 2009 we took delivery of the newly-constructed vessel the Rockaway Belle from Nantong Yahua Shipbuilding Group Co., Ltd.  The La Jolla Belle was previously named the Rockaway Belle and was part of our existing fleet. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

D.  Classification and Inspection

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|                     |   | For the Year Ended December 31, |   |
|--------------------------|--------|---------------------------------|--------|
|                     |   | 2010                            |   |   | 2009 |   |   | 2008 |   |
| Vessels Entering Drydock |   | 13                              |   |   | 22 |   |   | 16 |   |

E.  Operations Management, Ship Management and Commercial Agents

| · | supervising the recruiting of crew;                                                                                                         |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
| · | obtaining spares, stores and provisions necessary on board the vessels;                                                                     |
| · | implementing our maintenance program;                                                                                                       |
| · | arranging for and supervising all drydocking procedures;                                                                                    |
| · | arranging for surveys and inspections according to requirements of classification society, flag state and port state rules and regulations; |
| · | maintaining high safety and environmental protection standards in compliance with the ISM Code and SOLAS;                                   |
| · | arranging for insurance of the vessels; and                                                                                                 |
| · | identifying vessels to acquire and negotiating purchase options on vessels that we charter.                                                 |

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F.  Employee and Labor Relations

G.  Customers

|                 |   | Year Ended December 31, |    |
|----------------------|--------|-------------------------|---------|
| Country              |   | 2010                    |    |   | 2009 |   |   | 2008 |   |
| Brazil               |   | $                       | 62,892  |   |   | $ | 53,192 |   |   | $ | 127,360 |   |
| Japan                |   |                    | 50,778  |   |   |   | 35,914 |   |   |   | 79,812 |   |
| United Arab Emirates |   |                    | 39,641  |   |   |   | 32,387 |   |   |   | 69,714 |   |
| Chile                |   |                    | 22,935  |   |   |   | 16,564 |   |   |   | 46,923 |   |
| China                |   |                    | 18,985  |   |   |   | 12,944 |   |   |   | 42,319 |   |
| USA                  |   |                    | 32,734  |   |   |   | 28,137 |   |   |   | 33,702 |   |
| Peru                 |   |                    | 24,225  |   |   |   | 26,870 |   |   |   | 48,707 |   |
| Korea                |   |                    | 2,238   |   |   |   | 6,744 |   |   |   | 15,699 |   |
| Venezuela            |   |                    | 7,968   |   |   |   | 5,063 |   |   |   | 9,903 |   |
| Argentina            |   |                    | 4,877   |   |   |   | 8,021 |   |   |   | 8,312 |   |
| Others               |   |                    | 28,557  |   |   |   | 22,144 |   |   |   | 36,456 |   |
|                 |   | $                       | 295,830 |   |   | $ | 247,980 |   |   | $ | 518,907 |   |
|                 |   |                    |    |   |   |   |   |   |   |   |   |   |

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H.  Competition

I.  Environmental and Other Regulations

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J.  Security

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| ·   | on-board installation of automatic identification systems to provide a means for the  automatic transmission of safety-related information among similarly equipped ships and shore stations, including information on a ship's identity, position, course, speed and navigational status; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | on-board installation of ship security alert systems that do not sound on the vessel but instead alert the onshore authorities; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·   | development of vessel security plans; |
|--------------------|---------------------------------------|

| ·   | permanent marking of a ship's identification number on its hull; |
|--------------------|------------------------------------------------------------------|

| ·   | maintenance of a continuous synopsis record on-board showing a vessel's history, including the name of the vessel and of the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owners and their registered address; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | compliance with flag state security certification requirements. |
|--------------------|-----------------------------------------------------------------|

K.  Insurance

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L.  Taxation

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M.  Website Access to Reports

Item 1A.  Risk Factors

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| · | identify vessels for acquisitions;                                                                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | integrate any acquired vessels successfully with our existing operations;                                                                                                                  |
| · | hire, train and retain qualified personnel to manage and operate our growing business and fleet;                                                                                           |
| · | identify additional new markets and trade routes;                                                                                                                                          |
| · | recruit, train and retain port captains and other local staff required for our affiliated service companies to provide the necessary level of service in any new or expanded markets; |
| · | improve our operating and financial systems and controls; and                                                                                                                              |
| · | obtain required financing for our existing and new operations on acceptable terms.                                                                                                         |

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| · | making it more difficult for us, or making us unable, to pay dividends on preference shares;                                                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | increasing our vulnerability to general adverse economic and industry conditions by making it more difficult for us to react quickly to changing conditions;                                                                                                    |
| · | limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions and other general corporate requirements; and                                                                                            |
| · | requiring us to use a substantial portion of our cash flow from operations for the payment of debt service, which would reduce our ability to use our cash flow to fund working capital, capital expenditures, acquisitions and general corporate requirements. |

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| · | incur additional indebtedness or issue certain capital or preferred stock;                          |
|--------|-----------------------------------------------------------------------------------------------------|
| · | pay dividends on, redeem or repurchase our shares or make other restricted payments or investments; |
| · | create certain liens;                                                                               |
| · | transfer or sell assets;                                                                            |
| · | agree to certain restrictions on the ability of restricted subsidiaries to make payments to us;     |
| · | amalgamate, merge, consolidate or sell all or substantially all of our properties and assets;       |
| · | engage in certain transactions with affiliates; and                                                 |
| · | designate unrestricted subsidiaries.                                                                |

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Item 1B. Unresolved Staff Comments.

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Item 2.  Properties.

Item 3.  Legal Proceedings.

Item 4.  (Removed and Reserved)

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Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

|                         |   | Price of one TBSI Ordinary Share |   |
|------------------------------|--------|----------------------------------|--------|
| Year Ended December 31, 2010 |   | HIGH                             |   | LOW |   |
| Fourth Quarter               |   |                             | $      | 5.57 |   |   | $ | 2.71 |   |
| Third Quarter                |   |                             | $      | 6.79 |   |   | $ | 5.25 |   |
| Second Quarter               |   |                             | $      | 8.97 |   |   | $ | 6.07 |   |
| First Quarter                |   |                             | $      | 7.70 |   |   | $ | 5.21 |   |
|                         |   |                             |   |   |   |   |   |   |   |
|                         |   | Price of one TBSI Common Share   |   |
| Year Ended December 31, 2009 |   | HIGH                             |   | LOW |   |
| Fourth Quarter               |   |                             | $      | 9.97 |   |   | $ | 7.17 |   |
| Third Quarter                |   |                             | $      | 9.78 |   |   | $ | 6.15 |   |
| Second Quarter               |   |                             | $      | 11.90 |   |   | $ | 6.35 |   |
| First Quarter                |   |                             | $      | 13.95 |   |   | $ | 5.04 |   |

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|                           |   | Cumulative Return Comparison |   |
|--------------------------------|--------|------------------------------|--------|
|                           |   | December 31,                 |   |   | December 31, |   |   | December 31, |   |   | December 31, |   |   | December 31, |   |
|                           |   | 2006                         |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
| TBS International plc ("TBSI") |   |                         | 86.11  |   |   |   | 325.71 |   |   |   | 98.82 |   |   |   | 72.41 |   |   |   | 28.57 |   |
| NASDAQ Transportation Index    |   |                         | 124.67 |   |   |   | 129.06 |   |   |   | 90.98 |   |   |   | 94.20 |   |   |   | 123.68 |   |
| NASDAQ Composite Index         |   |                         | 117.42 |   |   |   | 128.94 |   |   |   | 76.67 |   |   |   | 110.32 |   |   |   | 128.97 |   |

| ·   | in the case of shareholders who hold TBS International plc shares beneficially through banks, brokers, trustees, custodians or other nominees, which in turn hold those shares through DTC, the address of the beneficial owner in the records of his or her broker is in the United States and this information is provided by the broker to the qualifying intermediary of TBS International plc; or |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | in the case of other shareholders, the shareholder has provided to the transfer agent of TBS International plc a valid W-9 showing either a U.S. address or a valid taxpayer identification number. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 6.   Selected Financial Data.

|                                                    |                                              |                              |     | Year Ended December 31,                                |    |
|---------------------------------------------------------|---------------------------------------------------|-----------------------------------|----------|--------------------------------------------------------|---------|
|                                                    |                                              |                              |     | 2010                                                   |    |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                    |                                              |                              |     | (In thousands, except for share and per share amounts) |    |
| Revenue                                                 |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |
|                                                    | Voyage revenue                                    |                              | $        | 295,830                                                |    |   | $ | 247,980 |   |   | $ | 518,907 |   |   | $ | 261,509 |   |   | $ | 187,147 |   |
|                                                    | Time charter revenue                              |                              |     | 105,824                                                |    |   |   | 51,201 |   |   |   | 83,883 |   |   |   | 88,365 |   |   |   | 63,114 |   |
|                                                    | Logistics revenue (1)                             |                              |     | 9,479                                                  |    |   |   | 2,689 |   |   |   | 7,000 |   |   |   | 668 |   |   |   |   |   |
|                                                    | Other revenue                                     |                              |     | 700                                                    |    |   |   | 646 |   |   |   | 1,843 |   |   |   | 2,379 |   |   |   | 1,460 |   |
| Revenue                                                 |                                              |                              | 411,833  |                                                   |    |   | 302,516 |   |   |   | 611,633 |   |   |   | 352,921 |   |   |   | 251,721 |   |
|                                                    |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                      |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Voyage                                            |                              |     | 144,533                                                |    |   |   | 113,084 |   |   |   | 172,929 |   |   |   | 89,241 |   |   |   | 81,389 |   |
|                                                    | Logistics (1)                                     |                              |     | 6,543                                                  |    |   |   | 2,193 |   |   |   | 5,717 |   |   |   | 557 |   |   |   | - |   |
|                                                    | Vessel                                            |                              |     | 120,769                                                |    |   |   | 104,046 |   |   |   | 110,354 |   |   |   | 85,958 |   |   |   | 63,205 |   |
|                                                    | Depreciation of vessels                           |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |                                              | and other fixed assets            |     |                                                   | 103,637 |   |   |   | 95,870 |   |   |   | 73,479 |   |   |   | 36,022 |   |   |   | 29,867 |   |
|                                                    | General and administrative                        |                              |     | 49,357                                                 |    |   |   | 37,265 |   |   |   | 39,879 |   |   |   | 38,703 |   |   |   | 27,256 |   |
|                                                    | Loss (gain) from sale of vessels  (2)   |                              |     | 5,154                                                  |    |   |   |   |   |   |   |   |   |   |   | 814 |   |   |   | (2,180 | ) |
|                                                    | Vessels impairment (3)                            |                              |     | 201,700                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |                                              | Total operating expenses          |     |                                                   | 631,693 |   |   |   | 352,458 |   |   |   | 402,358 |   |   |   | 251,295 |   |   |   | 199,537 |   |
| (Loss) income from operations                           |                                              |                              | (219,860 | )                                                      |    |   | (49,942 | ) |   |   | 209,275 |   |   |   | 101,626 |   |   |   | 52,184 |   |
|                                                    |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other (expenses) and income                             |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Interest expense                                  |                              |     | (27,486                                                | )       |   |   | (17,119 | ) |   |   | (17,228 | ) |   |   | (10,394 | ) |   |   | (11,577 | ) |
|                                                    | Other income                                      |                              |     | (216                                                   | )       |   |   | 21 |   |   |   | 2,048 |   |   |   | 983 |   |   |   | 1,810 |   |
|                                                    | (Loss) on early extinguishment of debt (4)        |                              |     | (200                                                   | )       |   |   |   |   |   |   | (2,318 | ) |   |   |   |   |   |   | (3,357 | ) |
|                                                    | Gain on sale and insurance recovery of vessel (5) |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   | 6,034 |   |   |   |   |   |
|                                                    |                                              | Total other (expenses) and income |     |                                                   | (27,902 | ) |   |   | (17,098 | ) |   |   | (17,498 | ) |   |   | (3,377 | ) |   |   | (13,124 | ) |
|                                                    |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income                                       |                                              |                              | (247,762 | )                                                      |    |   | (67,040 | ) |   |   | 191,777 |   |   |   | 98,249 |   |   |   | 39,060 |   |
|                                                    |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Less: Net (loss) attributable to                  |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |                                              | noncontrolling interest           |     |                                                   | (2,496  | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income attributable to TBS International plc |                                              | $                                 | (245,266 | )                                                      |    | $ | (67,040 | ) |   | $ | 191,777 |   |   | $ | 98,249 |   |   | $ | 39,060 |   |
|                                                    |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income per ordinary share                    |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Basic (6)                                         |                              | $        | (8.12                                                  | )       |   | $ | (2.25 | ) |   | $ | 6.53 |   |   | $ | 3.49 |   |   | $ | 1.39 |   |
|                                                    | Diluted (6)                                       |                              | $        | (8.12                                                  | )       |   | $ | (2.25 | ) |   | $ | 6.53 |   |   | $ | 3.49 |   |   | $ | 1.39 |   |
| Weighted average ordinary shares outstanding            |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Basic (6)                                         |                              |     | 30,217,210                                             |    |   |   | 29,843,566 |   |   |   | 29,263,292 |   |   |   | 28,029,340 |   |   |   | 27,998,843 |   |
|                                                    | Diluted (6)                                       |                              |     | 30,217,210                                             |    |   |   | 29,843,566 |   |   |   | 29,263,292 |   |   |   | 28,029,340 |   |   |   | 27,998,843 |   |
|                                                    |                                              |                              |     |                                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                        |   | December 31,   |     |
|---------------------------------------------|--------|----------------|----------|
|                                        |   | 2010           |     |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                        |   | (In thousands) |     |
| Balance Sheet Data:                         |   |           |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                   |   | $              | 18,976   |   |   | $ | 51,040 |   |   | $ | 131,150 |   |   | $ | 30,498 |   |   | $ | 12,007 |   |
| Working capital                             |   |           | (299,616 | ) |   |   | (285,823 | ) |   |   | 104,311 |   |   |   | 1,744 |   |   |   | (3,816 | ) |
| Total assets                                |   |           | 686,321  |   |   |   | 953,588 |   |   |   | 1,041,685 |   |   |   | 559,113 |   |   |   | 403,091 |   |
| Total Debt                                  |   |           | 332,259  |   |   |   | 351,247 |   |   |   | 383,074 |   |   |   | 180,166 |   |   |   | 125,804 |   |
| Obligations under capital leases, including |   |           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    current portion           |   |           |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 21,355 |   |
| Total shareholders' equity                  |   |           | 296,874  |   |   |   | 537,728 |   |   |   | 598,296 |   |   |   | 319,563 |   |   |   | 223,604 |   |

|                                                |   | Year Ended December 31, |   |
|-----------------------------------------------------|--------|-------------------------|--------|
|                                                |   | 2010                    |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
| Other Operating Data:                               |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Controlled vessels (at end of period) (7)           |   |                    | 49     |   |   |   | 48 |   |   |   | 47 |   |   |   | 36 |   |   |   | 34 |   |
| Chartered vessels (at end of period)  (8) |   |                    | 3      |   |   |   |   |   |   |   |   |   |   |   | 1 |   |   |   | 1 |   |
| Voyage Days (9)                                     |   |                    | 11,435 |   |   |   | 11,470 |   |   |   | 14,904 |   |   |   | 11,868 |   |   |   | 12,119 |   |
| Vessel days (10)                                    |   |                    | 18,359 |   |   |   | 17,567 |   |   |   | 16,337 |   |   |   | 13,236 |   |   |   | 12,701 |   |
| Tons of cargo shipped (in thousands)                |   |                    | 10,329 |   |   |   | 8,788 |   |   |   | 9,315 |   |   |   | 6,621 |   |   |   | 4,368 |   |
| Revenue per ton (11)                                |   | $                       | 28.64  |   |   | $ | 28.22 |   |   | $ | 55.70 |   |   | $ | 39.49 |   |   | $ | 42.85 |   |
| Tons of cargo shipped, excluding                    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    aggregates (in thousands) (12)    |   |                    | 4,706  |   |   |   | 4,727 |   |   |   | 5,109 |   |   |   | 3,447 |   |   |   | 3,227 |   |
| Revenue per ton, excluding                          |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    aggregates (11) (12)              |   | $                       | 54.30  |   |   | $ | 45.36 |   |   | $ | 88.08 |   |   | $ | 68.79 |   |   | $ | 54.67 |   |
| Chartered -out days                                 |   |                    | 5,818  |   |   |   | 4,733 |   |   |   | 3,004 |   |   |   | 3,659 |   |   |   | 4,301 |   |
| Chartered -out rate per day                         |   | $                       | 18,189 |   |   | $ | 10,818 |   |   | $ | 27,924 |   |   | $ | 24,150 |   |   | $ | 14,674 |   |

| (1) | Represents revenue and related costs for cargo and transportation management services. |
|-----|----------------------------------------------------------------------------------------|

| (2)             | Represents a 2010 loss of $5.2 million on the sale of the Savannah Belle, a 2007 loss of $0.8 million on the sale of the Maya Princess and a 2006 gain of $2.2 million on the sale of the Dakota Belle.                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (3)  |  Based on our evaluation of the events and circumstances surrounding the valuation of our vessels during the fourth quarter of 2010 including continued significant declines in freight and charter rates and decreases in vessel values, we conducted an impairment analysis of our long-lived assets as of December 31, 2010.  Based on our analysis, a $201.7 million noncash impairment on our vessels was recorded at December 31, 2010.   Basic and diluted earnings per ordinary share for the year ended December 31, 2010 decreased $6.67 as a result of the noncash impairment charge. |

| (4) | The 2010 loss on extinguishment of debt represents the write off of unamortized deferred financing costs for the Bank of America (“BOA”) Credit Facility made in connection with the final loan amendments and waivers to our credit facilities.  The 2008 loss on extinguishment of debt represents the write off of unamortized deferred finance costs in connection with the March 2008 refinancing of the Bank of America credit facility.  The 2006 loss on early extinguishment of debt represents the write-off of unamortized debt finance costs of $1.3 million and the payment of loan prepayment fees of $2.1 million when we repaid most of our then existing credit facilities in July 2006. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | We recognized a gain on the sale and insurance recovery of the Huron Maiden.  The vessel was severely damaged in a grounding accident on an uncharted rock while on passage near Indonesia in March 2007.  The vessel was declared a constructive total loss, and we received a net insurance recovery of $8.0 million, after a scrap value credit of $2.0 million.  We then sold the vessel for scrap for $2.8 million.  After expenses in connection with the accident and sale of the vessel of approximately $1.2 million, we realized a net gain on the casualty and sale of the vessel of approximately $6.0 million.                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | In 2009, we adopted the applicable provisions of FASB ASC Topic 260 – Earnings per Share and computed earnings per ordinary share using the two-class method for participating securities and nonvested share-based payment awards that contain non-forfeitable rights to dividends. The adoption of the provisions did not have a material impact on the Company’s previously issued consolidated financial statements; however, for comparability purposes, we recalculated and restated our previously reported earnings per share. Basic earnings per ordinary share for the years ended December 31, 2008, 2007 and 2006 decreased $0.02, $0.02 and $0.01, respectively, from the amounts previously disclosed in our prior filings.  Diluted earnings per ordinary share for the years ended December 31, 2008 and 2007 decreased $0.01 from the amounts previously disclosed in our prior filings and there was no change for the year ended December 31, 2006. |

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| (7) | Controlled vessels are vessels that we own or charter-in with an option to purchase. As of December 31, 2010, two vessels in our controlled fleet were chartered-in with an option to purchase. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Represents vessels that we charter-in under short-term charters (less than one year at the start of the charter) and charter-in of vessels under long-term charters without an option to purchase.  Includes three Brazilian flagged vessels chartered in under a bareboat charter through our joint venture Log-Star as of December 31, 2010. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Represents the number of days controlled and time-chartered vessels were operated by us, excluding off-hire days. |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (10) | Represents the number of days that relate to vessel expense for controlled and time-chartered vessels. Vessel expense relating to controlled vessels is based on a 365-day year. Vessel expense relating to chartered-in vessels is based on the actual number of days we operated the vessel, excluding off-hire days. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Revenue tons is a measurement on which shipments are freighted. Cargoes are rated as weight (based on metric tons) or measure (based on cubic meters); whichever produces the higher revenue will be considered the revenue ton. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Aggregates represent high-volume, low-freighted cargo. Including aggregates, therefore, can overstate the amount of tons that we carry on a regular basis and reduce our revenue per ton. We regularly carried aggregates in all years represented in the table above except 2005 when we temporarily suspended the transport of aggregates. We believe that the exclusion of aggregates better reflects our cargo shipped and revenue per ton data for our principal services. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations.

| ·   | macroeconomic conditions in the geographic regions where we operate; |
|--------------------|----------------------------------------------------------------------|

| ·   | general economic conditions in the industries in which our customers operate; |
|--------------------|-------------------------------------------------------------------------------|

| ·   | the availability of liquidity and credit to fund our suppliers’ and customers’ businesses; |
|--------------------|--------------------------------------------------------------------------------------------------------|

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| ·   | changes in our freight and sub-time charter rates - rates we charge for vessels we charter out - and, in periods when our voyage and vessel expenses increase, our ability to raise our rates to pass such cost increases through to our customers; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the extent to which we are able to efficiently utilize our controlled fleet and optimize its capacity; and |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | the extent to which we can control our fixed and variable costs, including those for port charges, stevedore and other cargo-related expenses, fuel, and commission expenses. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| i)    | net interest expense,                                        |
|------------|--------------------------------------------------------------|
| ii)   | income taxes,                                                |
| iii)  | depreciation, and amortization charges,                      |
| iv)        | noncash impairment charges relating to goodwill and vessels. |

| i)   | net losses from sales of vessels,                                                                                          |
|------|----------------------------------------------------------------------------------------------------------------------------|
| ii)  | noncash equity compensation,                                                                                               |
| iii) | losses attributable to joint-ventures (Log-Star, GAT-TBS, Panamerican Port Services, ST Logistics, and the Jamaican Mine), |

| i)   | all net gains from the sales of vessels, and                         |
|-----------|----------------------------------------------------------------------|
| ii)  | any income or gains attributable to the joint-ventures listed above. |

|   |                |   | Number of vessels in drydock from previous quarter |   |   | Number of vessels entering drydock during quarter |   |   | Number of drydock days during quarter |   | Approximate metric tons (MT) of steel installed |
|--------|---------------------|--------|---------------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|---------------------------------------|--------|-------------------------------------------------|
| Actual |                |   |                                                    |   |   |                                              |   |   |                                  |   |                                            |   |   |   |
|   | First Quarter 2010  |   |                                                    | 2      |   |                                              |   | 2      |                                  |   |                                            | 73 |   |  days |   |   | 85 |   |  MT |
|   | Second Quarter 2010 |   |                                                    |   |   |                                              |   | 5      |                                  |   |                                            | 110 |   |  days |   |   | 481 |   |  MT |
|   | Third Quarter 2010  |   |                                                    | 2      |   |                                              |   | 3      |                                  |   |                                            | 155 |   |  days |   |   | 400 |   |  MT |
|   | Fourth Quarter 2010 |   |                                                    |   |   |                                              |   | 3      |                                  |   |                                            | 61 |   |  days |   |   | 605 |   |  MT |
|   | Total for 2010      |   |                                                    |   |   |                                              |   | 13     |                                  |   |                                            | 399 |   |  days |   |   | 1,571 |   |  MT |
|   |                |   |                                                    |   |   |                                              |   |   |                                  |   |                                            |   |   |   |   |   |   |   |   |

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|   |                |   | Number of vessels in drydock from previous quarter |   |   | Number of vessels entering drydock during quarter |   |   | Number of drydock days during quarter |   | Approximate metric tons (MT) of steel installed |
|--------|---------------------|--------|---------------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|---------------------------------------|--------|-------------------------------------------------|
| Actual |                |   |                                                    |   |   |                                              |   |   |                                  |   |                                            |   |   |   |
|   | First Quarter 2011  |   |                                                    | 1      |   |                                              |   | 5      |                                  |   |                                            | 148 |   |  days |   |   | 640 |   |  MT |
|   | Second Quarter 2011 |   |                                                    | 3      |   |                                              |   | 2      |                                  |   |                                            | 111 |   |  days |   |   | 175 |   |  MT |
|   | Third Quarter 2011  |   |                                                    |   |   |                                              |   | 4      |                                  |   |                                            | 115 |   |  days |   |   | 480 |   |  MT |
|   | Fourth Quarter 2011 |   |                                                    |   |   |                                              |   | 5      |                                  |   |                                            | 128 |   |  days |   |   | 470 |   |  MT |
|   | Total for 2011      |   |                                                    |   |   |                                              |   | 16     |                                  |   |                                            | 502 |   |  days |   |   | 1,765 |   |  MT |
|   |                |   |                                                    |   |   |                                              |   |   |                                  |   |                                            |   |   |   |   |   |   |   |   |

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| · | We provide our own captains, senior officers and crew to the vessels.                                                                                                                                                                                                                                        |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | The vessels are managed by our subsidiary Roymar. All of the functions of vessel management, from technical ship management to crewing, vessel maintenance and drydocking, are conducted by Roymar, in a manner different from the prior manager, according to our standards.                                |
| · | The necessary commercial activities - maintaining customer relationships, providing local teams of commercial agents and port captains, and offering transportation management skills and logistics solutions - are provided by our subsidiary TBS Shipping Services and our affiliate TBS Commercial Group. |
| · | The vessels will operate under our trade name and carry our distinctive native peoples’ naming conventions.                                                                                                                                                                                            |

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|                 |          |   | Year Ended December 31, |    |                    |   |   |         |                |
|----------------------|---------------|--------|-------------------------|---------|-------------------------|--------|--------|--------------|---------------------|
|                 |          |   | 2010                    |    |                    | 2009   |   |         | Increase (Decrease) |   |
|                 |          |   | In Thousands            |    | As a % of Total Revenue |   |   | In Thousands |                | As a % of Total Revenue |   |   | In Thousands |   | Percentage |   |
| Voyage revenue       |          | $      | 295,830                 |    |                    | 71.8   |   |         | $                   | 247,980 |   |   | 82.0 |   |   | $ | 47,850 |   | 19.3 |   |
| Time charter revenue |          |   | 105,824                 |    |                    | 25.7   |   |         |                | 51,201 |   |   | 16.9 |   |   |   | 54,623 |   | 106.7 |   |
| Logistics revenue    |          |   | 9,479                   |    |                    | 2.3    |   |         |                | 2,689 |   |   | 0.9 |   |   |   | 6,790 |   |   |   |
| Other revenue        |          |   | 700                     |    |                    | 0.2    |   |         |                | 646 |   |   | 0.2 |   |   |   | 54 |   | 8.4 |   |
|                 | Total revenue |   | $                       | 411,833 |                    |   | 100.0  |         |                | $ | 302,516 |   |   | 100.0 |   |   | $ | 109,317 |   | 36.1 |   |

|                                    |                         |        | Year ended December 31, |   |        |     |    |   |                |   |
|-----------------------------------------|------------------------------|-------------|-------------------------|--------|-------------|----------|---------|--------|---------------------|--------|
|                                    |                         |        | 2010                    |   |        | 2009     |    |   | Increase (Decrease) |   |
| Voyage Revenue (in thousands)           |                         | $           | 295,830                 |   |        | $        | 247,980 |   |                | $      | 47,850 |   |   |   | 19.3 | % |
| Number of vessels (1)                   |                         |        | 31                      |   |        |     | 31      |   |                |   |   |   |   |   |   |   |
| Days available for hire (2)             |                         | 11,711 days |                    |   | 11,680 days |     |    |   | 31                  |   |   |   | 0.3 | % |
| Freight voyage days (3)                 |                         | 11,435 days |                    |   | 11,470 days |     |    |   | (35                 | )      |   |   | (0.3 | )% |
| Revenue tons carried (thousands) (4)    |                         |        |                    |   |        |     |    |   |                |   |   |   |   |   |   |   |
|                                    | For all cargoes              |        | 10,329 RT               |   |        | 8,788 RT |    |   |                | 1,541  |   |   |   | 17.5 | % |
|                                    | Other than aggregate cargoes |        | 4,706 RT                |   |        | 4,727 RT |    |   |                | (21    | )  |   |   | (0.4 | )% |
|                                    | Aggregate cargoes            |        | 5,623 RT                |   |        | 4,061 RT |    |   |                | 1,562  |   |   |   | 38.5 | % |
| Freight Rates (5)                       |                         |        |                    |   |        |     |    |   |                |   |   |   |   |   |   |   |
|                                    | For all cargoes              |        | $                       | 28.64  |        |     | $       | 28.22  |                |   | $ | 0.42 |   |   |   | 1.5 | % |
|                                    | Other than aggregate cargoes |        | $                       | 54.30  |        |     | $       | 45.36  |                |   | $ | 8.94 |   |   |   | 19.7 | % |
|                                    | Aggregate cargoes            |        | $                       | 7.17   |        |     | $       | 8.27   |                |   | $ | (1.10 | ) |   |   | (13.3 | )% |
| Daily time charter equivalent rates (6) |                         | $           | 13,721                  |   |        | $        | 12,069  |   |                | $      | 1,652 |   |   |   | 13.7 | % |
|                                    |                         |        |                    |   |        |     |    |   |                |   |   |   |   |   |   |   |   |

| (1) | Weighted average number of vessels in the fleet, not including vessels chartered out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Number of days that our vessels were available for hire, not including vessels chartered out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (3) | Number of days that our vessels were earning revenue, not including vessels chartered out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (4) | Revenue tons is a measurement on which shipments are freighted.  Cargoes are rated as weight (based on metric tons) or measure (based on cubic meters); whichever produces the higher revenue will be considered the revenue ton.                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (5) | Weighted average freight rates measured in dollars per revenue ton.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (6) | Daily Time Charter Equivalent or "TCE" rates are defined as voyage revenue less voyage expenses during the year divided by the number of available freight voyage days during the year. Voyage expenses include fuel, port call, commissions, stevedore and other cargo related and miscellaneous voyage expenses.  No deduction is made for vessel or general and administrative expenses. TCE includes the full amount of any probable losses on voyages at the time such losses can be estimated. TCE is an industry standard for measuring and analyzing fluctuations between financial periods and as a method of equating TCE revenue generated from a voyage charter to time charter revenue. |

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|                  |                 |         | Year Ended December 31, |                           |   |         |   |                           |   |    |
|-----------------------|----------------------|--------------|-------------------------|--------------------------------|--------|--------------|--------|--------------------------------|--------|---------|
|                  |                 |         | 2010                    |                           | 2009   |         |   | Increase (Decrease)            |   |
| Description           |                 | In Thousands |                    | As a % of Total Voyage Revenue |   | In Thousands |   | As a % of Total Voyage Revenue |   |    | In Thousands |   |   | % |   |
| Steel products        |                 | $            | 105,607                 |                           |   | 35.7         |   | $                              | 60,063 |    |   | 24.2 |   |   | $ | 45,544 |   |   |   | 75.8 |   |
| Metal concentrates    |                 |         | 41,171                  |                           |   | 13.9         |   |                           | 37,469 |    |   | 15.1 |   |   |   | 3,702 |   |   |   | 9.9 |   |
| Aggregates            |                 |         | 40,295                  |                           |   | 13.7         |   |                           | 33,561 |    |   | 13.5 |   |   |   | 6,734 |   |   |   | 20.1 |   |
| Agricultural products |                 |         | 36,352                  |                           |   | 12.3         |   |                           | 51,417 |    |   | 20.7 |   |   |   | (15,065 | ) |   |   | (29.3 | ) |
| Other bulk cargo      |                 |         | 33,903                  |                           |   | 11.5         |   |                           | 26,483 |    |   | 10.7 |   |   |   | 7,420 |   |   |   | 28.0 |   |
| General cargo         |                 |         | 11,328                  |                           |   | 3.8          |   |                           | 9,826  |    |   | 4.0 |   |   |   | 1,502 |   |   |   | 15.3 |   |
| Rolling stock         |                 |         | 8,710                   |                           |   | 2.9          |   |                           | 5,765  |    |   | 2.3 |   |   |   | 2,945 |   |   |   | 51.1 |   |
| Fertilizers           |                 |         | 6,928                   |                           |   | 2.3          |   |                           | 4,488  |    |   | 1.8 |   |   |   | 2,440 |   |   |   | 54.4 |   |
| Project cargo         |                 |         | 5,188                   |                           |   | 1.8          |   |                           | 10,067 |    |   | 4.1 |   |   |   | (4,879 | ) |   |   | (48.5 | ) |
| Automotive products   |                 |         | 3,853                   |                           |   | 1.3          |   |                           | 4,426  |    |   | 1.8 |   |   |   | (573 | ) |   |   | (13.0 | ) |
| Other                 |                 |         | 2,495                   |                           |   | 0.8          |   |                           | 4,415  |    |   | 1.8 |   |   |   | (1,920 | ) |   |   | (43.5 | ) |
|                  | Total voyage revenue |         | $                       | 295,830                        |   |         | 100.0  |                           | $      | 247,980 |   |   | 100.0 |   |   | $ | 47,850 |   |   |   | 19.3 |   |
|                  |                 |         |                    |                           |   |         |   |                           |   |    |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                    |   | Year ended December 31, |    |   |   |   |   |                |   |
|-----------------------------------------|--------|-------------------------|---------|--------|--------|--------|--------|---------------------|--------|
|                                    |   | 2010                    |    |   | 2009   |   |   | Increase (Decrease) |   |
| Time Charter Revenue (in thousands)     |   | $                       | 105,824 |   |   | $      | 51,201 |                |   | $ | 54,623 |   |   |   | 106.7 | % |
| Number of vessels (1)                   |   |                    | 16      |   |   |   | 13     |                |   |   | 3 |   |   |   | 23.1 | % |
| Time Charter days (2)                   |   |                    | 5,818   |   |   |   | 4,733  |                |   |   | 1,085 |   |   |   | 22.9 | % |
| Daily charter hire rates (3)            |   | $                       | 18,189  |   |   | $      | 10,818 |                |   | $ | 7,371 |   |   |   | 68.1 | % |
| Daily time charter equivalent rates (4) |   | $                       | 16,958  |   |   | $      | 10,070 |                |   | $ | 6,888 |   |   |   | 68.4 | % |

| (1) | Weighted average number of vessels chartered out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Number of days the vessels earned charter hire.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (3) | Weighted average charter hire rates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (4) | Daily Time Charter Equivalent or "TCE" rates for vessels that are time chartered out are defined as time charter revenue during the period reduced principally by commissions and certain voyage costs (for which we are responsible under some time charters) divided by the number of available time charter days during the period.  Voyage costs incurred under time charters were $2.4 million and $1.4 million for the years ended December 31, 2010 and 2009, respectively.  These voyage costs include fuel costs (resulting from fuel price differentials between the time a vessel was delivered out to the charterer and the time of redelivery) and the cost for ballasting vessels to time charter delivery ports.  No deduction is made for vessel or general and administrative expenses.  Commission for vessels that were time chartered out for the years ended December 31, 2010 and 2009 were $4.8 million and $2.1 million, respectively.  TCE is an industry standard for measuring and analyzing fluctuations between financial periods and as a method of equating TCE revenue generated from a voyage charter to time charter revenue. |

|                                  |   | Year Ended December 31, |    |   |                    |   |   |                |
|---------------------------------------|--------|------------------------------|---------|--------|-------------------------|--------|--------|---------------------|
|                                  |   | 2010                         |    |   | 2009                    |   |   | Increase (Decrease) |   |
|                                  |   | In Thousands                 |    |   | As a % of Total Revenue |   |   | In Thousands        |   |   | As a % of Total Revenue |   |   | In Thousands |   | Percentage |   |
| Voyage expense                        |   | $                            | 144,533 |   |                    |   | 35.1   |                |   | $ | 113,084 |   |   |   | 37.4 |   |   | $ | 31,449 |   | 27.8 |   |
| Logistics                             |   |                         | 6,543   |   |                    |   | 1.6    |                |   |   | 2,193 |   |   |   | 0.7 |   |   |   | 4,350 |   | 198.4 |   |
| Vessel expense                        |   |                         | 120,769 |   |                    |   | 29.3   |                |   |   | 104,046 |   |   |   | 34.4 |   |   |   | 16,723 |   | 16.1 |   |
| Depreciation and amortization         |   |                         | 103,637 |   |                    |   | 25.2   |                |   |   | 95,870 |   |   |   | 31.7 |   |   |   | 7,767 |   | 8.1 |   |
| General and administrative            |   |                         | 49,357  |   |                    |   | 12.0   |                |   |   | 37,265 |   |   |   | 12.3 |   |   |   | 12,092 |   | 32.5 |   |
| Net loss on  sale of vessel |   |                         | 5,154   |   |                    |   | 1.3    |                |   |   |   |   |   |   |   |   |   |   | 5,154 |   |   |   |
| Vessels impairment                    |   |                         | 201,700 |   |                    |   | 49.0   |                |   |   |   |   |   |   |   |   |   |   | 201,700 |   |   |   |
| Total operating expenses              |   | $                            | 631,693 |   |                    |   | 153.5  |                |   | $ | 352,458 |   |   |   | 116.5 |   |   | $ | 279,235 |   | 79.2 |   |

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|                  | Year Ended December 31, |    |                     |   |                                             |   |                |
|-----------------------|------------------------------|---------|--------------------------|--------|--------------------------------------------------|--------|---------------------|
|                  | 2010                         |    |                     | 2009   |                                             |   | Increase (Decrease) |   |
|                  | In Thousands                 |    | As a % of Voyage Expense |   | As a % of Voyage & Time Charter Revenue |   |                | In Thousands |   | As a % of Voyage Expense |   | As a % of Voyage & Time Charter Revenue |   |   | In Thousands |   | As a % of 2009 Expense |   | As a % of Voyage & Time Charter Revenue |   |
| Fuel expense          | $                            | 69,314  |                     | 48.0   |                                             | 17.3   |                |   | $ | 55,418 |   | 49.0 |   | 18.5 |   |   | $ | 13,896 |   | 25.1 |   | (1.2 | ) |
| Commission expense    |                         | 20,794  |                     | 14.4   |                                             | 5.2    |                |   |   | 15,123 |   | 13.4 |   | 5.1 |   |   |   | 5,671 |   | 37.5 |   | 0.1 |   |
| Port call expense     |                         | 28,423  |                     | 19.7   |                                             | 7.1    |                |   |   | 23,882 |   | 21.1 |   | 8.0 |   |   |   | 4,541 |   | 19.0 |   | (0.9 | ) |
| Stevedore and other   |                         |    |                     |   |                                             |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| cargo-related expense |                         | 15,390  |                     | 10.6   |                                             | 3.8    |                |   |   | 10,669 |   | 9.4 |   | 3.6 |   |   |   | 4,721 |   | 44.3 |   | 0.2 |   |
| Miscellaneous voyage  |                         |    |                     |   |                                             |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| expense               |                         | 10,612  |                     | 7.3    |                                             | 2.6    |                |   |   | 7,992 |   | 7.1 |   | 2.7 |   |   |   | 2,620 |   | 32.8 |   | (0.1 | ) |
| Voyage expense        | $                            | 144,533 |                     | 100.0  |                                             | 36.0   |                |   | $ | 113,084 |   | 100.0 |   | 37.9 |   |   | $ | 31,449 |   | 27.8 |   | (1.9 | ) |
|                  |                         |    |                     |   |                                             |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                      | Year Ended December 31, |    |                     |   |   |
|---------------------------|-------------------------|---------|--------------------------|--------|--------|
|                      | 2010                    |    |                     | 2009   |   |   | Increase (Decrease) |   |
|                      | In Thousands            |    | As a % of Vessel Expense |   |   | In Thousands |   | As a % of Vessel Expense |   |   | In Thousands |   | Percentage |   |
| Vessel operating expense  | $                       | 108,424 |                     | 89.8   |   |   | $ | 92,593 |   | 88.9 |   |   | $ | 15,831 |   | 17.1 |   |
| Chartered-in expense      |                    | 3,633   |                     | 3.0    |   |   |   | 3,597 |   | 3.5 |   |   |   | 36 |   | 1.0 |   |
| Controlled vessel expense |                    | 7,161   |                     | 5.9    |   |   |   | 6,538 |   | 6.3 |   |   |   | 623 |   | 9.5 |   |
| Space charter expense     |                    | 1,551   |                     | 1.3    |   |   |   | 1,318 |   | 1.3 |   |   |   | 233 |   | 17.7 |   |
| Vessel expense            | $                       | 120,769 |                     | 100.0  |   |   | $ | 104,046 |   | 100.0 |   |   | $ | 16,723 |   | 16.1 |   |
|                      |                    |    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                                                                                   | Year Ended December 31, |     |   |                    |   |   |                |   |
|--------------------------------------------------------------------------------------------------------|-------------------------|----------|--------|-------------------------|--------|--------|---------------------|--------|
|                                                                                                   | 2010                    |     |   | 2009                    |   |   | Increase (Decrease) |   |
|                                                                                                   | In Thousands            |     |   | As a % of Total Revenue |   |   | In Thousands        |   |   | As a % of Total Revenue |   |   | In Thousands |   |   | Percentage |   |
| Income (loss)  from operations                                                               | $                       | (219,860 | )      |                    |   | (53.5  | )                   |   | $ | (49,942 | ) |   |   | (16.5 | ) |   | $ | (169,918 | ) |   |   | 340.2 |   |
| Other (expenses) and income                                                                            |                    |     |   |                    |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense, net                                                                                  |                    | (27,486  | )      |                    |   | (6.7   | )                   |   |   | (17,119 | ) |   |   | (5.7 | ) |   |   | (10,367 | ) |   |   | 60.6 |   |
| Loss on extinguishment of debt                                                                         |                    | (200     | )      |                    |   |   |                |   |   |   |   |   |   |   |   |   |   | (200 | ) |   |   |   |   |
| Other income (expense)                                                                                 |                    | (216     | )      |                    |   | (0.1   | )                   |   |   | 21 |   |   |   |   |   |   |   | (237 | ) |   |   |   |   |
| Net  (loss)                                                                                  |                    | (247,762 | )      |                    |   | (60.3  | )                   |   |   | (67,040 | ) |   |   | (22.2 | ) |   |   | (180,722 | ) |   |   | 269.6 |   |
|                                                                                                   |                    |     |   |                    |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: Net (loss) attributable to                                                                       |                    |     |   |                    |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              noncontrolling interests |                    | (2,496   | )      |                    |   | (0.6   | )                   |   |   |   |   |   |   |   |   |   |   | (2,496 | ) |   |   |   |   |
| Net (loss) attributable to                                                                             |                    |     |   |                    |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      TBS International plc                                                    | $                       | (245,266 | )      |                    |   | (59.7  | )                   |   | $ | (67,040 | ) |   |   | (22.2 | ) |   | $ | (178,226 | ) |   |   |   |   |
|                                                                                                   |                    |     |   |                    |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                                        |   | For the year ended December 31, |          |    | Increase/ |    |
|-------------------------------------------------------------|--------|---------------------------------|---------------|---------|-----------|---------|
|                                                        |   | 2010                            |          |    | 2009      |    |   | Decrease |   |
| Net Cash Provided by Operating Activities                   |   | $                               | 65,546        |    |      | $       | 40,117 |   |   | $ | 25,429 |   |
| Net loss attributed to noncontrolling interest              |   |                            | 2,496         |    |      |    |   |   |   |   | 2,496 |   |
| Net Cash Provided by Operating Activities attributed to TBS |   |                            | 68,042        |    |      |    | 40,117 |   |   |   | 27,925 |   |
| Adjustments to reconcile net cash                           |   |                            |          |    |      |    |   |   |   |   |   |   |
| provided by operating activities to EBITDA:                 |   |                            |          |    |      |    |   |   |   |   |   |   |
| Net Interest expense excluding amortization of finance      |   |                            |          |    |      |    |   |   |   |   |   |   |
| costs and non cash change in value of swap contracts        |   |                            | 22,106        |    |      |    | 14,544 |   |   |   | 7,562 |   |
| Drydocking expenditures                                     |   |                            | 9,627         |    |      |    | 15,581 |   |   |   | (5,954 | ) |
| Net change in operating assets and liabilities              |   |                            | 987           |    |      |    | (22,366 | ) |   |   | 23,353 |   |
| Non cash adjustments made to cash provided by               |   |                            |          |    |      |    |   |   |   |   |   |   |
| operating activities:                                       |   |                            |          |    |      |    |   |   |   |   |   |   |
| Loss on sale of vessel                                      |   |                            | (5,154        | )       |      |    |   |   |   |   | (5,154 | ) |
| Increase in allowance for doubtful debts                    |   |                            | (1,918        | )       |      |    | (901 | ) |   |   | (1,017 | ) |
| Non cash stock based compensation                           |   |                            | (5,933        | )       |      |    | (1,115 | ) |   |   | (4,818 | ) |
| Adjusted EBITDA                                             |   | $                               | 87,757        |    |      | $       | 45,860 |   |   | $ | 41,897 |   |
|                                                        |   |                            |          |    |      |    |   |   |   |   |   |   |
| Cash flows (used) by investing activities              |   | $                          |  (71,311 | )  |      | $  |  (84,867 | )  |   | $  |  13,556 |   |
|                                                        |   |                            |          |    |      |    |   |   |   |   |   |   |
| Cash flows (used) by financing activities         |   | $                          |  (26,783 | )  |      | $  |  (35,360 | )  |   | $  | 8,578 |   |
|                                                        |   |                            |          |    |      |

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|                 | Year Ended December 31, |    |                    |   |   |         |                |                    |
|----------------------|-------------------------|---------|-------------------------|--------|--------|--------------|---------------------|-------------------------|
|                 | 2009                    |    |                    | 2008   |   |         | Increase (Decrease) |                    |
|                 | In Thousands            |    | As a % of Total Revenue |   |   | In Thousands |                | As a % of Total Revenue |   |   | In Thousands |   |   | Percentage |   |
| Voyage revenue       | $                       | 247,980 |                    | 82.0   |   |         | $                   | 518,907                 |   | 84.8 |   |   | $ | (270,927 | ) |   | (52.2 | ) |
| Time charter revenue |                    | 51,201  |                    | 16.9   |   |         |                | 83,883                  |   | 13.7 |   |   |   | (32,682 | ) |   | (39.0 | ) |
| Logistics revenue    |                    | 2,689   |                    | 0.9    |   |         |                | 7,000                   |   | 1.2 |   |   |   | (4,311 | ) |   | (61.6 | ) |
| Other revenue        |                    | 646     |                    | 0.2    |   |         |                | 1,843                   |   | 0.3 |   |   |   | (1,197 | ) |   | (64.9 | ) |
| Total revenue        |                    | 302,516 |                    | 100.0  |   |         |                | 611,633                 |   | 100.0 |   |   |   | (309,117 | ) |   | (50.5 | ) |
|                 |                    |    |                    |   |   |         |                |                    |   |   |   |   |   |   |   |   |   |   |

|                                    | Year Ended December 31, |    |   |   |    |                 |   |   |
|-----------------------------------------|-------------------------|---------|--------|--------|---------|----------------------|--------|--------|
|                                    | 2009                    |    | 2008   |   |    | Increase/ (Decrease) |   |
| Voyage Revenue (in thousands)           | $                       | 247,980 |   | $      | 518,907 |                 |   |   | (270,927 | ) |   | (52.2 | )% |
| Number of vessels (1)                   |                    | 31      |   |   | 33      |                 |   |   | (2 | ) |   | (6.1 | )% |
| Days  available for hire (2)  |                    | 11,680  |   |   | 12,141  |                 |   |   | (461 | ) |   | (3.8 | )% |
| Freight voyage days (3)                 |                    | 11,470  |   |   | 11,900  |                 |   |   | (430 | ) |   | (3.6 | )% |
| Revenue tons carried (thousands) (4)    |                    |    |   |   |    |                 |   |   |   |   |   |   |   |
| For all cargoes                         |                    | 8,788   |   |   | 9,315   |                 |   |   | (527 | ) |   | (5.7 | )% |
| Excluding aggregates                    |                    | 4,727   |   |   | 5,109   |                 |   |   | (382 | ) |   | (7.5 | )% |
| Aggregates                              |                    | 4,061   |   |   | 4,206   |                 |   |   | (145 | ) |   | (3.4 | )% |
| Freight Rates (5)                       |                    |    |   |   |    |                 |   |   |   |   |   |   |   |
| For all cargoes                         | $                       | 28.22   |   | $      | 55.70   |                 |   | $      | (27.48 | ) |   | (49.3 | )% |
| Excluding aggregates                    | $                       | 45.36   |   | $      | 88.08   |                 |   | $      | (42.72 | ) |   | (48.5 | )% |
| Daily time charter equivalent rates (6) | $                       | 12,069  |   | $      | 29,526  |                 |   | $      | (17,457 | ) |   | (59.1 | )% |

| (1) | Weighted average number of vessels in the fleet, not including vessels chartered out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Number of days that our vessels were earning revenue, not including vessels chartered out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (3) | Number of days that our vessels were available for hire, not including vessels chartered out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (4) | Revenue tons is a measurement on which shipments are freighted.  Cargoes are rated as weight (based on metric tons) or measure (based on cubic meters); whichever produces the higher revenue will be considered the revenue ton.                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (5) | Weighted average freight rates measured in dollars per revenue ton.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (6) | Daily Time Charter Equivalent or "TCE" rates are defined as voyage revenue less voyage expenses during the year divided by the number of available freight voyage days during the year. Voyage expenses include fuel, port call, commissions, stevedore and other cargo related and miscellaneous voyage expenses.  No deduction is made for vessel or general and administrative expenses. TCE includes the full amount of any probable losses on voyages at the time such losses can be estimated. TCE is an industry standard for measuring and analyzing fluctuations between financial periods and as a method of equating TCE revenue generated from a voyage charter to time charter revenue. |

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|                  | Year Ended December 31, |    |                           |   |   |         |                |                           |
|-----------------------|------------------------------|---------|--------------------------------|--------|--------|--------------|---------------------|--------------------------------|
|                  | 2009                         |    |                           | 2008   |   |         | Increase (Decrease) |                           |
| Description           | In Thousands                 |    | As a % of Total Voyage Revenue |   |   | In Thousands |                | As a % of Total Voyage Revenue |   |   | In Thousands |   |   | Percentage |   |
| Steel products        | $                            | 60,063  |                           | 24.2   |   |         | $                   | 128,472                        |   | 24.8 |   |   | $ | (68,409 | ) |   | (53.2 | ) |
| Agricultural products |                         | 51,417  |                           | 20.7   |   |         |                | 86,650                         |   | 16.7 |   |   |   | (35,233 | ) |   | (40.7 | ) |
| Aggregates            |                         | 33,561  |                           | 13.5   |   |         |                | 68,884                         |   | 13.3 |   |   |   | (35,323 | ) |   | (51.3 | ) |
| Metal concentrates    |                         | 37,469  |                           | 15.1   |   |         |                | 92,824                         |   | 17.9 |   |   |   | (55,355 | ) |   | (59.6 | ) |
| Other bulk cargo      |                         | 26,483  |                           | 10.7   |   |         |                | 59,031                         |   | 11.3 |   |   |   | (32,548 | ) |   | (55.1 | ) |
| General cargo         |                         | 9,826   |                           | 4.0    |   |         |                | 15,012                         |   | 2.9 |   |   |   | (5,186 | ) |   | (34.5 | ) |
| Project cargo         |                         | 10,067  |                           | 4.1    |   |         |                | 22,900                         |   | 4.4 |   |   |   | (12,833 | ) |   | (56.0 | ) |
| Rolling stock         |                         | 5,765   |                           | 2.3    |   |         |                | 19,498                         |   | 3.7 |   |   |   | (13,733 | ) |   | (70.4 | ) |
| Fertilizers           |                         | 4,488   |                           | 1.8    |   |         |                | 8,286                          |   | 1.6 |   |   |   | (3,798 | ) |   | (45.8 | ) |
| Automotive products   |                         | 4,426   |                           | 1.8    |   |         |                | 10,833                         |   | 2.1 |   |   |   | (6,407 | ) |   | (59.1 | ) |
| Fishmeal              |                         | 2,544   |                           | 1.0    |   |         |                |                           |   |   |   |   |   | 2,544 |   |   |   |   |
| Other                 |                         | 1,871   |                           | 0.8    |   |         |                | 6,517                          |   | 1.3 |   |   |   | (4,646 | ) |   | (71.3 | ) |
| Total voyage revenue  | $                            | 247,980 |                           | 100.0  |   |         | $                   | 518,907                        |   | 100.0 |   |   | $ | (270,927 | ) |   | (52.2 | ) |
|                  |                         |    |                           |   |   |         |                |                           |   |   |   |   |   |   |   |   |   |   |

|                                    | Year Ended December 31, |   |   |   |   |                |   |   |
|-----------------------------------------|-------------------------|--------|--------|--------|--------|---------------------|--------|--------|
|                                    | 2009                    |   | 2008   |   |   | Increase (Decrease) |   |
| Time Charter Revenue (in thousands)     | $                       | 51,201 |   | $      | 83,883 |                |   | $      | (32,682 | ) |   | (39.0 | )% |
| Number of vessels (1)                   |                    | 13     |   |   | 8      |                |   |   | 5 |   |   | 62.5 | % |
| Time Charter days (2)                   |                    | 4,733  |   |   | 3,004  |                |   |   | 1,729 |   |   | 57.6 | % |
| Daily charter hire rates (3)            | $                       | 10,818 |   | $      | 27,924 |                |   | $      | (17,106 | ) |   | (61.3 | )% |
| Daily time charter equivalent rates (4) | $                       | 10,070 |   | $      | 26,134 |                |   | $      | (16,064 | ) |   | (61.5 | )% |

| (1) | Weighted average number of vessels chartered out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Number of days the vessels earned charter hire.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (3) | Weighted average charter hire rates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (4) | Daily Time Charter Equivalent or "TCE" rates for vessels that are time chartered out are defined as time charter revenue during the year reduced principally by commissions divided by the number of available time charter days during the period.  Commission for vessels that were time chartered out for the years ending December 31, 2009 and December 31, 2008 were $2.1 million and $3.6 million, respectively. For the years ending December 31, 2009 and 2008, time charter voyages include fuel cost and other miscellaneous voyage costs of $1.4 million and $1.8 million, respectively. The fuel cost, which made up most of the costs, is related to fuel price differentials caused by volatility in the fuel market and the cost for ballasting vessels to time charter delivery ports.  No deduction is made for vessel or general and administrative expenses.  TCE is an industry standard for measuring and analyzing fluctuations between financial periods and as a method of equating TCE revenue generated from a voyage charter to time charter revenue. |

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|                          | Year Ended December 31, |    |                    |   |   |         |                |    |
|-------------------------------|-------------------------|---------|-------------------------|--------|--------|--------------|---------------------|---------|
|                          | 2009                    |    |                    | 2008   |   |         | Increase (Decrease) |    |
|                          | In Thousands            |    | As a % of Total Revenue |   |   | In Thousands |                |    | As a % of Total Revenue |   |   | In Thousands |   |   | Percentage |   |
| Voyage expense                | $                  | 113,084 |                    | 37.4   |   |         | $              | 172,929 |   |   | 28.3 |   |   | $  | (59,845 | ) |   |   | (34.6 | ) |
| Logistics expense             |                    | 2,193   |                    | 0.7    |   |         |                | 5,717   |   |   | 0.9 |   |   |   | (3,524 | ) |   |   | (61.6 | ) |
| Vessel expense                |                    | 104,046 |                    | 34.4   |   |         |                | 110,354 |   |   | 18.0 |   |   |   | (6,308 | ) |   |   | (5.7 | ) |
| Depreciation and amortization |                    | 95,870  |                    | 31.7   |   |         |                | 73,479  |   |   | 12.1 |   |   |   | 22,391 |   |   |   | 30.5 |   |
| General and administrative    |                    | 37,265  |                    | 12.3   |   |         |                | 39,879  |   |   | 6.5 |   |   |   | (2,614 | ) |   |   | (6.6 | ) |
| Total operating expenses      |                    | 352,458 |                    | 116.5  |   |         |                | 402,358 |   |   | 65.8 |   |   |   | (49,900 | ) |   |   | (12.4 | ) |
|                          |                    |    |                    |   |   |         |                |    |   |   |   |   |   |   |   |   |   |   |   |   |

|                  | Year Ended December 31, |    |                     |   |                                                  |   |                |         |
|-----------------------|-------------------------|---------|--------------------------|--------|-------------------------------------------------------|--------|---------------------|--------------|
|                  | 2009                    |    |                     | 2008   |                                                  |   | Increase (Decrease) |         |
|                  | In Thousands            |    | As a % of Voyage Expense |   | As a % of Voyage & Time Charter Revenue |   |                | In Thousands |   | As a % of Voyage Expense |   | As a % of Voyage & Time Charter Revenue |   |   | In Thousands |   |   | As a % of 2008 Expense |   |   | As a % of Voyage & Time Charter Revenue |   |
| Fuel expense          | $                       | 55,418  |                     | 49.0   |                                                  | 18.5   |                |         | $ | 87,342 |   | 50.5 |   | 14.5 |   |   | $ | (31,924 | ) |   | (36.6 | ) |   | 4.0 |   |
| Commission expense    |                    | 15,123  |                     | 13.4   |                                                  | 5.1    |                |         |   | 29,779 |   | 17.2 |   | 4.9 |   |   |   | (14,656 | ) |   | (49.2 | ) |   | 0.2 |   |
| Port call expense     |                    | 23,882  |                     | 21.1   |                                                  | 8.0    |                |         |   | 27,511 |   | 15.9 |   | 4.6 |   |   |   | (3,629 | ) |   | (13.2 | ) |   | 3.4 |   |
| Stevedore and other   |                    |    |                     |   |                                                  |   |                |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| cargo-related expense |                    | 10,669  |                     | 9.4    |                                                  | 3.6    |                |         |   | 18,273 |   | 10.6 |   | 3.0 |   |   |   | (7,604 | ) |   | (41.6 | ) |   | 0.6 |   |
| Miscellaneous voyage  |                    |    |                     |   |                                                  |   |                |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| expense               |                    | 7,992   |                     | 7.1    |                                                  | 2.7    |                |         |   | 10,024 |   | 5.8 |   | 1.7 |   |   |   | (2,032 | ) |   | (20.3 | ) |   | 1.0 |   |
| Voyage expense        | $                       | 113,084 |                     | 100.0  |                                                  | 37.9   |                |         | $ | 172,929 |   | 100.0 |   | 28.7 |   |   | $ | (59,845 | ) |   | (34.6 | ) |   | 9.2 |   |
|                  |                    |    |                     |   |                                                  |   |                |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                              | Year Ended December 31, |        |                     |      |   |
|-----------------------------------|-------------------------|-------------|--------------------------|-----------|--------|
|                              | 2009                    |        |                     | 2008      |   |   | Increase (Decrease) |   |
|                              | In Thousands            |        | As a % of Vessel Expense |      |   | In Thousands |   | As a % of Vessel Expense |   |   | In Thousands |   |   | Percentage |   |
| Owned vessel expense              | $                       | 92,593      |                     | 88.9      |   |   | $ | 91,377 |   | 82.8 |   |   | $ | 1,216 |   |   | 1.3 |   |
| Chartered-in vessel expense  |                    |  3,597 |                     |  3.5 |   |   |   |  11,551 |   |  10.5 |   |   |   |  (7,954 | )  |   |  (68.9 | )  |
| Controlled vessel expense         |                    | 6,538       |                     | 6.3       |   |   |   | 6,363 |   | 5.7 |   |   |   | 175 |   |   | 2.8 |   |
| Space charter expense             |                    | 1,318       |                     | 1.3       |   |   |   | 1,063 |   | 1.0 |   |   |   | 255 |   |   | 24.0 |   |
| Vessel expense                    | $                       | 104,046     |                     | 100.0     |   |   | $ | 110,354 |   | 100.0 |   |   | $ | (6,308 | ) |   | (5.7 | ) |
|                              |                    |        |                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                           |   | Year Ended December 31, |    |   |                    |   |   |                |   |
|--------------------------------|--------|-------------------------|---------|--------|-------------------------|--------|--------|---------------------|--------|
|                           |   | 2009                    |    |   | 2008                    |   |   | Increase (Decrease) |   |
|                           |   | In Thousands            |    |   | As a % of Total Revenue |   |   | In Thousands        |   |   | As a % of Total Revenue |   |   | In Thousands |   |   | Percentage |   |
| (Loss) income from operations  |   |                    | (49,942 | )      |                    |   | (16.5  | )                   |   |   | 209,275 |   |   |   | 34.2 |   |   |   | (259,217 | ) |   |   | (123.9 | ) |
| Other (expenses) and income    |   |                    |    |   |                    |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense               |   |                    | (17,119 | )      |                    |   | (5.7   | )                   |   |   | (17,228 | ) |   |   | (2.8 | ) |   |   | 109 |   |   |   | (0.6 | ) |
| Loss on extinguishment of debt |   |                    |    |   |                    |   |   |                |   |   | (2,318 | ) |   |   | (0.4 | ) |   |   | 2,318 |   |   |   | (100.0 | ) |
| Other income (expense)         |   |                    | 21      |   |                    |   |   |                |   |   | 2,048 |   |   |   | 0.4 |   |   |   | (2,027 | ) |   |   | (99.0 | ) |
| Net (loss)  income   |   | $                       | (67,040 | )      |                    |   | (22.2  | )                   |   | $ | 191,777 |   |   |   | 31.4 |   |   | $ | (258,817 | ) |   |   | (135.0 | ) |
|                           |   |                    |    |   |                    |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                 | Total  |    |   | Less than 1 year |   |    | 1-3 years |   |   | 3-5 years |   |   | More than 5 years |   |
|--------------------------------------|--------|---------|--------|------------------|--------|---------|-----------|--------|--------|-----------|--------|--------|-------------------|--------|
| Debt Obligations                     | $      | 332,259 |   |             | $      | 97,490  |      |   | $      | 117,454   |   |   | $                 | 74,064 |   |   | $ | 43,251 |   |
| Estimated variable interest payments |   | 70,783  |   |             |   | 25,516  |      |   |   | 27,853    |   |   |              | 15,069 |   |   |   | 2,345 |   |
| Operating Lease obligations          |   | 26,547  |   |             |   | 10,680  |      |   |   | 15,294    |   |   |              | 573    |   |   |   |   |   |
| Other Purchase obligations      |   | 23,680  |   |             |   | 23,680  |      |   |   |      |   |   |              |   |   |   |   |   |   |
| Total contractual cash obligations   | $      | 453,269 |   |             | $      | 157,366 |      |   | $      | 160,601   |   |   | $                 | 89,706 |   |   | $ | 45,596 |   |
|                                 |   |    |   |             |   |    |      |   |   |      |   |   |              |   |   |   |   |   |   |

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|                                     | Total  |    |   | Less than 1 year |   |   | 1-3 years |   |   | 3-5 years |   |   | More than 5 years |    |
|------------------------------------------|--------|---------|--------|------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-------------------|---------|
| Debt Obligations (1)                     | $      | 332,259 |   |             | $      | 30,000 |      |   | $      | 69,996    |   |   | $                 | 223,054 |   |   | $ | 9,209 |   |
| Estimated variable interest payments (2) |   | 88,519  |   |             |   | 28,553 |      |   |   | 48,557    |   |   |              | 10,281  |   |   |   | 1,128 |   |
| Operating Lease obligations (3)          |   | 26,548  |   |             |   | 9,454  |      |   |   | 16,521    |   |   |              | 573     |   |   |   |   |   |
| Other Purchase obligations (4) (5)       |   | 23,680  |   |             |   | 23,680 |      |   |   |      |   |   |              |    |   |   |   |   |   |
| Total contractual cash obligations       | $      | 471,006 |   |             | $      | 91,687 |      |   | $      | 135,074   |   |   | $                 | 233,908 |   |   | $ | 10,337 |   |
|                                     |   |    |   |             |   |   |      |   |   |      |   |   |              |    |   |   |   |   |   |

| (1)   | As of December 31, 2010, we had $332.3 million of indebtedness outstanding under loans to our subsidiaries that we guarantee, $25.8 million under the $40.0 million credit facility with Credit Suisse, $26.1 million under the $75.0 million credit facility with DVB Group Merchant Bank (Asia) Ltd., $12.2 million under the $35.0 million credit facility with AIG Commercial Equipment Finance, $19.2 million under the $142.5 term loan with Bank of America, $110.1 million under the $110.1 million term loan 2 credit facility with Bank of America, $1.5 million under the $12.5 million credit facility with Commerzbank AG, $5.7 million under the $13.0 million credit facility with Berenberg Bank and $131.7 million under the $150.0 million credit facility with The Royal Bank of Scotland for the new vessel building program.  The above schedule does not reflect expected future advances of $15.0 million under the $150.0 million credit facility with The Royal Bank of Scotland for the new vessel building. The long-term portion of the debt obligations on the above table have not been reclassified to current debt, but see "Note 11 – Financing - Classification" to our consolidated financial statements.  If the debt obligations of $332.3 million were reclassified to current debt and shown as being due in the less than one year column, “Total contractual cash obligations” on the above table would have been as follows: less than one year, $394.0 million; 1-3 years, $16.5 million; 3-5 years, $0.6 million; and more than 5 years, zero. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Amounts for all periods represent our estimated future interest payments on our debt facilities based upon amounts outstanding at December 31, 2010 and an annual interest rate of 9.0%, which approximates the average interest rate on all outstanding debt at December 31, 2010. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Operating lease obligations includes obligations under two seven-year bareboat charters for the Seminole Princess and the Laguna Belle, three-year bareboat charters for three Brazilian flagged vessels operated through the Log-Star joint venture and office leases net of sub-lease. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Approximately $15.0 million of the purchase obligation for the new vessels will be funded under the $150.0 million credit facility with The Royal Bank of Scotland for the newbuilding program. Under the loan modification construction advances made during the covenant waiver period  are  subject to adjustment if the amount scheduled for advance by the lenders, exceeds 75% of the value of the vessel, as determined by a valuation of similar size and type ship and due to be delivered at the same time as the ship in construction.  We had outstanding purchase obligations to the shipyard at December 31, 2010 on the purchase of the three remaining vessels to be delivered during the first quarter (two vessels) and second quarter (one vessel) of 2011. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | In connection with the newbuilding program, we entered into a contract for the supervision and inspection of vessels under construction.  As of December 31, 2010, commitments under the contract were $0.3 million, with $0.3 million due within one year. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   | As amended subsequent to                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Actual as of   |
|-----------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|
| Covenant                                            |   | As of December 31, 2010                                                                                                                                                                                                                                                                                                                                                                       |   | December 31, 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | December 31, 2010        |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |
| Minimum Cash Liquidity                              |   | Qualified cash of $15.0 million, which is defined in the agreement as cash and cash equivalents.                                                                                                                                                                                                                                                                                              |   | Qualified weekly average cash of $15.0 million, which is defined in the agreement as cash and cash equivalents.  This calculation shall exclude any expenses actually paid in connection with the restructuring.                                                                                                                                                                                                                                                      |   | $19.0 million       |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |
| Minimum Consolidated Interest Charge Coverage Ratio |   | Not less than a ratio of 3.00 to 1.00 at June 30, 2010 and 3.75 to 1.00 at September 30, 2010 of Consolidated EBITDA for the four previous quarters to Consolidated interest expense for the same period.  Not measured after September 30, 2010.                                                                                                                                   |   | Not less than a ratio (consolidated EBITDA to consolidated interest expense) of 3.35 to 1.00 for each fiscal quarter period during 2011; 3.70 to 1.00 for each fiscal quarter period during 2012; 4.30 to 1.00 for each fiscal quarter period ending on March 31, and June 30, 2013; 4.75 to 1.00 for each fiscal quarter period ending on September 30, and December 31, 2013; 5.20 to 1.00 for each fiscal quarter period during March 31 to September 30, 2014.         |   | 4.15 to 1.00        |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |
| Maximum Consolidated Leverage Ratio                 |   | Not more than a ratio of 5.00 to 1.00 at June 30, 2010, 3.75 to 1.00 at September 30, 2010, 3.00 to 1.00 at December 31, 2010 and March 31, 2011, 2.75 to 1.00 at June 30, 2011 and 2.50 to 1.00 at September 30, 2011 and thereafter, of Consolidated Funded Indebtedness, as defined in the loan agreements, at the end of a quarter to Consolidated EBITDA for the four previous quarters. |   | Not more than a ratio (consolidated funded indebtedness to consolidated EBITDA) of 4.00 to 1.00 for each fiscal quarter period during 2011; 3.65 to 1.00 for each fiscal quarter period during 2012; 3.20 to 1.00 for each fiscal quarter period ending on March 31, and June 30, 2013; 2.75 to 1.00 for each fiscal quarter period ending on September 30, and December 31, 2013; 2.50 to 1.00 for each fiscal quarter period during March 31 to September 30, 2014. |   | 3.23 to 1.00        |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |
| Minimum Consolidated Fixed Charge Coverage Ratio    |   | Not less than a ratio of 1.10 to 1.00 at December 31, 2010, 1.30 to 1.00 at March 31, 2011, 1.50 to 1.00 at June 30, 2011 and, 1.75 to 1.00 at September 30, 2011 and thereafter of Consolidated EBITDA for the four previous quarters to Consolidated interest expense for the same period plus regularly scheduled debt payments for the following 12 months.                               |   | Not Applicable - deleted.                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 1.17 to 1.00        |

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| ·   | We made $49.0 million in scheduled debt principal payments |
|--------------------|------------------------------------------------------------|

| ·   | We borrowed an additional $30.0 million under our credit facility with Royal Bank of Scotland (“RBS”) to fund the construction payments due on our new multipurpose vessels.  At December 31, 2010, we had total borrowings outstanding under the facility of $131.7 million with $15.0 million available under the credit facility. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We paid $6.1 million of deferred financing costs associated with obtaining loan covenant waivers |
|--------------------|--------------------------------------------------------------------------------------------------|

| ·   | In June 2010, we terminated two deferred starting interest rate swap contract and changed the expiration date of a third interest rate swap contract for $3.0 million. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                      | For the Year Ended |   |
|-----------------------------------------------------------|--------------------|--------|
|                                                      | December 31,       |   |
|                                                      | 2010               |   |   | 2009 |   |
|                                                      | (in millions)      |   |
| Vessels purchased                                         | $                  | 80.6   |   |   |   | 39.8 |   |
| Construction in progress                                  |               | 51.5   |   |   |   | 44.5 |   |
| Vessels improvements and other equipment                  |               | 23.5   |   |   |   | 29.3 |   |
| Amount reclassed from construction in progress to vessels |               | (80.6  | ) |   |   | (39.8 | ) |
| Other fixed asset additions                               |               | 0.5    |   |   |   | 2.0 |   |
| Total Vessel acquisitions / capital improvement           | $                  | 75.5   |   |   | $ | 75.8 |   |
|                                                      |               |   |   |   |   |   |   |

| ·   | In connection with our vessel construction program we made payments to the shipyard and incurred capitalized costs totaling $51.5 million. The Dakota Princess was delivered at the end of March 2010 and the Montauk Maiden was delivered at the beginning of September 2010.  Two vessels were delivered in the first quarter of 2011 and the last one is tentatively scheduled to be delivered during the second quarter of 2011.  The project is being funded by the RBS Facility and operating cash flows. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In connection with the March 2009 amendment to The Royal Bank of Scotland Credit Facility, we were required to deposit $20.0 million with The Royal Bank of Scotland after signing the loan modification to be used to pay our portion of the 2009 installment payments that are not funded by The Royal Bank of Scotland newbuilding credit facility.  The restricted cash balance decreases as payments are made to the shipyard in 2010.  For the year ended December 31, 2010, payments of approximately $2.5 million were made to the shipyard from restricted cash. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | We spent $23.5 million for vessel improvements and vessel equipment.  Vessel improvements and other equipment include steel renewal and replacement, major overhauls, new equipment, and takeover costs, including the cost of first drydocking after acquisition and leasehold improvements to the three Brazilian flagged vessels. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On June 29, 2010, we signed a Memorandum of Agreement to sell the Savannah Belle.  The cost of vessel and improvements less accumulated depreciation totaled $7.6 million.  The sale was completed on July 20, 2010 and the net proceeds from the sale were used to pay down the BOA Revolver.  For the year ended December 31, 2010, a $5.2 million charge was recorded as net loss on sale of vessel. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In January 2010, we entered into a joint venture agreement to form Log-Star.  The Company acquired a 70% economic interest in Log-Star for $4.2 million while Logística Intermodal S.A., (“Log-In”) an unrelated corporation, purchased a 30% noncontrolling interest for $1.8 million.  Log-Star is engaged in the transport of cargo in the Brazilian coastal cabotage trade as well as in the Amazon River. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | We made scheduled debt repayments totaling $7.5 million. |
|--------|----------------------------------------------------------|

| · | We prepaid principal payments in the amount of $53.5 million, consisting of $3.0 million to Credit Suisse, $19.6 million to DVB, $19.0 million to Bank of America, $7.9 million to AIG, $2.0 million to Commerzbank, $0.4 million to The Royal Bank of Scotland and $1.6 million to Berenberg Bank. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | We borrowed an additional $29.2 million under our $150.0 million credit facility with The Royal Bank of Scotland to fund construction payments due on the building of the new multipurpose vessels with retractable tweendecks.  At December 31, 2009, we had total borrowings under the credit facility of $103.8 million with $46.2 million available for future drawdown upon the ship yard meeting specific construction milestones. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  · | We paid $3.4 million of deferred financing and leasing costs. |
|--------------|---------------------------------------------------------------|

|                                                      | For the Year Ended |   |
|-----------------------------------------------------------|--------------------|--------|
|                                                      | December 31,       |   |
|                                                      | 2009               |   |   | 2008 |   |
|                                                      | (in millions)      |   |
|                                                      |               |   |   |   |   |
| Vessels purchased                                         | $                  | 39.8   |   |   | $ | 313.7 |   |
| Vessel improvements and other equipment                   |               | 29.3   |   |   |   | 49.3 |   |
| Construction in progress                                  |               | 44.5   |   |   |   | 63.2 |   |
| Amount reclassed from construction in progress to vessels |               | (39.8  | ) |   |   | 0.0 |   |
| Other fixed assets                                        |               | 2.0    |   |   |   | 3.5 |   |
| Sub total                                                 |               | 75.8   |   |   |   | 429.7 |   |
| Less: Vessel deposits paid in prior years                 |               |   |   |   |   | (14.8 | ) |
| Total Vessel acquisitions / capital improvement           | $                  | 75.8   |   |   | $ | 414.9 |   |

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----

| ·   | In connection with our new vessel construction program we made payments to the ship building yard and incurred capitalized costs totaling $44.5 million.  During the third quarter of 2009, the Rockaway Belle, the first of the six vessels being built, was delivered. Two of the remaining vessels were delivered in 2010, two more vessels were delivered in 2011, and the last vessel is tentatively scheduled to be delivered during the second quarter of 2011.  The project is being funded from our credit facility with The Royal Bank of Scotland and operating cash flows.  |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In connection with the March 2009 amendment to The Royal Bank of Scotland Credit Facility, we were required to deposit $20.0 million with The Royal Bank of Scotland after the signing of the loan modification to be used to pay our portion of the 2009 newbuild installment payments that were not funded by The Royal Bank of Scotland newbuilding credit facility.  The restricted cash balance decreased as payments were made to the shipyard in 2009.  For the year ended December 31, 2009, payments of approximately $11.3 million were made to the shipyard from the $20.0 million of restricted cash. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We spent $29.3 million for vessel improvements and vessel equipment.  Vessel improvements and other equipment include steel renewal and replacement, major overhauls, new equipment, and takeover costs, including the cost of first drydocking after acquisition. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We spent $2.0 million in other assets. |
|--------------------|----------------------------------------|

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| · | Cash and cash equivalents, charter hire and claims receivable - The carrying amount reported in the accompanying consolidated balance sheets for cash and cash equivalents, charter hire and claims receivable approximates their fair value due to the current maturities. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Short-term debt - The carrying amount reported in the accompanying consolidated balance sheets for short-term debt approximates its fair value due to the current maturity of such instruments and their variable rates. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Long-term debt - The carrying amount of our long-term debt, which was reclassified to short-term in our 2010 and 2009 balance sheets, approximates fair value due to the variable interest rates on bank borrowings and based on the current rates offered to us for debt of the same remaining maturities. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Interest rate swaps - The carrying amount reported in the accompanying consolidated balance sheets for derivative financial instruments is based on the quoted market price for a similar liability or determined using inputs that use as their basis readily observable market data that are actively quoted and can be validated through external sources. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

| Year   |   | Unhedged Debt subject to Floating Rate |   |   | Estimated Interest Change |   |
|--------|--------|----------------------------------------|--------|--------|---------------------------|--------|
|   |   | (in thousands)                         |   |
| 2011   |   | 207,111                                |   |   | 2,071                     |   |
| 2012   |   | 197,043                                |   |   | 1,970                     |   |
| 2013   |   | 182,263                                |   |   | 1,823                     |   |
| 2014   |   | 12,705                                 |   |   | 127                       |   |
| 2015   |   | 9,209                                  |   |   | 92                        |   |

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Item 8. Financial Statements and Supplementary Data.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Item 9A. Controls and Procedures.

Item 9B. Other Information.

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----

Item 10. Directors, Executive Officers and Corporate Governance.

| Name                  | Age | Title                                                                 |
|-----------------------|-----|-----------------------------------------------------------------------|
| Joseph E. Royce       | 66  | President, Chief Executive Officer, Chairman and Director             |
| Gregg L. McNelis      | 55  | Senior Executive Vice President, Chief Operating Officer and Director |
| Lawrence A. Blatte    | 81  | Senior Executive Vice President                                       |
| Ferdinand V. Lepere   | 59  | Senior Executive Vice President and Chief Financial Officer           |
| James W. Bayley       | 70  | Vice President and Director                                           |
| John P. Cahill        | 52  | Director                                                              |
| Randee E. Day         | 62  | Director                                                              |
| William P. Harrington | 53  | Director                                                              |
| Peter S. Shaerf       | 56  | Director                                                              |
| Alexander Smigelski   | 53  | Director                                                              |

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Item 11.  Executive Compensation.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.

| Plan category                                              |    | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights                                                                                                    | Number of securities remaining available for future issuance |
|------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|
|                                                       |    |                                                                                        |                                                                                                                                                                           |                                                         |   |   |
| Equity compensation plans approved by security holders     | 793,000 |                                                                                        | $                                                                                                                                                                              |                                                         | 4,457,352 |
|                                                       |    |                                                                                        |                                                                                                                                                                           |                                                         |   |   |
| Equity compensation plans not approved by security holders |    |                                                                                        |                               |                                                         |                                  |
| Total                                                      |    | 793,000                                                                                     |                                                                                                                                                                           | $                                                            |   | 4,457,352 |
|                                                       |    |                                                                                        |                                                                                                                                                                           |                                                         |   |   |

Item 13. Certain Relationships and Related Transactions, and Director Independence

Item 14. Principal Accounting Fees and Services

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Item 15. Exhibits and Financial Statement Schedules.

| 1.   | Financial Statements |
|----------------|----------------------|

|    | Report of Independent Registered Public Accounting Firm                                                                         |   | F-1        |
|--------------|---------------------------------------------------------------------------------------------------------------------------------|--------|------------|
|         |                                                                                                                            |   |       |
|    | Consolidated Balance Sheets as of December 31, 2010 and December 31, 2009                                                       |   | F-2        |
|         |                                                                                                                            |   |       |
|         | Consolidated Statements of Operations for the Years ended December 31, 2010, 2009 and 2008                                 |   | F-3        |
|         |                                                                                                                            |   |       |
|         | Consolidated Statements of Cash Flows for the Years ended December 31, 2010, 2009 and 2008                                 |   | F-4        |
|         |                                                                                                                            |   |       |
|         | Consolidated Statements of Changes in Shareholders' Equity for the Years ended December 31, 2010, 2009 and  2008 |   | F-5        |
|         |                                                                                                                            |   |       |
|         | Notes to Consolidated Financial Statements                                                                                      |   | F-6 - F-32 |

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| 2.   | Financial Statement Schedules. |
|----------------|--------------------------------|

|   |        All schedules are omitted because they are not applicable or not required or because the required information is included in the Consolidated Financial Statements or the Notes thereto. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Exhibits. |
|----------------|-----------|

|   |        The following exhibits are filed as part of, or incorporated by reference into, this Annual Report: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Description of Exhibit |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|
| ExhibitNumber | Exhibit Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Form                   | File No. | Filing Date | Exhibit Number | Filed Herewith |
| 1.1           | Investment Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 8-K                    | 000-51368 | 1/31/11 | 10.11 |   |
| 3.1           | Certificate of Incorporation of TBS International plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | S-8 POS                | 333-137517 | 1/19/10 | 4.2 |   |
| 3.2           | Amended and Restated Memorandum of Association of TBS International plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 8-K12B                 | 001-34599 | 1/8/10 | 3.1 |   |
| 3.3           | Certificate of Designation for Series A and Series B Preference Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | S-1                    | 333-172236 | 2/14/2011 | 4.1 |   |
| 10.1          | TBS International Amended and Restated 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | S-8 POS                | 333-137517 | 1/19/10 | 99.1 |   |
| 10.2          | Form of Restricted Share Award Agreement under the TBS International Limited 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 000-51368 | 1/26/07 | 10.2 |   |
| 10.3          | Form of Bonus Share Award Agreement under the TBS International Limited 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 8-K                    | 000-51368 | 1/26/07 | 10.3 |   |
| 10.4          | Form of Share Unit Award Agreement under the TBS International Limited 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 10-Q                   | 000-51368 | 11/9/07 | 10.1 |   |
| 10.5          | Form of Restricted Share Award Agreement under the TBS International Limited 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 10-Q                   | 000-51368 | 5/9/08 | 10.1 |   |
| 10.6          | Form of Share Unit Award Agreement under the TBS International Limited 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 10-Q                   | 000-51368 | 5/9/08 | 10.2 |   |
| 10.7          | Restricted Stock Grant Agreement, dated June 29, 2005, between Ferdinand Lepere and TBS International Ltd.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 10-Q                   | 000-51368 | 8/10/07 | 10.7 |   |
| 10.8          | First Amendment, dated May 8, 2008, to Restricted Stock Grant Agreement, dated June 29, 2005, between Ferdinand Lepere and TBS International Ltd.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 10-Q                   | 000-51368 | 5/9/08 | 10.4 |   |
| 10.9          | Form of Restricted Share Award Agreement under the TBS International Amended and Restated 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10-K                   | 001-34599 | 3/16/10 | 10.1 |   |
| 10.10         | Form of Bonus Share Award Agreement under the TBS International Amended and Restated 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 10-K                   | 001-34599 | 3/16/10 | 10.2 |   |
| 10.11         | Form of Share Unit Award Agreement under the TBS International Amended and Restated 2005 Equity Incentive Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 10-K                   | 001-34599 | 3/16/10 | 10.3 |   |
| 10.12         | Deed Poll of Assumption by and between TBS International Limited and TBS International plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 8-K                    | 001-34599 | 1/8/10 | 10.1 |   |
| 10.13         | Deed Poll of Indemnity by and between TBS International Limited and TBS International plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 8-K                    | 001-34599 | 1/8/10 | 10.2 |   |
| 10.14         | Lease agreement, dated January 1, 2010, between Joseph E. Royce and TBS Shipping Services Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10-K                   | 001-34599 | 3/16/10 | 10.4 |   |
| 10.15         | Memorandum of Agreement, dated as of January 24, 2007, by and between TBS International Limited, Fairfax Shipping Corp. and Adirondack Shipping LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10-K                   | 000-51368 | 3/12/07 | 10.1 |   |
| 10.16         | Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Fairfax Shipping Corp and Adirondack Shipping LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 10-K                   | 000-51368 | 3/12/07 | 10.3 |   |
| 10.17         | First Amendatory Agreement, dated March 26, 2009, to the Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Fairfax Shipping Corp and Adirondack Shipping LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 000-51368 | 4/2/09 | 10.12 |   |
| 10.18         | Second Amendatory Agreement, dated April 16, 2009, to the Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Fairfax Shipping Corp and Adirondack Shipping LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 10-K                   | 001-34599 | 3/16/10 | 10.5 |   |
| 10.19         | Third Amendatory Agreement, dated December 31, 2009, to the Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Fairfax Shipping Corp and Adirondack Shipping LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 10-K                   | 001-34599 | 3/16/10 | 10.6 |   |
| 10.20         | Fourth Amendatory Agreement, dated January 12,2010, to the Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Fairfax Shipping Corp and Adirondack Shipping LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 10-K                   | 001-34599 | 3/16/10 | 10.7 |   |
| 10.21         | Memorandum of Agreement, dated January 24, 2007, by and between TBS International Limited, Rushmore Shipping LLC and Beckman Shipping Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 10-K                   | 000-51368 | 3/12/07 | 10.2 |   |
| 10.22         | Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Rushmore Shipping LLC and Beckman Shipping Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10-K                   | 000-51368 | 3/12/07 | 10.4 |   |
| 10.23         | First Amendatory Agreement, dated March 26, 2009, to the Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Rushmore Shipping LLC and Beckman Shipping Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 8-K                    | 000-51368 | 4/2/09 | 10.13 |   |
| 10.24         | Second Amendatory Agreement, dated April 16, 2009, to the Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Rushmore Shipping LLC and Beckman Shipping Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 10-K                   | 001-34599 | 3/16/10 | 10.8 |   |
| 10.25         | Third Amendatory Agreement, dated December 31, 2009, to the Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Rushmore Shipping LLC and Beckman Shipping Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 10-K                   | 001-34599 | 3/16/10 | 10.9 |   |
| 10.26         | Fourth Amendatory Agreement, dated January 12, 2010, to the Bareboat Charter Agreement, dated January 24, 2007, by and between TBS International Limited, Rushmore Shipping LLC and Beckman Shipping Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 10-K                   | 001-34599 | 3/16/10 | 10.10 |   |
| 10.27         | Overall Agreement, dated February 2007, relating to the construction of six multipurpose vessels, between TBS International Limited, China Communications Construction Company Ltd and Nantong Yahua Shipbuilding Co., Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                   |   |   |   | X  |
| 10.28         | Shipbuilding Contract, dated February 2007, between Sunswyck Maritime Corp., China Communications Construction Company Ltd and Nantong Yahua Shipbuilding Co., Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                   |   |   |   | X  |
| 10.29         | Amendment Number 1, dated June 27, 2007, to Shipbuilding Contract, dated February 2007, between Sunswyck Maritime Corp., China Communications Construction Company Ltd and Nantong Yahua Shipbuilding Co., Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                   |   |   |   | X  |
| 10.30         | Term Loan Facility Agreement, dated March 29, 2007, among TBS International Limited, certain subsidiaries of TBS International Limited, certain lenders and The Royal Bank of Scotland plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8-K                    | 000-51368 | 4/2/07 | 10.1 |   |
| 10.31         | Supplemental Agreement, dated March 27, 2009, to the Term Loan Facility Agreement, dated March 29, 2007, among TBS International Limited, certain subsidiaries of TBS International Limited, certain lenders and The Royal Bank of Scotland plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 10-Q                   | 000-51368 | 8/7/09 | 10.7 |   |
| 10.32         | Supplemental Agreement, dated December 31, 2009, to the Term Loan Facility Agreement, dated March 29, 2007, among TBS International Limited, certain subsidiaries of TBS International Limited, certain lenders and The Royal Bank of Scotland plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10-K                   | 001-34599 | 3/16/10 | 10.11 |   |
| 10.33         | Guarantee, dated January 7, 2010, by TBS International plc pursuant to which it guaranteed certain obligations under the Term Loan Facility Agreement, dated March 29, 2007, among TBS International Limited, certain subsidiaries of TBS International Limited, certain lenders and The Royal Bank of Scotland plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 10-K                   | 001-34599 | 3/16/10 | 10.12 |   |
| 10.34         | Loan Agreement, dated December 7, 2007, by and among Claremont Shipping Corp., Yorkshire Shipping Corp. and Credit Suisse                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 10-K                   | 000-51368 | 3/14/08 | 10.37 |   |
| 10.35         | Supplemental Letter, dated March 24, 2009, to the Loan Agreement, dated December 7, 2007, by and among Claremont Shipping Corp., Yorkshire Shipping Corp. and Credit Suisse                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8-K                    | 000-51368 | 4/2/09 | 10.10 |   |
| 10.36         | Supplemental Letter, dated December 22, 2009, to the Loan Agreement, dated December 7, 2007, by and among Claremont Shipping Corp., Yorkshire Shipping Corp. and Credit Suisse                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10-K                   | 001-34599 | 3/16/10 | 10.15 |   |
| 10.37         | Guarantee, dated January 11, 2010, by TBS International plc pursuant to which it guaranteed certain obligations under the Loan Agreement, dated December 7, 2007, by and among Claremont Shipping Corp., Yorkshire Shipping Corp. and Credit Suisse                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10-K                   | 001-34599 | 3/16/10 | 10.16 |   |
| 10.38         | Loan Agreement, dated January 16, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited, DVB Group Merchant Bank (Asia) Ltd., The Governor and Company of the Bank of Ireland, DVB Bank AG, Natixis and Mount Washington LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 10-Q                   | 000-51368 | 8/7/09 | 10.2 |   |
| 10.39         | First Amendatory Agreement, dated March 23, 2009, to Loan Agreement, dated January 16, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited, DVB Group Merchant Bank (Asia) Ltd., The Governor and Company of the Bank of Ireland, DVB Bank AG, Natixis and Mount Washington LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8-K                    | 000-51368 | 4/2/09 | 10.9 |   |
| 10.40         | Second Amendatory Agreement, dated December 31, 2009, to the Loan Agreement, dated January 16, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited, DVB Group Merchant Bank (Asia) Ltd., The Governor and Company of the Bank of Ireland, DVB Bank AG, Natixis and Mount Washington LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10-K                   | 001-34599 | 3/16/10 | 10.17 |   |
| 10.41         | Guarantee, dated January 11, 2010, by TBS International plc pursuant to which it guaranteed certain obligations under Loan Agreement, dated January 16, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited, DVB Group Merchant Bank (Asia) Ltd., The Governor and Company of the Bank of Ireland, DVB Bank AG, Natixis and Mount Washington LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 10-K                   | 001-34599 | 3/16/10 | 10.18 |   |
| 10.42         | Loan Agreement, dated February 29, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited and AIG Commercial Equipment Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 10-K                   | 000-51368 | 3/14/08 | 10.39 |   |
| 10.43         | First Amendment, dated March 27, 2009, to Loan Agreement, dated February 29, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited and AIG Commercial Equipment Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 10-Q                   | 000-51368 | 8/7/09 | 10.5 |   |
| 10.44         | Second Amendment, dated December 30, 2009, to Loan Agreement, dated February 29, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited and AIG Commercial Equipment Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 10-K                   | 001-34599 | 3/16/10 | 10.19 |   |
| 10.45    | Guarantee, dated January 7, 2010, by TBS International plc pursuant to which it guaranteed certain obligations under the Loan Agreement, dated February 29, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited and AIG Commercial Equipment Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 10-K                   | 001-34599 | 3/16/10 | 10.20 |   |
| 10.46         | Amended and Restated Credit Agreement, dated March 26, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited, Bank of America, N.A. and the lenders named thereto                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 10-Q                   | 000-51368 | 8/7/09 | 10.3 |   |
| 10.47         | Amendment No. 1 and Waiver, dated March 27, 2009, to the Amended and Restated Credit Agreement, dated March 26, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited, Bank of America, N.A. and the lenders named thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10-Q                   | 000-51368 | 8/7/09 | 10.4 |   |
| 10.48         | Amendment No. 2 and Waiver, dated December 31, 2009, to the Amended and Restated Credit Agreement, dated March 26, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited, Bank of America, N.A. and the lenders named thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 10-K                   | 001-34599 | 3/16/10 | 10.21 |   |
| 10.49         | Joinder Agreement, effective as of January 7, 2010, by TBS International plc pursuant to which it guaranteed certain obligations under the Amended and Restated Credit Agreement, dated March 26, 2008, by and among TBS International Limited, certain subsidiaries of TBS International Limited, Bank of America, N.A. and the lenders named thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 10-K                   | 001-34599 | 3/16/10 | 10.22 |   |
| 10.50         | Loan Agreement, dated May 28, 2008, by and between among Dyker Maritime Corp., TBS International Limited and Commerzbank AG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 10-Q                   | 000-51368 | 8/7/08 | 99.2 |   |
| 10.51         | Supplemental Letter, dated March 2, 2009, to the Loan Agreement, dated May 28, 2008, by and between among Dyker Maritime Corp., TBS International Limited and Commerzbank AG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 8-K                    | 000-51368 | 4/2/09 | 10.11 |   |
| 10.52         | Supplemental Letter, dated December 28, 2009, to the Loan Agreement, dated May 28, 2008, by and between among Dyker Maritime Corp., TBS International Limited and Commerzbank AG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 10-K                   | 001-34599 | 3/16/10 | 10.23 |   |
| 10.53         | Guarantee, dated January 11,2010, by TBS International plc pursuant to which it guaranteed certain obligations under the Loan Agreement, dated May 28, 2008, by and between among Dyker Maritime Corp., TBS International Limited and Commerzbank AG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 10-K                   | 001-34599 | 3/16/10 | 10.24 |   |
| 10.54         | Loan Agreement, dated June 19, 2008, by and between among Grainger Maritime Corp. and Joh. Berenberg, Gossler & Co. KG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 10-Q                   | 000-51368 | 8/7/08 | 99.1 |   |
| 10.55         | Supplemental Letter, dated March 10, 2009, to the Loan Agreement, dated June 19, 2008, by and between among Grainger Maritime Corp. and Joh. Berenberg, Gossler & Co. KG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 10-Q                   | 000-51368 | 8/7/09 | 10.6 |   |
| 10.56         | Supplemental Letter, dated December 30, 2009, to the Loan Agreement, dated June 19, 2008, by and between among Grainger Maritime Corp. and Joh. Berenberg, Gossler & Co. KG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 10-K                   | 001-34599 | 3/16/10 | 10.25 |   |
| 10.57         | Guarantee, dated January 28,2010, by TBS International plc pursuant to which it guaranteed certain obligations under the Loan Agreement, dated June 19, 2008, by and between among Grainger Maritime Corp. and Joh. Berenberg, Gossler & Co. KG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10-K                   | 001-34599 | 3/16/10 | 10.26 |   |
| 10.58         | Amendment No. 3 and Waiver, dated as of March 31, 2010, to the Amended and Restated Credit Agreement, dated March 26, 2008, by and among Albemarle Maritime Corp, Arden Maritime Corp, Avon Maritime Corp, Birnam Maritime Corp, Bristol Maritime Corp, Chester Shipping Corp, Cumberland Navigation Corp., Darby Navigation Corp, Dover Maritime Corp, Elrod Shipping Corp, Exeter Shipping Corp, Frankfort Maritime Corp, Glenwood Maritime Corp, Hansen Shipping Corp, Hartley Navigation Corp., Henley Maritime Corp, Hudson Maritime Corp, Jessup Maritime Corp., Montrose Maritime Corp, Oldcastle Shipping Corp, Quentin Navigation Corp., Rector Shipping Corp, Remsen Navigation Corp, Sheffield Maritime Corp, Sherman Maritime Corp, Sterling Shipping Corp, Stratford Shipping Corp, Verdado Maritime Corp., Vernon Maritime Corp, Windsor Maritime Corp, and the other persons named thereto as Borrowers, TBS International plc, TBS International Limited, TBS Holdings Limited, and TBS Shipping Services Inc. as Administrative Borrower, Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer, the other lenders named thereto, Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd. as co-Syndication Agents, TD Banknorth, N.A. as Documentation Agent, and Banc of America Securities LLC as Sole Lead Arranger and Sole Book Manager as amended by Amendment No.1 and Waiver dated as of March 27, 2009, and Amendment No.2 and Waiver dated as of December 31, 2009. | 10-Q                   | 000-34599 | 5/10/10 | 10.01 |   |
| 10.59         | Third Amendment dated April 22, 2010, to the Loan Agreement dated February 29, 2008, by and among Amoros Maritime Corp., Lancaster Maritime Corp. and Chatham Maritime Corp., TBS International Limited, Sherwood Shipping Corp., TBS Holdings Limited, as Guarantors, and TBS International Public Limited Company, as Parent Guarantor, and AIG Commercial Equipment Finance, Inc. as amended by the First Amendment dated March 27,  2009, and the Second Amendment dated December 30, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 10-Q                   | 000-34599 | 5/10/10 | 10.02 |   |
| 10.60         | Supplemental Letter dated March 31, 2010, to the Loan Agreement dated June 19, 2008, by and among Grainger Maritime Corp., TBS International Limited and Joh. Berenberg, Gossler & Co. KG as amended by the Supplemental Letter to the Loan Agreement dated March 10, 2009 and December 31, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10-Q                   | 000-34599 | 5/10/10 | 10.03 |   |
| 10.61         | Supplemental Agreement dated May 6, 2010, relating to the Term Loan Facility dated March 29, 2007, each among Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp., Sunswyck Maritime Corp., TBS International Limited and The Royal Bank of Scotland plc., Citibank N.A., Landesbank Hessen-Thuringen Girozentrale, Norddeutsche Landesbank Girozentrale, Alliance & Leicester Commercial Finance plc, and Bank of America, N.A. as amended by the Supplemental Agreement dated March 27, 2009 and December 30, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10-Q                   | 000-34599 | 5/10/10 | 10.04 |   |
| 10.62         | Fourth Amendatory Agreement dated April 30, 2010, to the Loan Agreement dated January 16, 2008, by and among Bedford Maritime Corp., Brighton Maritime Corp., Hari Maritime Corp., Prospect Navigation Corp., Hancock Navigation Corp., Columbus Maritime Corp. and Whitehall Marine Transport Corp., TBS International Limited, TBS Holdings limited, and TBS International Public Company as Guarantors, DVB Group Merchant Bank (Asia) Ltd., The Governor and Company of the Bank of Ireland, DVB Bank SE, Natixis, as amended by a First Amendatory Agreement dated March 23, 2009, a Second Amendatory Agreement dated December 31, 2009, and a Third Amendatory Agreement dated January 11, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 10-Q                   | 000-34599 | 5/10/10 | 10.06 |   |
| 10.63         | Supplemental Letter dated April 21, 2010, to Loan Agreement dated December 7, 2007, by and among Claremont Shipping Corp., Yorkshire Shipping Corp., TBS International Ltd. and Credit Suisse as supplemented by an amendment letter dated March 19, 2008, a waiver letter dated March 24, 2009, an extension of waiver letter dated December 22, 2009, a supplemental agreement dated January 8, 2010, and a further extension of waiver letter dated March 31, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 10-Q                   | 000-34599 | 5/10/10 | 10.07 |   |
| 10.64         | Supplemental Letter dated March 31, 2010, to the Loan Agreement dated May 28,2008, by and among Dyker Maritime Corp., TBS International Limited and Commerzbank AG as amended by the Supplemental Letter dated March 2, 2009 and December 28, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10-Q                   | 000-34599 | 5/10/10 | 10.08 |   |
| 10.65         | Fifth Amendatory Agreement dated April 30, 2010, amending and supplementing the Bareboat Charter by and among Adirondack Shipping LLC, TBS International Limited, TBS Holdings Limited, and TBS International Limited Company, as Guarantors, and Fairfax Shipping Corp. dated as of January 24, 2007 as amended and supplemented by the First Amendatory Agreement dated March 26, 2009 and the Second Amendatory Agreement dated April 16, 2009, the Third Amendatory Agreement dated December 31, 2009, and the Fourth Amendatory Agreement dated January 12, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 10-Q                   | 000-34599 | 5/10/10 | 10.09 |   |
| 10.66         | Fifth Amendatory Agreement dated April 30, 2010, amending and supplementing the Bareboat Charter by and among Rushmore Shipping LLC, TBS International Limited, TBS Holdings Limited, and TBS International Public Limited Company, as Guarantors, and Beekman Shipping Corp. dated as of January 24, 2007as amended and supplemented by the First Amendatory Agreement dated March 26, 2009, the Second Amendatory Agreement dated April 16, 2009, the Third Amendatory Agreement dated December 31, 2009, and the Fourth Amendatory Agreement dated January 12, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 10-Q                   | 000-34599 | 5/10/10 | 10.10 |   |
| 10.67         | Appendix 1 to the Supplemental Agreement dated May 6, 2010 and effective May 6, 2010, among Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp., Sunswyck Maritime Corp., The Royal Bank of Scotland plc., Citibank, N.A., Landesbank Hessen-Thüringen Girozentrale, Norddeutsche Landesbank Girozentrale, Alliance & Leicester Commercial Finance plc and Bank of America, N.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 8-K                    | 001-34599 | 5/11/10 | 10.1 |   |
| 10.68         | Amending and Restating Agreement relating to the Term Loan Facility, dated May 6, 2010, each among Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp., Sunswyck Maritime Corp., TBS International Limited and The Royal Bank of Scotland plc., Citibank N.A., Landesbank Hessen-Thuringen Girozentrale, Norddeutsche Landesbank Girozentrale, Alliance & Leicester Commercial Finance plc, and Bank of America, N.A. (the "RBS Facility").                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 8-K                    | 011-34599 | 5/11/10 | 10.1 |   |
| 10.69         | Forbearance Agreement with respect to the Amended and Restated Credit Agreement, dated as of March 26, 2008, as amended, among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as Borrowers, TBS International plc and TBS International Limited, as guarantors, TBS Shipping Services Inc., as Administrative Borrower, each of the financial institutions party thereto as lenders, Bank of America, N.A., as Administrative Agent, Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 8-K                    | 001-34599 | 10/1/10 | 10.1 |   |
| 10.70         | Letter Agreement with respect to Loan Agreement dated 29 March 2007, as amended by a side letter dated 24 July 2007, a supplemental letter agreement dated 26 March 2008, a supplemental agreement dated 27 March 2009, a side letter dated 27 May 2009, a side letter dated 3 September 2009, a side letter dated 31 December 2009, a supplemental agreement dated 7 January 2010, a side letter dated 28 February 2010, a side letter dated 31 March 2010, an amending and restating agreement dated 6 May 2010 and a supplemental letter agreement dated 16 August 2010, each made between Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp. and Sunswyck Maritime Corp., as joint and several Borrowers, the banks and financial institutions listed therein as Lenders, the Royal Bank of Scotland plc, as Mandated Lead Arranger, and the Royal Bank of Scotland plc, as Bookrunner, Agent, Security Trustee and Swap Bank.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 001-34599 | 10/1/10 | 10.2 |   |
| 10.71         | Letter Agreement with respect to the Loan Agreement dated as of January 16, 2008 (as amended) among, inter alia, the parties named therein as Borrowers, the parties named therein as Guarantors, the banks and financial institutions named therein as Lenders, the banks and financial institutions named therein as Swap Banks, and DVB Group Merchant Bank (Asia) Ltd. as Facility Agent and Security Trustee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 8-K                    | 001-34599 | 10/1/10 | 10.4 |   |
| 10.72         | Letter Agreement with respect to Specified Events of Default under that certain Loan Agreement dated February 29, 2008 by and among AIG Commercial Equipment Finance, Inc., Amoros Maritime Corp., Lancaster Maritime Corp., Chatham Maritime Corp. and the guarantors party thereto, as amended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8-K                    | 001-34599 | 10/1/10 | 10.5 |   |
| 10.73         | Forbearance of Events of Default under Credit Suisse AG Facility and the Master Agreement dated December 7, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8-K                    | 001-34599 | 10/1/10 | 10.6 |   |
| 10.74         | Letter Agreement with respect to Events of Default under Loan Agreement between Grainger Maritime Corp. and Joh. Berenberg, Gossler& Co. KG and Facility dated as of June 19, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 8-K                    | 001-34599 | 10/1/10 | 10.7 |   |
| 10.75         | Forbearance and Waiver of Events of Default with respect to Loan Agreement dated 28 May 2008 made between Dyker Maritime Corp., as Borrower, and Commerzbank AG, as Lender.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8-K                    | 001-34599 | 10/1/10 | 10.8 |   |
| 10.76         | Letter Agreement with respect to Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented) among Adirondack Shipping LLC, as Owner, Fairfax Shipping Corp., as Charterer, and the Guarantors named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 001-34599 | 10/1/10 | 10.9 |   |
| 10.77         | Letter Agreement with respect to Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented) among Rushmore Shipping LLC, as Owner, Beekman Shipping Corp., as Charterer, and the Guarantors named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 8-K                    | 001-34599 | 10/1/10 | 10.10 |   |
| 10.78         | Forbearance Agreement with respect to (a)certain extensions of credit made pursuant to the Amended and Restated Credit Agreement, dated as of March 26, 2008 (as amended), among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as Borrowers, TBS International plc and TBS International Limited, as guarantors, TBS Shipping Services Inc., as Administrative Borrower, each of the financial institutions party thereto as lenders, Bank of America, N.A., as Administrative Agent, Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager and (b)certain interest rate swap transactions entered into in connection with and pursuant to that certain Master Agreement dated as of June 28, 2005 among the Borrowers, TBS International Limited and Bank of America, N.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8-K                    | 001-34599 | 10/1/10 | 10.11 |   |
| 10.79         | Letter Agreement with respect to ISDA Master Agreement dated as of 29 March 2009, as amended, made between Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp. and Sunswyck Maritime Corp., acting jointly and severally, and The Royal Bank of Scotland plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 8-K                    | 001-34599 | 10/1/10 | 10.12 |   |
| 10.80         | Form of Restricted Share Award Agreement under the TBS International plc Amended and Restated 2010 Equity Incentive Plan *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 10-Q                   | 001-34599 | 11/9/10 | 10.1 |   |
| 10.81         | Form of Bonus Share Award Agreement under the TBS International plc Amended and Restated 2010 Equity Incentive Plan *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10-Q                   | 001-34599 | 11/9/10 | 10.2 |   |
| 10.82         | Amendment No. 1 to the Forbearance Agreement with respect to the Amended and Restated Credit Agreement, dated as of March 26, 2008, as amended, among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as Borrowers, TBS International plc and TBS International Limited, as guarantors, TBS Shipping Services Inc., as Administrative Borrower, each of the financial institutions party thereto as lenders, Bank of America, N.A., as Administrative Agent, Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 8-K                    | 001-34599 | 11/15/10 | 10.1 |   |
| 10.83         | Letter Agreement with respect to Loan Agreement dated 29 March 2007, as amended by a side letter dated 24 July 2007, a supplemental letter agreement dated 26 March 2008, a supplemental agreement dated 27 March 2009, a side letter dated 27 May 2009, a side letter dated 3 September 2009, a side letter dated 31 December 2009, a supplemental agreement dated 7 January 2010, a side letter dated 28 February 2010, a side letter dated 31 March 2010, an amending and restating agreement dated 6 May 2010 and a supplemental letter agreement dated 16 August 2010, each made between Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp. and Sunswyck Maritime Corp., as joint and several Borrowers, the banks and financial institutions listed therein as Lenders, The Royal Bank of Scotland plc, as Mandated Lead Arranger, and The Royal Bank of Scotland plc, as Bookrunner, Agent, Security Trustee and Swap Bank.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 001-34599 | 11/15/10 | 10.2 |   |
| 10.84         | Letter Agreement with respect to the Loan Agreement dated as of January 16, 2008 (as amended) among, inter alia, the parties named therein as Borrowers, the parties named therein as Guarantors, the banks and financial institutions named therein as Lenders, the banks and financial institutions named therein as Swap Banks, and DVB Group Merchant Bank (Asia) Ltd. as Facility Agent and Security Trustee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 8-K                    | 001-34599 | 11/15/10 | 10.4 |   |
| 10.85         | Letter Agreement with respect to Specified Events of Default under that certain Loan Agreement dated February 29, 2008 by and among AIG Commercial Equipment Finance, Inc., Amoros Maritime Corp., Lancaster Maritime Corp., Chatham Maritime Corp. and the guarantors party thereto, as amended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8-K                    | 001-34599 | 11/15/10 | 10.5 |   |
| 10.86         | Forbearance of Events of Default under Credit Suisse AG Facility and the Master Agreement dated December 7, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8-K                    | 001-34599 | 11/15/10 | 10.6 |   |
| 10.87         | Letter Agreement with respect to Events of Default under Loan Agreement between Grainger Maritime Corp. and Joh. Berenberg, Gossler & Co. KG and Facility dated as of June 19, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 001-34599 | 11/15/10 | 10.7 |   |
| 10.88         | Forbearance and Waiver of Events of Default with respect to Loan Agreement dated 28 May 2008 made between Dyker Maritime Corp., as Borrower, and Commerzbank AG, as Lender.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8-K                    | 001-34599 | 11/15/10 | 10.8 |   |
| 10.89         | Letter Agreement with respect to Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented) among Adirondack Shipping LLC, as Owner, Fairfax Shipping Corp., as Charterer, and the Guarantors named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 8-K                    | 001-34599 | 11/15/10 | 10.9 |   |
| 10.90         | Letter Agreement with respect to Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented) among Rushmore Shipping LLC, as Owner, Beekman Shipping Corp., as Charterer, and the Guarantors named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8-K                    | 001-34599 | 11/15/10 | 10.10 |   |
| 10.91         | Forbearance Agreement with respect to (a) certain extensions of credit made pursuant to the Amended and Restated Credit Agreement, dated as of March 26, 2008 (as amended), among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as Borrowers, TBS International plc and TBS International Limited, as guarantors, TBS Shipping Services Inc., as Administrative Borrower, each of the financial institutions party thereto as lenders, Bank of America, N.A., as Administrative Agent, Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager and (b) certain interest rate swap transactions entered into in connection with and pursuant to that certain Master Agreement dated as of June 28, 2005 among the Borrowers, TBS International Limited and Bank of America, N.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 001-34599 | 11/15/10 | 10.11 |   |
| 10.92         | Letter Agreement with respect to ISDA Master Agreement dated as of 29 March 2009, as amended, made between Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp. and Sunswyck Maritime Corp., acting jointly and severally, and The Royal Bank of Scotland plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 8-K                    | 001-34599 | 11/15/10 | 10.12 |   |
| 10.93         | Amendment No. 2 to the Forbearance Agreement with respect to the Amended and Restated Credit Agreement, dated as of March 26, 2008, as amended, among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as Borrowers, TBS International plc and TBS International Limited, as guarantors, TBS Shipping Services Inc., as Administrative Borrower, each of the financial institutions party thereto as lenders, Bank of America, N.A., as Administrative Agent, Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 8-K                    | 001-3459 | 12/27/10 | 10.1 |   |
| 10.94         | Letter Agreement with respect to Loan Agreement dated 29 March 2007, as amended by a side letter dated 24 July 2007, a supplemental letter agreement dated 26 March 2008, a supplemental agreement dated 27 March 2009, a side letter dated 27 May 2009, a side letter dated 3 September 2009, a side letter dated 31 December 2009, a supplemental agreement dated 7 January 2010, a side letter dated 28 February 2010, a side letter dated 31 March 2010, an amending and restating agreement dated 6 May 2010 and a supplemental letter agreement dated 16 August 2010, each made between Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp. and Sunswyck Maritime Corp., as joint and several Borrowers, the banks and financial institutions listed therein as Lenders, The Royal Bank of Scotland plc, as Mandated Lead Arranger, and The Royal Bank of Scotland plc, as Bookrunner, Agent, Security Trustee and Swap Bank.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 001-3459 | 12/27/10 | 10.2 |   |
| 10.95         | Letter Agreement with respect to the Loan Agreement dated as of January 16, 2008 (as amended) among, inter alia, the parties named therein as Borrowers, the parties named therein as Guarantors, the banks and financial institutions named therein as Lenders, the banks and financial institutions named therein as Swap Banks, and DVB Group Merchant Bank (Asia) Ltd. as Facility Agent and Security Trustee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 8-K                    | 001-3459 | 12/27/10 | 10.4 |   |
| 10.96         | Letter Agreement with respect to Specified Events of Default under that certain Loan Agreement dated February 29, 2008 by and among AIG Commercial Equipment Finance, Inc., Amoros Maritime Corp., Lancaster Maritime Corp., Chatham Maritime Corp. and the guarantors party thereto, as amended.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8-K                    | 001-3459 | 12/27/10 | 10.5 |   |
| 10.97         | Forbearance of Events of Default under Credit Suisse AG Facility and the Master Agreement dated December 7, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8-K                    | 001-3459 | 12/27/10 | 10.6 |   |
| 10.98         | Letter Agreement with respect to Events of Default under Loan Agreement between Grainger Maritime Corp. and Joh. Berenberg, Gossler & Co. KG and Facility dated as of June 19, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 001-3459 | 12/27/10 | 10.7 |   |
| 10.99         | Forbearance and Waiver of Events of Default with respect to Loan Agreement dated 28 May 2008 made between Dyker Maritime Corp., as Borrower, and Commerzbank AG, as Lender.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8-K                    | 001-3459 | 12/27/10 | 10.8 |   |
| 10.100        | Letter Agreement with respect to Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented) among Adirondack Shipping LLC, as Owner, Fairfax Shipping Corp., as Charterer, and the Guarantors named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 8-K                    | 001-3459 | 12/27/10 | 10.9 |   |
| 10.101        | Letter Agreement with respect to Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented) among Rushmore Shipping LLC, as Owner, Beekman Shipping Corp., as Charterer, and the Guarantors named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8-K                    | 001-3459 | 12/27/10 | 10.10 |   |
| 10.102        | Forbearance Agreement with respect to (a) certain extensions of credit made pursuant to the Amended and Restated Credit Agreement, dated as of March 26, 2008 (as amended), among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as Borrowers, TBS International plc and TBS International Limited, as guarantors, TBS Shipping Services Inc., as Administrative Borrower, each of the financial institutions party thereto as lenders, Bank of America, N.A., as Administrative Agent, Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager and (b) certain interest rate swap transactions entered into in connection with and pursuant to that certain Master Agreement dated as of June 28, 2005 among the Borrowers, TBS International Limited and Bank of America, N.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 8-K                    | 001-3459 | 12/27/10 | 10.11 |   |
| 10.103        | Letter Agreement with respect to ISDA Master Agreement dated as of 29 March 2009, as amended, made between Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp. and Sunswyck Maritime Corp., acting jointly and severally, and The Royal Bank of Scotland plc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 8-K                    | 001-3459 | 12/27/10 | 10.12 |   |
| 10.104        | Second Amended and Restated Credit Agreement, dated as of January 28, 2011, by and among Albemarle Maritime Corp., Arden Maritime Corp., Avon Maritime Corp., Birnam Maritime Corp., Bristol Maritime Corp., Chester Shipping Corp., Cumberland Navigation Corp., Darby Navigation Corp., Dover Maritime Corp., Elrod Shipping Corp., Exeter Shipping Corp., Frankfort Maritime Corp., Glenwood Maritime Corp., Hansen Shipping Corp., Hartley Navigation Corp., Henley Maritime Corp., Hudson Maritime Corp., Jessup Maritime Corp., Montrose Maritime Corp., Oldcastle Shipping Corp., Quentin Navigation Corp., Rector Shipping Corp., Remsen Navigation Corp., Sheffield Maritime Corp., Sherman Maritime Corp., Sterling Shipping Corp., Stratford Shipping Corp., Vedado Maritime Corp., Vernon Maritime Corp. Windsor Maritime Corp., TBS International plc, TBS International Limited, TBS Shipping Services Inc., Bank of America, N.A., Citibank, N.A., DVB Bank SE, TD Bank, N.A., Keybank National Association, Capital One Leverage Finance Corp., Compass Bank (as successor in interest to Guaranty Bank), Merrill Lynch Commercial Finance Corp., Webster Bank National Association, Comerica Bank and Tristate Capital Bank.                                                                                                                                                                                                                                                                            | 8-K                    | 000-51368 | 1/31/11 | 10.1 |   |
| 10.105        | Amending and Restating Agreement, dated January 28, 2011, among Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp., Sunswyck Maritime Corp., The Royal Bank of Scotland plc., Citibank, N.A., Landesbank Hessen-Thüringen Girozentrale, Norddeutsche Landesbank Girozentrale, Santander UK PLC, and Bank of America, N.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 8-K                    | 000-51368 | 1/31/11 | 10.2 |   |
| 10.106        | Fifth Amendatory Agreement, dated as of January 28, 2011, among Bedford Maritime Corp., Brighton Maritime Corp., Hari Maritime Corp., Prospect Navigation Corp., Hancock Navigation Corp., Columbus Maritime Corp., Whitehall Marine Transport Corp., TBS International Limited, TBS Holdings Limited, TBS International Public Limited Company, DVB Group Merchant Bank (Asia) Ltd., DVB Bank SE, The Governor and Company of the Bank of Ireland and Natixis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 8-K                    | 000-51368 | 1/31/11 | 10.3 |   |
| 10.107        | Fourth Amendment to Loan Agreement, dated January 28, 2011 by and among Amoros Maritime Corp., Lancaster Maritime Corp., Chatham Maritime Corp., Sherwood Shipping Corp., TBS International Limited, TBS Holdings Limited, TBS International Public Limited Company and AIG Commercial Equipment Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 8-K                    | 000-51368 | 1/31/11 | 10.4 |   |
| 10.108        | Supplemental Agreement No. 2, dated January 28, 2011, among Grainger Maritime Corp., TBS International Limited, TBS Worldwide Services, Inc., TBS Holdings Limited, TBS International Public Limited Company and Joh. Berenberg, Gossler & Co. KG.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 8-K                    | 000-51368 | 1/31/11 | 10.5 |   |
| 10.109        | Supplemental Agreement, dated January 28, 2011, among Dyker Maritime Corp., TBS International Limited, TBS Shipping Services Inc., TBS International plc and Commerzbank AG.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 8-K                    | 000-51368 | 1/31/11 | 10.6 |   |
| 10.110        | Supplemental Agreement, dated January 28, 2011, among Claremont Shipping Corp., Yorkshire Shipping Corp., TBS International Limited, TBS International Public Limited Company and Credit Suisse AG.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 8-K                    | 000-51368 | 1/31/11 | 10.7 |   |
| 10.111        | Letter Agreement, dated January 28, 2011, with respect to Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented) among Adirondack Shipping LLC, as Owner, Fairfax Shipping Corp., as Charterer, and the Guarantors named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 8-K                    | 000-51368 | 1/31/11 | 10.8 |   |
| 10.112        | Letter Agreement, dated January 28, 2011, with respect to Bareboat Charter Party dated as of January 24, 2007 (as amended and supplemented) among Rushmore Shipping LLC, as Owner, Beekman Shipping Corp., as Charterer, and the Guarantors named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 8-K                    | 000-51368 | 1/31/11 | 10.9 |   |
| 10.113        | Agreement, dated January 28, 2011, with respect to:  (a) the Second Amended and Restated Credit Agreement, dated as of January 28, 2011, among Albemarle Maritime Corp. and each of the other entities identified on the signature pages thereof as borrowers, TBS International plc, TBS International Limited, TBS Shipping Services Inc., each of the financial institutions party thereto as lenders, Bank of America, N.A., Citibank, N.A., DVB Bank SE, TD Bank, N.A., and Banc of America Securities LLC and (b) certain interest rate swap transactions entered into in connection with and pursuant to that certain Master Agreement dated as of June 28, 2005 among the Borrowers, TBS International Limited and Bank of America, N.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 8-K                    | 000-51368 | 1/31/11 | 10.10 |   |
| 10.114        | Investment Agreement, by and among TBS International plc, Joseph Royce, Gregg McNelis and Lawrence Blatte.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 8-K                    | 000-51368 | 1/31/11 | 10.11 |   |
| 21.1          | Subsidiaries of the Registrant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                   |   |   |   | X |
| 23.1          | Consent of PricewaterhouseCoopers LLP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                   |   |   |   | X |
| 31.1          | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act, as amended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                   |   |   |   | X |
| 31.2          | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act, as amended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                   |   |   |   | X |
| 31.3          | Certification of the Chief Accounting Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act, as amended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                   |   |   |   | X |
| 32            | Certification of the Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                   |   |   |   | X |

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Table of Contents

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|                                 |                                     |                                                |                                                                             |                                                                   |    | December 31, |    |    | December 31, |    |
|--------------------------------------|------------------------------------------|-----------------------------------------------------|----------------------------------------------------------------------------------|------------------------------------------------------------------------|---------|--------------|---------|---------|--------------|---------|
|                                 |                                     |                                                |                                                                             |                                                                   |    | 2010         |    |    | 2009         |    |
|                                 |                                     |                                                |                                                                             |                                                                   |    |         |    |    |         |    |
| Assets                               |                                     |                                                |                                                                             |                                                                   |    |         |
|                                 | Current assets                           |                                                |                                                                             |                                                                   |    |         |    |
|                                 |                                     | Cash and cash equivalents                           |                                                                             | $                                                                      | 18,976  |         |    | $       | 51,040       |    |
|                                 |                                     | Restricted cash                                     |                                                                             |                                                                   | 6,737   |         |    |    | 8,675        |    |
|                                 |                                     | Charter hire receivable, net of allowance of $1,000 |                                                                             |                                                                   |    |         |    |    |         |    |
|                                 |                                     |                                                |  at December 31, 2010 and 2009                                              |                                                                   |    | 28,531       |    |    |         | 34,605  |   |
|                                 |                                     | Fuel and other inventories                          |                                                                             |                                                                   | 17,513  |         |    |    | 15,040       |    |
|                                 |                                     | Prepaid expenses and other current assets           |                                                                             |                                                                   | 7,989   |         |    |    | 9,314        |    |
|                                 |                                     | Advances to affiliates                              |                                                                             |                                                                   | 1,145   |         |    |    | 1,386        |    |
|                                 |                                     |                                                | Total current assets                                                             |                                                                   |    | 80,891       |    |    |         | 120,060 |   |
|                                 | Fixed assets, net                        |                                                |                                                                             | 576,262                                                                |    |         |    | 804,258 |         |
|                                 | Goodwill                                 |                                                |                                                                             | 8,426                                                                  |    |         |    | 8,426   |         |
|                                 | Other assets and deferred charges        |                                                |                                                                             | 20,742                                                                 |    |         |    | 20,844  |         |
|                                 |                                     |                                                | Total assets                                                                     |                                                                   | $       | 686,321      |    |    | $            | 953,588 |   |
|                                 |                                     |                                                |                                                                             |                                                                   |    |         |    |    |         |    |   |   |
| Liabilities and Shareholders' Equity |                                     |                                                |                                                                             |                                                                   |    |         |    |    |
|                                 | Current liabilities                      |                                                |                                                                             |                                                                   |    |         |    |    |         |
|                                 |                                     | Debt (Notes 2 and 11)                               |                                                                             | $                                                                      | 332,259 |         |    | $       | 351,247      |    |
|                                 |                                     | Accounts payable and accrued expenses               |                                                                             |                                                                   | 46,791  |         |    |    | 52,054       |    |
|                                 |                                     | Voyages in progress                                 |                                                                             |                                                                   | 752     |         |    |    | 1,892        |    |
|                                 |                                     | Advances from affiliates                            |                                                                             |                                                                   | 705     |         |    |    | 690          |    |
|                                 |                                     |                                                | Total current liabilities                                                        |                                                                   |    | 380,507      |    |    |         | 405,883 |   |
|                                 |                                     |                                                |                                                                             |                                                                   |    |         |    |    |         |    |   |   |
|                                 | Debt, long-term portion (Notes 2 and 11) |                                                |                                                                             |                                                                   |    |         |    |    |         |
|                                 | Other liabilities                        |                                                |                                                                             | 8,940                                                                  |    |         |    | 9,977   |         |
|                                 |                                     |                                                | Total liabilities                                                                |                                                                   |    | 389,447      |    |    |         | 415,860 |   |
|                                 |                                     |                                                |                                                                             |                                                                   |    |         |    |    |         |    |   |   |
|                                 | COMMITMENTS AND CONTINGENCIES (Note 18)  |                                                |                                                                             |                                                                   |    |         |    |    |         |
|                                 |                                     |                                                |                                                                             |                                                                   |    |         |    |    |         |    |   |   |
|                                 | Shareholders' equity                     |                                                |                                                                             |                                                                   |    |         |    |    |         |
|                                 |                                     | TBS International plc shareholders' equity          |                                                                             |                                                                   |    |         |    |    |         |    |
|                                 |                                     |                                                | Ordinary shares, Class A, $.01 par value, 75,000,000 authorized,                 |                                                                   |    |         |    |    |         |    |   |
|                                 |                                     |                                                |                                                                             | 16,571,865 shares issued and 16,440,162 shares outstanding in 2010 and |    |         |    |    |         |    |   |   |
|                                 |                                     |                                                |                                                                             |  17,533,996 shares issued and 17,513,125 outstanding in 2009      |    |         | 165     |    |         |    | 175 |   |
|                                 |                                     |                                                | Ordinary shares, Class B, $.01 par value, 30,000,000                             |                                                                   |    |         |    |    |         |    |   |
|                                 |                                     |                                                |                                                                             | authorized, 14,740,461 shares issued and outstanding in 2010 and       |    |         |    |    |         |    |   |   |
|                                 |                                     |                                                |                                                                             | 12,390,461 shares issued and outstanding 2009                          |    |         | 147     |    |         |    | 124 |   |
|                                 |                                     |                                                | Warrants                                                                         |                                                                   |    | 21           |    |    |         | 21      |   |
|                                 |                                     |                                                | Additional paid-in capital                                                       |                                                                   |    | 193,718      |    |    |         | 187,798 |   |
|                                 |                                     |                                                | Accumulated other comprehensive (loss)                                           |                                                                   |    | (8,405       | )       |    |         | (8,275  | ) |
|                                 |                                     |                                                | Retained earnings                                                                |                                                                   |    | 113,103      |    |    |         | 358,369 |   |
|                                 |                                     |                                                | Less: Treasury stock (133,564 shares in 2010 and 20,871 shares in 2009, at cost) |                                                                   |    | (1,177       | )       |    |         | (484    | ) |
|                                 |                                     |                                                |                                                                             | Total TBS International plc shareholders' equity                       |    |         | 297,572 |    |         |    | 537,728 |   |
|                                 |                                     | Noncontrolling interest's equity                    |                                                                             |                                                                   | (698    | )            |    |    |         |    |
|                                 |                                     |                                                |                                                                             | Total shareholders' equity                                             |    |         | 296,874 |    |         |    | 537,728 |   |
|                                 |                                     |                                                |                                                                             | Total liabilities and shareholders' equity                             |    | $            | 686,321 |    |         | $       | 953,588 |   |
|                                 |                                     |                                                |                                                                             |                                                                   |    |         |    |    |         |    |   |   |

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|                                                    |                                                     |                                   |     | Year Ended December 31, |    |
|---------------------------------------------------------|----------------------------------------------------------|----------------------------------------|----------|-------------------------|---------|
|                                                    |                                                     |                                   |     | 2010                    |    |   | 2009 |   |   | 2008 |   |
| Revenue                                                 |                                                     |                                   |     |                    |    |   |   |   |   |
|                                                    | Voyage revenue                                           |                                   | $        | 295,830                 |    |   | $ | 247,980 |   |   | $ | 518,907 |   |
|                                                    | Time charter revenue                                     |                                   |     | 105,824                 |    |   |   | 51,201 |   |   |   | 83,883 |   |
|                                                    | Logistics revenue                                        |                                   |     | 9,479                   |    |   |   | 2,689 |   |   |   | 7,000 |   |
|                                                    | Other revenue                                            |                                   |     | 700                     |    |   |   | 646 |   |   |   | 1,843 |   |
|                                                    |                                                     | Total revenue                          |     |                    | 411,833 |   |   |   | 302,516 |   |   |   | 611,633 |   |
| Operating expenses                                      |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |
|                                                    | Voyage                                                   |                                   |     | 144,533                 |    |   |   | 113,084 |   |   |   | 172,929 |   |
|                                                    | Logistics                                                |                                   |     | 6,543                   |    |   |   | 2,193 |   |   |   | 5,717 |   |
|                                                    | Vessel                                                   |                                   |     | 120,769                 |    |   |   | 104,046 |   |   |   | 110,354 |   |
|                                                    | Depreciation of vessels and other fixed assets           |                                   |     | 103,637                 |    |   |   | 95,870 |   |   |   | 73,479 |   |
|                                                    | General and administrative                               |                                   |     | 49,357                  |    |   |   | 37,265 |   |   |   | 39,879 |   |
|                                                    | Net loss on sale of vessel                               |                                   |     | 5,154                   |    |   |   |   |   |   |   |   |   |
|                                                    | Vessels impairment                                       |                                   |     | 201,700                 |    |   |   |   |   |   |   |   |   |
|                                                    |                                                     | Total operating expenses               |     |                    | 631,693 |   |   |   | 352,458 |   |   |   | 402,358 |   |
| (Loss) income from operations                           |                                                     |                                   | (219,860 | )                       |    |   | (49,942 | ) |   |   | 209,275 |   |
| Other (expenses) and income                             |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |
|                                                    | Interest expense                                         |                                   |     | (27,486                 | )       |   |   | (17,119 | ) |   |   | (17,228 | ) |
|                                                    | Loss on extinguishment of debt                           |                                   |     | (200                    | )       |   |   |   |   |   |   | (2,318 | ) |
|                                                    | Other income (expense)                                   |                                   |     | (216                    | )       |   |   | 21 |   |   |   | 2,048 |   |
|                                                    |                                                     | Total other (expenses) and income, net |     |                    | (27,902 | ) |   |   | (17,098 | ) |   |   | (17,498 | ) |
|                                                    |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |   |   |
| Net (loss) income                                       |                                                     |                                   | (247,762 | )                       |    |   | (67,040 | ) |   |   | 191,777 |   |
|                                                    |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |   |   |
|                                                    | Less: Net (loss) attributable to noncontrolling interest |                                   |     | (2,496                  | )       |   |   |   |   |   |   |   |   |
|                                                    |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |   |   |
| Net (loss) income attributable to TBS International plc |                                                     | $                                      | (245,266 | )                       |    | $ | (67,040 | ) |   | $ | 191,777 |   |
|                                                    |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |   |   |
| (Loss) Earnings per share                               |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |
| Net (loss) income per ordinary share                    |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |
|                                                    | Basic and Diluted                                        |                                   | $        | (8.12                   | )       |   | $ | (2.25 | ) |   | $ | 6.53 |   |
|                                                    |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |   |   |
| Weighted average ordinary shares outstanding            |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |
|                                                    | Basic and Diluted                                        |                                   |     | 30,217,210              |    |   |   | 29,843,566 |   |   |   | 29,263,292 |   |
|                                                    |                                                     |                                   |     |                    |    |   |   |   |   |   |   |   |   |   |

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|                                                                                                                                                                                                                          |                                                                |                                                               |    | Year Ended December 31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|--------------------------------------------------------------------|---------|------------------------------|--------|
|                                                                                                                                                                                                                          |                                                                |                                                               |    | 2010                         |   |   | 2009 |   |   | 2008 |   |
| Cash flows from operating activities                                                                                                                                                                                          |                                                                |                                                               |    |                         |   |   |   |   |   |
|                                                                                                                                                                                                                          | Net (loss)  income                                        |                                                               | $       | (247,762                     | )      |   | $ | (67,040 | ) |   | $ | 191,777 |   |
|                                                                                                                                                                                                                          | Adjustments to reconcile net income to net cash                     |                                                               |    |                         |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          |                                                                | provided by operating activities                                   |    |                         |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Vessels impairment                                                  |                                                               |    | 201,700                      |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Depreciation and amortization                                       |                                                               |    | 103,637                      |   |   |   | 95,870 |   |   |   | 73,479 |   |
|                                                                                                                                                                                                                          | Loss (Gain) on change in value of interest swap contract            |                                                               |    | 905                          |   |   |   | (3 | ) |   |   | 1,138 |   |
|                                                                                                                                                                                                                          | Amortization and write-off of deferred financing costs              |                                                               |    | 4,675                        |   |   |   | 2,489 |   |   |   | 3,486 |   |
|                                                                                                                                                                                                                          | Addition to allowance for bad debt                                  |                                                               |    | 1,918                        |   |   |   | 901 |   |   |   | 54 |   |
|                                                                                                                                                                                                                          | Non cash stock based compensation                                   |                                                               |    | 5,933                        |   |   |   | 1,115 |   |   |   | 2,436 |   |
|                                                                                                                                                                                                                          | Drydocking expenditures                                             |                                                               |    | (9,627                       | )      |   |   | (15,581 | ) |   |   | (8,349 | ) |
|                                                                                                                                                                                                                          | Loss  on sale of vessel                                   |                                                               |    | 5,154                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Loss (income) from non-consolidated joint ventures                  |                                                               |    | 173                          |   |   |   | (101 | ) |   |   | (226 | ) |
|                                                                                                                                                                                                                          | Distribution from joint venture                                     |                                                               |    |                         |   |   |   |   |   |   |   | 100 |   |
|                                                                                                                                                                                                                          | Changes in operating assets and liabilities                         |                                                               |    |                         |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          |                                                                | Decrease (increase) in charter hire receivable                     |    |                         | 4,181  |   |   |   | 10,280 |   |   |   | (15,759 | ) |
|                                                                                                                                                                                                                          |                                                                | (Increase) in fuel and other inventories                           |    |                         | (2,461 | ) |   |   | (2,961 | ) |   |   | (956 | ) |
|                                                                                                                                                                                                                          |                                                                | Decrease (increase) in prepaid expenses and other current assets   |    |                         | 1,341  |   |   |   | 1,408 |   |   |   | (2,980 | ) |
|                                                                                                                                                                                                                          |                                                                | Decrease (increase) in other assets and deferred charges           |    |                         | 688    |   |   |   | (1,029 | ) |   |   | (1,706 | ) |
|                                                                                                                                                                                                                          |                                                                | (Decrease) increase in accounts payable and accrued expenses       |    |                         | (4,134 | ) |   |   | 10,452 |   |   |   | (6,835 | ) |
|                                                                                                                                                                                                                          |                                                                | (Decrease) in voyages in progress                                  |    |                         | (1,140 | ) |   |   | (1,376 | ) |   |   | (3,748 | ) |
|                                                                                                                                                                                                                          |                                                                | Increase (decrease)  in advances from/to affiliates, net |    |                         | 365    |   |   |   | 5,693 |   |   |   | (5,939 | ) |
| Net cash provided by operating activities                                                                                                                                                                                     |                                                                |                                                               | 65,546  |                         |   |   | 40,117 |   |   |   | 225,972 |   |
| Cash flows from investing activities                                                                                                                                                                                          |                                                                |                                                               |    |                         |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Net proceeds on sale of vessel                                      |                                                               |    | 2,645                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Vessel acquisitions / capital improvement costs                     |                                                               |    | (75,450                      | )      |   |   | (75,841 | ) |   |   | (414,919 | ) |
|                                                                                                                                                                                                                          | Payments to restricted cash                                         |                                                               |    | (562                         | )      |   |   | (20,000 | ) |   |   |   |   |
|                                                                                                                                                                                                                          | Payments from restricted cash                                       |                                                               |    | 2,500                        |   |   |   | 11,325 |   |   |   |   |   |
|                                                                                                                                                                                                                          | Repayment of loan made to non-consolidated  joint venture |                                                               |    | 153                          |   |   |   |   |   |   |   | 760 |   |
|                                                                                                                                                                                                                          | Investment in non-consolidated joint venture                        |                                                               |    | (597                         | )      |   |   | (351 | ) |   |   | (4,660 | ) |
| Net cash (used) by investing activities                                                                                                                                                                                       |                                                                |                                                               | (71,311 | )                            |   |   | (84,867 | ) |   |   | (418,819 | ) |
| Cash flows from financing activities                                                                                                                                                                                          |                                                                |                                                               |    |                         |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Proceeds from issuance of shares in secondary public offering ,     |                                                               |    |                         |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          |                                                                | net of offering costs                                              |    |                         |   |   |   |   |   |   |   |   | 95,739 |   |
|                                                                                                                                                                                                                          | Repayment of debt principal                                         |                                                               |    | (48,988                      | )      |   |   | (61,002 | ) |   |   | (139,716 | ) |
|                                                                                                                                                                                                                          | Proceeds from credit facilities                                     |                                                               |    | 30,000                       |   |   |   | 29,175 |   |   |   | 338,000 |   |
|                                                                                                                                                                                                                          | Payment of deferred financing costs                                 |                                                               |    | (6,144                       | )      |   |   | (3,438 | ) |   |   | (4,760 | ) |
|                                                                                                                                                                                                                          | Proceeds from revolving debt facility                               |                                                               |    |                         |   |   |   |   |   |   |   | 75,000 |   |
|                                                                                                                                                                                                                          | Repayment of revolving debt facility                                |                                                               |    |                         |   |   |   |   |   |   |   | (70,375 | ) |
|                                                                                                                                                                                                                          | Payment to terminate interest swap contract                         |                                                               |    | (3,014                       | )      |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Loan from non controlling interests                                 |                                                               |    | 259                          |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Non controlling interest's capital contributions                    |                                                               |    | 1,797                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Acquisition of treasury stock                                       |                                                               |    | (693                         | )      |   |   | (95 | ) |   |   | (389 | ) |
| Net cash (used in) provided by financing activities                                                                                                                                                                           |                                                                |                                                               | (26,783 | )                            |   |   | (35,360 | ) |   |   | 293,499 |   |
|                                                                                                                                                                                                                          |                                                                |                                                               |    |                         |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Effect of exchange rate changes on cash                             |                                                               |    | 484                          |   |   |   |   |   |   |   |   |   |
| Net (decrease) increase in cash and cash equivalents                                                                                                                                                                          |                                                                |                                                               | (32,064 | )                            |   |   | (80,110 | ) |   |   | 100,652 |   |
| Cash and cash equivalents beginning of period                                                                                                                                                                                 |                                                                |                                                               | 51,040  |                         |   |   | 131,150 |   |   |   | 30,498 |   |
|                                                                                                                                                                                                                          | Cash and cash equivalents end of period                             |                                                               | $       | 18,976                       |   |   | $ | 51,040 |   |   | $ | 131,150 |   |
| Supplemental cash flow information:                                                                                                                                                                                           |                                                                |                                                               |    |                         |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                          | Interest paid, net of amounts capitalized                           |                                                               | $       | 26,034                       |   |   | $ | 23,589 |   |   | $ | 14,741 |   |
|                                                                                                                                                                                                                          |                                                                |                                                               |    |                         |   |   |   |   |   |   |   |   |   |   |
| For the years ended December 31, 2010, 2009, and 2008, 1,450,369; 45,000, and 42,500 shares were issued to independent directors and employees respectively, under the amended and restated 2005 Equity Incentive Plan.  |

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|                                                | Ordinary Shares |   | Warrants |   | Additional Paid-in Capital |   | Accumulated Other Comprehensive Income (Loss) |    | Retained Earnings |   | Treasury Stocks |   | Total TBS International plc Shareholders' Equity |     | Non-controlling Interest |   | Total Shareholders' Equity |   |
|-----------------------------------------------------|-----------------|--------|----------|--------|----------------------------|--------|-----------------------------------------------|---------|-------------------|--------|-----------------|--------|--------------------------------------------------|----------|--------------------------|--------|----------------------------|--------|
|  Balance at December 31, 2007                  | $               | 277    |     | $      | 21                         |   | $                                             | 88,530  |              | $      | (2,897          | )      | $                                                | 233,632  |                     | $      |                       |   | $ | 319,563 |   | $ |   |   | $ | 319,563 |   |
|  Net income                                    |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             | 191,777  |                     |   |                       |   |   | 191,777 |   |   |   |   |   | 191,777 |   |
|  Unrealized loss on cash flow hedges           |            |   |     |   |                       |   |                                          |    |              |   | (10,830         | )      |                                             |     |                     |   |                       |   |   | (10,830 | ) |   |   |   |   | (10,830 | ) |
|  Stock based compensation                      |            | 2      |     |   |                       |   |                                          | 2,434   |              |   |            |   |                                             |     |                     |   |                       |   |   | 2,436 |   |   |   |   |   | 2,436 |   |
|  Secondary public offering,                    |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             |     |                     |   |                       |   |   |   |   |   |   |   |   |   |   |
|      net of expenses       |            | 20     |     |   |                       |   |                                          | 95,719  |              |   |            |   |                                             |     |                     |   |                       |   |   | 95,739 |   |   |   |   |   | 95,739 |   |
|  Increase in Warrants due to                   |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             |     |                     |   |                       |   |   |   |   |   |   |   |   |   |   |
|     anti-dilutive provisions    |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             |     |                     |   |                       |   |   |   |   |   |   |   |   |   |   |
|  Treasury stock                                |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             |     |                     | $      | (389                       | )      |   | (389 | ) |   |   |   |   | (389 | ) |
|  Balance at December 31, 2008                  |            | 299    |     |   | 21                         |   |                                          | 186,683 |              |   | (13,727         | )      |                                             | 425,409  |                     |   | (389                       | )      |   | 598,296 |   |   |   |   |   | 598,296 |   |
|  Net loss                                      |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             | (67,040  | )                        |   |                       |   |   | (67,040 | ) |   |   |   |   | (67,040 | ) |
|  Unrealized gain on cash flow hedges           |            |   |     |   |                       |   |                                          |    |              |   | 5,452           |   |                                             |     |                     |   |                       |   |   | 5,452 |   |   |   |   |   | 5,452 |   |
|  Stock based compensation                      |            |   |     |   |                       |   |                                          | 1,115   |              |   |            |   |                                             |     |                     |   |                       |   |   | 1,115 |   |   |   |   |   | 1,115 |   |
|  Treasury stock                                |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             |     |                     |   | (95                        | )      |   | (95 | ) |   |   |   |   | (95 | ) |
|  Balance at December 31, 2009                  |            | 299    |     |   | 21                         |   |                                          | 187,798 |              |   | (8,275          | )      |                                             | 358,369  |                     |   | (484                       | )      |   | 537,728 |   |   |   |   |   | 537,728 |   |
|  Net loss                                      |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             | (245,266 | )                        |   |                       |   |   | (245,266 | ) |   | (2,496 | ) |   | (247,762 | ) |
|  Foreign currency translation adjustments      |            |   |     |   |                       |   |                                          |    |              |   | 446             |   |                                             |     |                     |   |                       |   |   | 446 |   |   |   |   |   | 446 |   |
|  Change in unrealized gain on cash flow hedges |            |   |     |   |                       |   |                                          |    |              |   | (576            | )      |                                             |     |                     |   |                       |   |   | (576 | ) |   |   |   |   | (576 | ) |
|  Stock based compensation                      |            | 13     |     |   |                       |   |                                          | 5,920   |              |   |            |   |                                             |     |                     |   |                       |   |   | 5,933 |   |   |   |   |   | 5,933 |   |
|  Treasury stock                                |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             |     |                     |   | (693                       | )      |   | (693 | ) |   |   |   |   | (693 | ) |
|  Noncontrolling Interest Capital Contribution  |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             |     |                     |   |                       |   |   |   |   |   | 1,798 |   |   | 1,798 |   |
|  Balance at December 31, 2010                  | $               | 312    |     | $      | 21                         |   | $                                             | 193,718 |              | $      | (8,405          | )      | $                                                | 113,103  |                     | $      | (1,177                     | )      | $ | 297,572 |   | $ | (698 | ) | $ | 296,874 |   |
|                                                |            |   |     |   |                       |   |                                          |    |              |   |            |   |                                             |     |                     |   |                       |   |   |   |   |   |   |   |   |   |   |

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| TBS International plc (Ireland) |
|---------------------------------|
|                            | TBS International Limited (Bermuda) |
|                            |   | TBS Holdings Limited (Bermuda) |
|                            |   |   | Westbrook Holdings Ltd. and its Subsidiaries (Marshall Islands) |
|                            |   |   |   | Ablemarle Maritime Corp. - Mohawk Princess |
|                            |   |   |   | Amoros Maritime Corp. - Hopi Princess |
|                            |   |   |   | Arden Maritime Corp. - Tayrona Princess |
|                            |   | Argyle Maritime Corp. - Rockaway Belle |
|                            |   |   |   | Avon Maritime Corp. - Wichita Belle |
|                            |   |   |   | Bedford Maritime Corp. - Apache Maiden |
|                            |   |   |   | Beekman Shipping Corp. - Laguna Belle |
|                            |   |   |   | Birnam Maritime Corp. - Sioux Maiden |
|                            |   |   |   | Brighton Maritime Corp. - Kickapoo Belle |
|                            |   |   |   | Bristol Maritime Corp. - Tuscarora Belle |
|                            |   | Caton Maritime Corp. - Dakota Princess |
|                            |   |   |   | Chatham Maritime Corp. - Zuni Princess |
|                            |   |   |   | Chester Shipping Corp. - Tamoyo Maiden |
|                            |   |   |   | Claremont Shipping Corp. - Arapaho Belle |
|                            |   |   |   | Columbus Maritime Corp. - Seneca Maiden |
|                            |   |   |   | Cumberland Navigation Corp. - Fox Maiden |
|                            |   |   |   | Darby Navigation Corp. - Nyack Princess |
|                            |   | Dorchester Maritime Corp. - Montauk Maiden |
|                            |   |   |   | Dover Maritime Corp. - Aztec Maiden |
|                            |   |   |   | Dyker Maritime Corp. - Caribe Maiden |
|                            |   |   |   | Elrod Shipping Corp. - Nanticoke Belle |
|                            |   |   |   | Exeter Shipping Corp. - Alabama Belle |
|                            |   |   |   | Fairfax Shipping Corp. - Seminole Princess |
|                            |   |   |   | Frankfort Maritime Corp. - Shawnee Princess |
|                            |   |   |   | Glenwood Maritime Corp. - Miami Maiden |
|                            |   |   |   | Grainger Maritime Corp. - Ottawa Princess |
|                            |   |   |   | Hancock Navigation Corp. - Kiowa Princess |
|                            |   |   |   | Hansen Shipping Corp. - Ainu Princess |
|                            |   |   |   | Hari Maritime Corp. - Navajo Princess |
|                            |   |   |   | Hartley Navigation Corp. - Canarsie Princess |
|                            |   |   |   | Henley Maritime Corp. - Tuckahoe Maiden |
|                            |   |   |   | Hudson Maritime Corp. - Chesapeake Belle |
|                            |   |   |   | Lancaster Maritime Corp. - Mohave Maiden |
|                            |   |   |   | Montrose Shipping Corp. - Yakima Princess |
|                            |   |   |   | Oldcastle Shipping Corp. - Taino Maiden |
|                            |   |   |   | Prospect Navigation Corp. - Inca Maiden |
|                            |   |   |   | Quentin Navigation Corp. - Houma Belle |
|                            |   |   |   | Rector Shipping Corp. - Siboney Belle |

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|   |   |                                                            |                                                              | Remsen Navigation Corp. - Maori Maiden                                              |
|--------|--------|-----------------------------------------------------------------|-------------------------------------------------------------------|-------------------------------------------------------------------------------------|
|   |   |                                                            |                                                              | Sheffield Maritime Corp. - Manhattan Princess                                       |
|   |   |                                                            |                                                              | Sherman Maritime Corp. - La Jolla Belle                                             |
|   |   |                                                            |                                                              | Sherwood Shipping Corp. - Zia Belle                                                 |
|   |   |                                                            |                                                              | Sterling Shipping Corp. - Biloxi Belle                                              |
|   |   |                                                            |                                                              | Stratford Shipping Corp. - Iroquois Maiden                                          |
|   |   |                                                            |                                                              | Vedado Maritime Corp. - Tupi Maiden                                                 |
|   |   |                                                            |                                                              | Vernon Maritime Corp. - Mohegan Princess                                            |
|   |   |                                                            |                                                              | Whitehall Marine Transport Corp. - Cherokee Princess                                |
|   |   |                                                            |                                                              | Windsor Maritime Corp. - Shinnecock Belle                                           |
|   |   |                                                            |                                                              | Yorkshire Shipping Corp. - Oneida Princess                                          |
|   |   |                                                            |                                                              | Longwoods Maritime Corp. -  Comanche Maiden (vessel delivered in 2011)    |
|   |   | McHenry Maritime Corp. - Omaha Belle (vessel delivered in 2011) |
|   |   |                                                            |                                                              | Sunswyck Maritime Corp. -  Maya Princess (vessel to be delivered in 2011) |
|   |   |                                                            |                                                              | Leaf  Shipping Corp. - Management Company                                 |
|   |   |                                                            |                                                              | Pacific Rim Shipping Corp. - Philippine Bareboat Charterer                          |
|   |   |                                                            |                                                              | Jessup Maritime Corp. - Savannah Belle (Vessel sold in 2010)              |
|   |   |                                                            | Transworld Cargo Carriers, S.A. (Marshall Islands)                |
|   |   |                                                            | TBS Worldwide Services Inc. (Marshall Islands)                    |
|   |   |                                                            |                                                              | TBS African Ventures Limited                                                        |
|   |   |                                                            |                                                              | GMTBS Africa Line, Ltd. (Hong Kong - 50% ownership)                                 |
|   |   |                                                            |                                                              | TBS Eurolines, Ltd.                                                                 |
|   |   |                                                            |                                                              | TBS Latin America Liner, Ltd.                                                       |
|   |   |                                                            |                                                              | TBS Middle East Carriers, Ltd.                                                      |
|   |   |                                                            |                                                              | TBS North America Liner, Ltd.                                                       |
|   |   |                                                            |                                                              | TBS Ocean Carriers, Ltd.                                                            |
|   |   |                                                            |                                                              | TBS Pacific Liner, Ltd.                                                             |
|   |   |                                                            | Mercury Marine Ltd. (Marshall Islands)                            |
|   |   |                                                            | Roymar Ship Management, Inc. (New York)                           |
|   |   |                                                            | TBS Shipping Services Inc. (New York)                             |
|   |   |                                                            |                                                              | Compass Chartering Corp. (New York)                                                 |
|   |   |                                                            |                                                              | Azalea Shipping & Chartering Inc. (New York)                                    |
|   |   |                                                            |                                                              | TBS US Enterprises LLC (Delaware)                                                   |
|   |   |                                                            |                                                              | TBS Energy Logistics LP (Delaware)                                                  |
|   |   |                                                            |                                                              | TBS Logistics Incorporated (Texas)                                                  |
|   |   |                                                            | TBS Warehouse & Equipment Holdings Ltd. (Marshall Islands)    |
|   |   |                                                            |                                                              | TBS Warehouse & Distribution Group Ltd. (Marshall Islands)                      |
|   |   |                                                            |                                                              | Panamerican Port Services SAC (Peru - 50% ownership)                                |
|   |   |                                                            | TBS Mining Limited (Marshall Islands)                             |
|   |   |                                                            |                                                              | GAT-TBS Consorcio S.A. (Dominican Republic - 50% ownership)                         |
|   |   |                                                            | ST Logistics (Proprietary) Limited (South Africa - 25% ownership) |
|   |   |                                                            | TBS Do Sul Ltd. (Marshall Islands)                                |
|   |   |                                                            |                                                              | Log.Star Navegação S.A., (Brazil - 70% ownership)                         |
|   |   |                                                            | TBSI New Ship Development Corp. (Marshall Islands)                |

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| Description                        | Useful  Life             |
|------------------------------------|------------------------------------|
| Vessel                             | Remaining vessel life, 4 -30 years |
| Vessel improvements                | Remaining vessel life, 4 -21 years |
| Vessel equipment                   | 2-5 years                          |
| Other fixed assets including grabs | 3-10 years                         |

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| · | Cash and cash equivalents, charter hire and claims receivable - The carrying amount reported in the accompanying consolidated balance sheets for cash and cash equivalents, charter hire and claims receivable approximates their fair value due to the current maturities. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Short-term debt - The carrying amount reported in the accompanying consolidated balance sheets for short-term debt approximates its fair value due to the current maturity of such instruments and their variable rates. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Long-term debt - The carrying amount of our long-term debt, which was reclassified in 2010 and 2009 to short-term due to probable financial ratio covenant violations within 12 months from December 31, 2010 and 2009 respectively, approximates fair value due to the variable interest rates on bank borrowings and based on the current rates offered to us for debt of the same remaining maturities. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Interest Rate Swaps - The Company utilizes certain derivative financial instruments to manage interest rate risk. Derivative instruments are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures.  The Company does not enter into contracts for speculative purposes, nor is it a party to any leveraged derivative instruments.  The Company is exposed to credit loss in the event of nonperformance by the counterparties on derivative contracts. The Company minimizes its credit risk on these transactions by dealing with several financial institutions and, therefore, does not anticipate nonperformance. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|         | Balance at        |   |   |      |   |   | Write-offs, Net of |   |   | Balance at  |   |
|-------------------|-------------------|--------|--------|-----------|--------|--------|--------------------|--------|--------|-------------|--------|
|              | Beginning of Year |   |   | Additions |   |   | Recoveries         |   |   | End of Year |   |
| December 31, 2010 | $                 | 1,000  |   |      | $      | 1,918  |               |   | $      | (1,918      | )      |   | $ | 1,000 |   |
| December 31, 2009 | $                 | 500    |   |      | $      | 901    |               |   | $      | (401        | )      |   | $ | 1,000 |   |
| December 31, 2008 | $                 | 490    |   |      | $      | 54     |               |   | $      | (44         | )      |   | $ | 500 |   |

|              |   | December 31, |   |
|-------------------|--------|--------------|--------|
| Description       |   | 2010         |   |   | 2009 |   |
| Claims receivable |   | $            | 3,269  |   |   | $ | 4,908 |   |
| Due from agents   |   |         | 1,330  |   |   |   | 1,546 |   |
| Other receivables |   |         | 680    |   |   |   | 807 |   |
| Prepaid expenses  |   |         | 2,710  |   |   |   | 2,053 |   |
| TOTAL             |   | $            | 7,989  |   |   | $ | 9,314 |   |
|              |   |         |   |   |   |   |   |   |

|            |   | December 31, |   |   | December 31, |   |
|-----------------|--------|--------------|--------|--------|--------------|--------|
| Description     |   | 2010         |   |   | 2009         |   |
| Fuel            |   | $            | 10,908 |   |         | $      | 9,093 |   |
| Lubricating oil |   |         | 6,127  |   |         |   | 5,235 |   |
| Other           |   |         | 478    |   |         |   | 712 |   |
| TOTAL           |   | $            | 17,513 |   |         | $      | 15,040 |   |
|            |   |         |   |   |         |   |   |   |

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|                                       |   | December 31, |     |   | December 31, |   |
|--------------------------------------------|--------|--------------|----------|--------|--------------|--------|
| Description                                |   | 2010         |     |   | 2009         |   |
| Vessels                                    |   | $            | 594,718  |   |         | $      | 717,535 |   |
| Vessel improvements and other equipment    |   |         | 190,744  |   |         |   | 170,325 |   |
| Deferred drydocking costs                  |   |         | 30,530   |   |         |   | 26,619 |   |
| Vessel construction in process             |   |         | 92,600   |   |         |   | 130,711 |   |
| Other fixed assets                         |   |         | 19,390   |   |         |   | 18,912 |   |
| Less:                                      |   |         | 927,982  |   |         |   | 1,064,102 |   |
| Accumulated depreciation, amortization and |   |         |     |   |         |   |   |   |
| vessels impairment loss                    |   |         | (351,720 | )      |         |   | (259,844 | ) |
|                                       |   | $            | 576,262  |   |         | $      | 804,258 |   |
|                                       |   |         |     |   |         |   |   |   |

| Hull Number        | Vessel Name                     |   | Payments through December 31, 2010 |    |
|--------------------|---------------------------------|--------|------------------------------------|---------|
|               |                            |   |                               |    |
| Hull No NYHS200723 | Comanche Maiden                 |   | $                                  | 28,000  |   |
| Hull No NYHS200724 | Omaha Belle                     |   |                               | 28,000  |   |
| Hull No NYHS200725 | Maya Princess                   |   |                               | 28,000  |   |
|               | Payments to yard                |   |                               | 84,000  |   |
|               | Capitalized  interest |   |                               | 14,794  |   |
|               | Design & other costs        |   |                               | 2,806   |   |
|               |                            |   |                               | 101,600 |   |
|               | Impairment charge               |   |                               | (9,000  | ) |
|               |                            |   | $                                  | 92,600  |   |
|               |                            |   |                               |    |   |

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|                                               |   | December 31, |   |
|----------------------------------------------------|--------|--------------|--------|
| Description                                        |   | 2010         |   |   | 2009 |   |
| Deferred financing costs, net                      |   | $            | 6,278  |   |   | $ | 5,963 |   |
| Deposit for bareboat charter                       |   |         |   |   |   |   |   |   |
|    and deferred rent expense        |   |         | 8,464  |   |   |   | 9,152 |   |
| Investment in equity securities available for sale |   |         | 404    |   |   |   | 404 |   |
| Investments in joint ventures                      |   |         | 5,596  |   |   |   | 5,325 |   |
| Total                                              |   | $            | 20,742 |   |   | $ | 20,844 |   |
|                                               |   |         |   |   |   |   |   |   |

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|                                           |   | December 31, |   |   | December 31, |   |
|------------------------------------------------|--------|--------------|--------|--------|--------------|--------|
| Description                                    |   | 2010         |   |   | 2009         |   |
| Accounts payable and accrued expenses - vessel |   | $            | 30,236 |   |         | $      | 33,631 |   |
| Accounts payable and accrued expenses - voyage |   |         | 13,308 |   |         |   | 16,541 |   |
| Accounts payable and accrued expenses - other  |   |         | 3,124  |   |         |   | 1,813 |   |
| Accrued payroll and related costs              |   |         | 123    |   |         |   | 69 |   |
| Total                                          |   | $            | 46,791 |   |         | $      | 52,054 |   |
|                                           |   |         |   |   |         |   |   |   |

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|                                                    |   | Interest Rate at December 31, 2010 |   |   | December 31, 2010 |     |   | December 31, 2009 |   |
|---------------------------------------------------------|--------|------------------------------------|--------|--------|------------------------|----------|--------|------------------------|--------|
| Bank of America - term credit facility,                 |   |                               |   |   |                   |     |   |                   |   |
| expires March 31, 2012                                  |   | 8.04%                              |   |   | $                      | 19,165   |   |                   | $      | 76,000 |   |
| Bank of America - term credit facility 2,               |   |                               |   |   |                   |     |   |                   |   |   |   |
| expires June 30, 2014                                   |   | 8.04%                              |   |   |                   | 110,092  |   |                   |   | 75,000 |   |
| The Royal Bank of Scotland credit facility,             |   |                               |   |   |                   |     |   |                   |   |   |   |
| new vessel buildings, expires September 9, 2014         |   | 5.30% & 5.31%                  |   |   |                   | 131,670  |   |                   |   | 103,758 |   |
| DVB Group Merchant Bank (Asia) Ltd credit facility,     |   |                               |   |   |                   |     |   |                   |   |   |   |
| expires June 30, 2014                                   |   | 6.31%                              |   |   |                   | 26,080   |   |                   |   | 35,864 |   |
| Credit Suisse credit facility,                          |   |                               |   |   |                   |     |   |                   |   |   |   |
| expires August 28, 2018                                 |   | 3.55% & 3.53%                  |   |   |                   | 25,815   |   |                   |   | 28,750 |   |
| AIG Commercial Equipment Finance, Inc. credit facility, |   |                               |   |   |                   |     |   |                   |   |   |   |
| expires June 30, 2014                                   |   | 12.00%                             |   |   |                   | 12,250   |   |                   |   | 19,250 |   |
| Commerzbank AG credit facility,                         |   |                               |   |   |                   |     |   |                   |   |   |   |
| expires June 30, 2011                                   |   | 4.28%                              |   |   |                   | 1,500    |   |                   |   | 4,500 |   |
| Berenberg Bank credit facility,                         |   |                               |   |   |                   |     |   |                   |   |   |   |
| expires June 30, 2014                                   |   | 5.31%                              |   |   |                   | 5,687    |   |                   |   | 8,125 |   |
| Total                                                   |   |                               |   |   |                   | 332,259  |   |                   |   | 351,247 |   |
| Less current portion                                    |   |                               |   |   |                   | (332,259 | )      |                   |   | (351,247 | ) |
| Long term portion                                       |   |                               |   |   |                   |     |   |                   |   |   |   |
|                                                    |   |                               |   |   |                   |     |   |                   |   |   |   |

| 2011       |   | $      | 30,000  |   |
|------------|--------|--------|---------|--------|
| 2012       |   |   | 30,000  |   |
| 2013       |   |   | 39,996  |   |
| 2014       |   |   | 219,558 |   |
| 2015       |   |   | 3,496   |   |
| Thereafter |   |   | 9,209   |   |
|       |   | $      | 332,259 |   |
|       |   |   |    |   |

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|                                                                                                                          |                    |                                                                                                                                                                                                                              | At December 31, 2010                                                                                                                                                      |                                               | Subsequent to December 31, 2010 |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |
|-------------------------------------------------------------------------------------------------------------------------------|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|----------------------|
| Credit Facility                                                                                                               |                    | Repayment terms                                                                                                                                                                                                                   |                                                                                                                                                                      |  Base and Margin Interest Rate (a)            |                            | Repayment terms                                                                                                                                                                                                             |                                                                                                                                                                                                                             |  Base and Margin Interest Rate (a) |                 | Net Book Value of Collateral  at Dec 31, 2010       (in millions) |   | Number of Vessels Collateralizing Credit Facility |
| Bank of America - Term Credit Facility 1                                                                                      |                    | 15 quarterly installments of $9.5 million through December 31, 2011                                                                                                                                                               |                                                                                                                                                                      | LIBOR plus 5.75% (b)                               |                            | 3 quarterly installments of $5.1 million and 1 quarterly installment of $3.9 million through March 31, 2012                                                                                                                 |                                                                                                                                                                                                                             | LIBOR plus 5.00% (d)                    |                 |   |   |   |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |
| Bank of America - Revolving Credit Facility (renamed Bank of America - Term Credit Facility 2 subsequent to January 28, 2011) |                    | Balloon Payment due                                March 26, 2012 |                                                                                                                                                                      | LIBOR plus 5.75% (b)                               |                            | 3 quarterly installments of $3.9 million and 6 quarterly installments of $5.4 million through June 30, 2014 ending with a final installment due on June 30, 2014 of $66.1                                                   |                                                                                                                                                                                                                             | LIBOR plus 5.00% (d)                    |                 | $    245.4 |   |   29 |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |
| The Royal Bank of Scotland Credit Facility                                                      |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |     |
|                                                                                                                          | Construction Period     |                                                                                                                                                                                                                              | Conversion to term loan of the debt associated with each vessel upon delivery of the respective vessel                                                                    |                                               | LIBOR plus 5.00%                |                                                                                                                                                                                                                        | Conversion to term loan of the debt associated with each vessel upon delivery of the respective vessel                                                                                                                           |                                    | LIBOR plus 4.25% (d) |   | $      80.1 |   | 3 (c) |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |
|                                                                                                                          | Post Delivery Term Loan |                                                                                                                                                                                                                              | Quarterly installments of $0.4 million per vessel commencing three months after delivery and ending with a final installment due on September 30, 2014 of $111.6 million. |                                               | LIBOR plus 5.00%                |                                                                                                                                                                                                                        | 3 quarterly installments of $1.7 million, 4 quarterly installments of $1.3 million and 6 quarterly installments of $1.8 million through September 9, 2014 ending with a final installment due on June 30, 2014 of $125.8 million |                                    | LIBOR plus 4.25% (d) |   | $    101.3 |   |   3 |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |
| DVB Group Merchant Bank (Asia) Ltd Credit Facility                                                                            |                    | 10 quarterly installments of $4.9 million and 10 quarterly installments of $2.6 million through January 2013                                                                                                                      |                                                                                                                                                                      | LIBOR plus 5.75% (b)                               |                            | 3 quarterly installments of $1.1 million, 4 quarterly installments of $0.9 million and 6 quarterly installments of $1.2 million through June 30, 2014 ending with a final installment due on June 30, 2014 of $12.2 million |                                                                                                                                                                                                                             | LIBOR plus 5.75%                        |                 | $      34.1 |   | 7 |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |
| Credit Suisse Credit Facility                                                                                                 |                    | 8 quarterly installments of $1.5 million and 32 quarterly installments of $0.9 million through December 2017 and February 2018                                                                                                    |                                                                                                                                                                      | LIBOR plus 3.25%                                   |                            | 29 quarterly installments of $0.9 million and 1 quarterly installment of $0.5 million through August 28, 2018                                                                                                               |                                                                                                                                                                                                                             | LIBOR plus 4.00%                        |                 | $      30.2 |   |   2 |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |
| AIG Commercial Equipment Finance, Inc. Credit Facility                                                                        |                    | 8 quarterly installments of $2.63 million and 8 quarterly installments of $1.75 million through April 2012                                                                                                                        |                                                                                                                                                                      | LIBOR plus 5.00%With an Interest Rate Floor of 10% |                            | 3 quarterly installments of $0.5 million, 4 quarterly installments of $0.4 million and 6 quarterly installments of $0.6 million through June 30, 2014 ending with a final installment due on June 30, 2014 of $5.7 million  |                                                                                                                                                                                                                             | 10.00%                                  |                 | $      41.8 |   | 4 |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |
| Commerzbank AG Credit Facility                                                                                                |                    | 4 quarterly installments of $1.5 million, and 4 quarterly installments of $1.0 million and 2 quarterly installments of $0.25 million through June 2011                                                                            |                                                                                                                                                                      | LIBOR plus 4.00%                                   |                            | One payment of $1.5 million due on June 30, 2011                                                                                                                                                                            |                                                                                                                                                                                                                             | LIBOR plus 4.00%                        |                 | $      11.8 |   | 1 |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |
| Berenberg Bank Credit Facility                                                                                                |                    | 16 quarterly installments of $0.8 million through June  2012                                                                                                                                                            |                                                                                                                                                                      | LIBOR plus 5.00%                                   |                            | 3 quarterly installments of $0.2 million, 4 quarterly installments of $0.2 million and 6 quarterly installments of $0.2 million through June 30, 2014 ending with a final installment due on June 30, 2014 of $3.0 million  |                                                                                                                                                                                                                             | LIBOR plus 5.00%                        |                 | $      12.4 |   | 1 |
|                                                                                                                          |                    |                                                                                                                                                                                                                              |                                                                                                                                                                      |                                               |                            |                                                                                                                                                                                                                        |                                                                                                                                                                                                                             |                                    |                 |   |   |   |   |

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| (a) | Margins shown exclude 2.00% additional interest while the loans are in defaults.                                                                                                        |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The base rate increases 50 basis points every six months with 5.75% through December 31, 2010; 6.25% through June 30, 2011; 6.75% through December 31, 2011 and 7.25% through maturity. |
| (c) | While vessels are under construction, advances are collateralized by shipbuilding contracts.                                                                                            |
| (d) | The credit facility has a LIBOR floor of 1.50%.                                                                                                                                         |

|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   | As amended subsequent to                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Covenant                                            |   | As of December 31, 2010                                                                                                                                                                                                                                                                                                                                                                       |   | December 31, 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Minimum Cash Liquidity                              |   | Qualified cash of $15.0 million, which is defined in the agreement as cash and cash equivalents.                                                                                                                                                                                                                                                                                              |   | Qualified weekly average cash of $15.0 million, which is defined in the agreement as cash and cash equivalents.  This calculation shall exclude any expenses actually paid in connection with the restructuring.                                                                                                                                                                                                                                                      |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Minimum Consolidated Interest Charge Coverage Ratio |   | Not less than a ratio of 3.00 to 1.00 at June 30, 2010 and 3.75 to 1.00 at September 30, 2010 of Consolidated EBITDA for the four previous quarters to Consolidated interest expense for the same period.  Not measured after September 30, 2010.                                                                                                                                   |   | Not less than a ratio (consolidated EBITDA to consolidated interest expense) of 3.35 to 1.00 for each fiscal quarter period during 2011; 3.70 to 1.00 for each fiscal quarter period during 2012; 4.30 to 1.00 for each fiscal quarter period ending on March 31, and June 30, 2013; 4.75 to 1.00 for each fiscal quarter period ending on September 30, and December 31, 2013; 5.20 to 1.00 for each fiscal quarter period during March 31 to September 30, 2014.         |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Maximum Consolidated Leverage Ratio                 |   | Not more than a ratio of 5.00 to 1.00 at June 30, 2010, 3.75 to 1.00 at September 30, 2010, 3.00 to 1.00 at December 31, 2010 and March 31, 2011, 2.75 to 1.00 at June 30, 2011 and 2.50 to 1.00 at September 30, 2011 and thereafter, of Consolidated Funded Indebtedness, as defined in the loan agreements, at the end of a quarter to Consolidated EBITDA for the four previous quarters. |   | Not more than a ratio (consolidated funded indebtedness to consolidated EBITDA) of 4.00 to 1.00 for each fiscal quarter period during 2011; 3.65 to 1.00 for each fiscal quarter period during 2012; 3.20 to 1.00 for each fiscal quarter period ending on March 31, and June 30, 2013; 2.75 to 1.00 for each fiscal quarter period ending on September 30, and December 31, 2013; 2.50 to 1.00 for each fiscal quarter period during March 31 to September 30, 2014. |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Minimum Consolidated Fixed Charge Coverage Ratio    |   | Not less than a ratio of 1.10 to 1.00 at December 31, 2010, 1.30 to 1.00 at March 31, 2011, 1.50 to 1.00 at June 30, 2011 and, 1.75 to 1.00 at September 30, 2011 and thereafter of Consolidated EBITDA for the four previous quarters to Consolidated interest expense for the same period plus regularly scheduled debt payments for the following 12 months.                               |   | Not Applicable - deleted.                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

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|                                                                  | Liability Derivatives |   |
|-----------------------------------------------------------------------|-----------------------|--------|
|                                                                  | December 31, 2010     |   | December 31, 2009 |   |
|                                                                  | Balance Sheet         |   |   |   | Balance Sheet |   |   |   |
|                                                                  |  Location        |   | Fair Value |   |  Location |   | Fair Value |   |
|                                                                  |                  |   |   |   |   |   |   |   |
| Derivatives designated as hedging instruments under ASC Topic 815     |                  |   |   |   |   |   |   |   |
|                                                                  |                  |   |   |   |   |   |   |   |
| Interest rate contracts                                               | Other liabilities     |   | $ | 4,069 |   | Other liabilities |   | $ | 8,997 |   |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Derivatives not designated as hedging instruments under ASC Topic 815 |                  |   |   |   |   |   |   |   |   |   |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Interest rate contracts                                               | Other liabilities     |   |   | 4,375 |   | Other liabilities |   |   | 980 |   |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |
| Total derivatives                                                     |                  |   | $ | 8,444 |   |   |   | $ | 9,977 |   |
|                                                                  |                  |   |   |   |   |   |   |   |   |   |

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|                                                            |                               |        | Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) |   |
|-----------------------------------------------------------------|------------------------------------|-------------|------------------------------------------------------------------------------------------------------|--------|
|                                                            |                               |        | For the Years Ended December 31,                                                                     |   |
| Derivatives under ASC Topic 815 Cash Flow Hedging Relationships |                               |   2010 |                                                                                                 |   | 2009 |   |
| Designated Hedges:                                              |                               |        |                                                                                                 |   |   |   |
|                                                            | Interest rate contracts            |        | $                                                                                                    | (3,835 | ) |   | $ | (8,275 | ) |
| De-designated Hedges:                                           |                               |        |                                                                                                 |   |   |   |   |   |
|                                                            | Interest rate contracts-OCI frozen |        |                                                                                                 | (5,016 | ) |   |   |   |   |
|                                                            | Total derivatives                  |        | $                                                                                                    | (8,851 | ) |   | $ | (8,275 | ) |
|                                                            |                               |        |                                                                                                 |   |   |   |   |   |   |

|                                                                  |                    |                                                                      |   | Amount of Gain or (Loss) Recognized in Income on Derivatives |   |
|-----------------------------------------------------------------------|-------------------------|---------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                                                  |                    | Location of Gain or (Loss)  Recognized in Income on Derivatives |   | For the Years Ended December 31,                        |   |
|                                                                  |                    |                                                                      |   | 2010                                                         |   |   | 2009 |   |   | 2008 |   |
|                                                                  |                    |                                                                      |   |                                                         |   |   |   |   |   |   |   |
| Derivatives Not Designated as Hedging Instruments under ASC Topic 815 |                    |                                                                      |   |                                                         |   |   |   |   |   |   |
|                                                                  |                    |                                                                      |   |                                                         |   |   |   |   |   |   |   |
|                                                                  | Interest rate contracts | Interest expense                                                          |   | $                                                            | 905    |   |   | $ | 3 |   |   | $ | (1,138 | ) |
|                                                                  |                    |                                                                      |   |                                                         |   |   |   |   |   |   |   |   |   |   |
| Derivatives under ASC Topic 815                                       |                    |                                                                      |   |                                                         |   |   |   |   |   |   |   |   |   |
|                                                                  |                    |                                                                      |   |                                                         |   |   |   |   |   |   |   |   |   |   |
|                                                                  | Interest rate contracts | Interest expense                                                          |   |                                                         | 4,420  |   |   |   |   |   |   |   |   |   |
|                                                                  |                    |                                                                      |   | $                                                            | 5,325  |   |   | $ | 3 |   |   | $ | (1,138 | ) |
|                                                                  |                    |                                                                      |   |                                                         |   |   |   |   |   |   |   |   |   |   |

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| (in thousands) |   | Level 1                 |   | Level 2 |   |   | Level 3 |   |
|----------------|--------|-------------------------|--------|---------|--------|--------|---------|--------|
| Liabilities    |   |                    |   |    |   |   |    |   |
|           | 2010   |                    |   |    |   |   |    |   |   |
|           |   | Interest rate contracts |   | $       |   |   | $       | 8,444  |   |   | $ |   |   |
|           | 2009   |                    |   |    |   |   |    |   |   |   |   |   |
|           |   | Interest rate contracts |   | $       |   |   | $       | 9,977  |   |   | $ |   |   |

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|                                             |   | Year Ended December 31, |     |
|--------------------------------------------------|--------|------------------------------|----------|
|                                             |   | 2010                         |     |   | 2009 |   |   | 2008 |   |
| Net (loss) attributable to TBS International plc |   | $                            | (245,266 | ) |   | $ | (67,040 | ) |   | $ | 191,777 |   |
| Foreign currency translation adjustments         |   |                         | 446      |   |   |   |   |   |   |   |   |   |
| Change in unrealized gain on cash flow hedges    |   |                         | (576     | ) |   |   | 5,452 |   |   |   | (10,830 | ) |
| Comprehensive loss                               |   | $                            | (245,396 | ) |   | $ | (61,588 | ) |   | $ | 180,947 |   |

| (a) | TBS Commercial Group Ltd. ("TBS Commercial Group") - This Bermuda-based holding company owns 27 operating companies that operate commercial and port agencies in South America, Europe, and Asia. Its subsidiaries are (1) Solar Shipping Logistica e Tranportes Ltda. (TBS Do Brasil); (2) TBS-Tecnisea C. Ltda.; (3)  Aquarius Shipping Colombia Ltda.; (4) TBS De Venezuela C.A.; (5) TBS Bolivia S.R.L.; (6) TBS Asia Ltd.; (7) TBS Shipping Services Europe GmbH; (8) Seganport S.A. (TBS Peru); (9) Brasinav Agenciamentos Ltda.; (10) Seganport Selva S.A.; (11) TBS SpA (TBS Chile); (12) Nautica Groupe Ltd.; (13) Hermes Logistics Ltd.; (14) Interport Logistics Ltda.; (15) Almacenera Grau; (16) Yonkers Real Estate; (17) TBS Logistics Bolivia SRL; (18) TBS Logistics de Colombia S.A.; (19) TBS Project Logistics Limited; (20) TBS de Colombia S.A.; (21) Interproject Carriers Ltd.; (22) Cia Vapores Arco Iris; (23) Transportes Maritimas Y Fluviales SRL; (24) Bademar ; (25) Groupa  Sedei; (26) Blue Parrot Software SARL A.U. (Morocco);  and (27) TBS Ecuador TBSEC S.A.;  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Beacon Holdings Ltd. ("Beacon") - This Bermuda-based holding company owns four operating companies: (1) TBS Real Estate de Colombia S.A.; (2) Beacon Real Estate Holdings Ltd.; (3) Beacon Holdings America Latin Ltda. and (4) TBS Japan Ltd.  Beacon is in the same business as TBS Commercial Group Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

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|              |   |     |   |   | Accrued     |   |   |   |   |
|-------------------|--------|----------|--------|--------|-------------|--------|--------|--------|--------|
|              |   | Accounts |   |   | and Other   |   |   |   |   |
| Period            |   | Payable  |   |   | Liabilities |   |   | Total  |   |
| December 31, 2010 |   | $        | 1,148  |   |        | $      | 4,621  |   |   | $ | 5,769 |   |
| December 31, 2009 |   | $        | 1,726  |   |        | $      | 2,970  |   |   | $ | 4,696 |   |

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|                            |   | Number of Share Units |         |   | Number of Restricted Shares |   |           | Weighted-Average Fair Value at Grant Date |   |   | Aggregate Value at Grant Date |   |
|---------------------------------|--------|-----------------------|--------------|--------|-----------------------------|--------|----------------|-------------------------------------------|--------|--------|-------------------------------|--------|
|                            |   |                  |         |   |                        |   |           |                                      |   |   |                          |   |
| Non-vested at December 31, 2007 |   |                  | 15,000       |   |                        |   | 123,500        |                                      |   |   |                          |   |   |   |
| Granted, restricted shares      |   |                  |         |   |                        |   | 26,000         |                                      |   | $      | 33.80                         |   |   | $ | 879 |   |
| Granted, share units            |   |                  |         |   |                        |   |           |                                      |   |   |                          |   |   |   |   |   |
| Forfeited                       |   |                  |         |   |                        |   |           |                                      |   |   |                          |   |   |   |   |   |
| Vested                          |   |                  | ( 5,000 | )      |                        |   | ( 37,500  | )                                         |   |   |                          |   |   |   |   |   |
| Non-vested at December 31, 2008 |   |                  | 10,000       |   |                        |   | 112,000        |                                      |   |   |                          |   |   |   |   |   |
| Granted, restricted shares      |   |                  |         |   |                        |   | 12,500         |                                      |   | $      | 7.64                          |   |   | $ | 95 |   |
| Granted, share units            |   |                  |         |   |                        |   |           |                                      |   |   |                          |   |   |   |   |   |
| Forfeited                       |   |                  |         |   |                        |   | ( 3,000   | )                                         |   |   |                          |   |   |   |   |   |
| Vested                          |   |                  | ( 5,000 | )      |                        |   | ( 65,500  | )                                         |   |   |                          |   |   |   |   |   |
| Non-vested at December 31, 2009 |   |                  | 5,000        |   |                        |   | 56,000         |                                      |   |   |                          |   |   |   |   |   |
| Granted, restricted shares      |   |                  |         |   |                        |   | 1,610,082      |                                      |   | $      | 6.42                          |   |   | $ | 10,337 |   |
| Granted, share units            |   |                  |         |   |                        |   |           |                                      |   |   |                          |   |   |   |   |   |
| Forfeited                       |   |                  |         |   |                        |   | ( 1,500   | )                                         |   |   |                          |   |   |   |   |   |
| Vested                          |   |                  | ( 5,000 | )      |                        |   | ( 871,582 | )                                         |   |   |                          |   |   |   |   |   |
| Non-vested at December 31, 2010 |   |                  |         |   |                        |   | 793,000        |                                      |   |   |                          |   |   |   |   |   |
|                            |   |                  |         |   |                        |   |           |                                      |   |   |                          |   |   |   |   |   |

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|                                                                                                                  |   | Year Ended December 31,                                                     |       |
|-----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|------------|
|                                                                                                                  |   | 2010                                                                        |       |   | 2009 |   |   | 2008 |   |
|                                                                                                                  |   | (In thousands, except number of shares and earnings per share amounts) |       |
| Numerators:                                                                                                           |   |                                                                        |       |   |   |   |   |   |   |
| Net (loss) income attributed to TBS International plc and (Loss) available to ordinary shareholders-basic and diluted |   | $                                                                           | (245,266   | ) |   | $ | (67,040 | ) |   | $ | 191,777 |   |
| Allocation of undistributed income to nonvested restricted common shares                                              |   |                                                                        |       |   |   | $ |   |   |   | $ | (711 | ) |
|                                                                                                                  |   |                                                                        |       |   |   |   |   |   |   |   |   |   |
| (Loss) earnings available to common shareholders-Basic and Diluted                                                    |   | $                                                                           | (245,266   | ) |   | $ | (67,040 | ) |   | $ | 191,066 |   |
|                                                                                                                  |   |                                                                        |       |   |   |   |   |   |   |   |   |   |
| Denominators:                                                                                                         |   |                                                                        |       |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding-Basic and Diluted                                                          |   |                                                                        | 30,217,210 |   |   |   | 29,843,566 |   |   |   | 29,263,292 |   |
|                                                                                                                  |   |                                                                        |       |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |                                                                        |       |   |   |   |   |   |   |   |   |   |
| Net (loss) income per common share:                                                                                   |   |                                                                        |       |   |   |   |   |   |   |   |   |   |
| Basic and Diluted                                                                                                     |   | $                                                                           | (8.12      | ) |   | $ | (2.25 | ) |   | $ | 6.53 |   |
|                                                                                                                  |   |                                                                        |       |   |   |   |   |   |   |   |   |   |
| Anti-dilutive warrants not included above                                                                             |   |                                                                        | 349,590    |   |   |   | 311,903 |   |   |   |   |   |
|                                                                                                                  |   |                                                                        |       |   |   |   |   |   |   |   |   |   |

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|                                          |   | Year ended December 31, |   |
|-----------------------------------------------|--------|-------------------------|--------|
|                                          |   | 2010                    |   |   | 2009 |   |   | 2008 |   |
| Charters-in under short term operating leases |   | $                       | 1,303  |   |   | $ | 3,597 |   |   | $ | 11,551 |   |
|                                          |   |                    |   |   |   |   |   |   |   |   |   |   |
| Charters-in under long term operating leases  |   |                    | 9,491  |   |   |   | 6,538 |   |   |   | 6,363 |   |
|                                          |   |                    |   |   |   |   |   |   |   |   |   |   |
| Total lease expenses                          |   | $                       | 10,794 |   |   | $ | 10,135 |   |   | $ | 17,914 |   |

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|                 |   |        |   |   | Office   |   |   | Less      |   |   |   |   |
|----------------------|--------|-------------|--------|--------|----------|--------|--------|-----------|--------|--------|--------|--------|
| At December 31, 2010 |   | Vessel Hire |   |   | Premises |   |   | Sub-lease |   |   | Total  |   |
| 2011                 |   | $           | 9,004  |   |     | $      | 720    |      |   | $      | (271   | )      |   | $ | 9,453 |   |
| 2012                 |   |        | 8,967  |   |     |   | 239    |      |   |   | (137   | )      |   |   | 9,069 |   |
| 2013                 |   |        | 7,347  |   |     |   | 105    |      |   |   |   |   |   |   | 7,452 |   |
| 2014                 |   |        | 493    |   |     |   | 80     |      |   |   |   |   |   |   | 573 |   |
|                 |   | $           | 25,811 |   |     | $      | 1,144  |      |   | $      | (408   | )      |   | $ | 26,547 |   |

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|                 |   | Year Ended December 31, |    |
|----------------------|--------|-------------------------|---------|
| Country              |   | 2010                    |    |   | 2009 |   |   | 2008 |   |
| Brazil               |   | $                       | 62,892  |   |   | $ | 53,192 |   |   | $ | 127,360 |   |
| Japan                |   |                    | 50,778  |   |   |   | 35,914 |   |   |   | 79,812 |   |
| United Arab Emirates |   |                    | 39,641  |   |   |   | 32,387 |   |   |   | 69,714 |   |
| Chile                |   |                    | 22,935  |   |   |   | 16,564 |   |   |   | 46,923 |   |
| China                |   |                    | 18,985  |   |   |   | 12,943 |   |   |   | 42,319 |   |
| USA                  |   |                    | 32,734  |   |   |   | 28,138 |   |   |   | 33,701 |   |
| Peru                 |   |                    | 24,225  |   |   |   | 26,870 |   |   |   | 48,707 |   |
| Argentina            |   |                    | 2,238   |   |   |   | 8,021 |   |   |   | 8,312 |   |
| Korea                |   |                    | 7,968   |   |   |   | 6,744 |   |   |   | 15,699 |   |
| Venezuela            |   |                    | 4,877   |   |   |   | 5,063 |   |   |   | 9,903 |   |
| Others               |   |                    | 28,557  |   |   |   | 22,144 |   |   |   | 36,457 |   |
|                 |   | $                       | 295,830 |   |   | $ | 247,980 |   |   | $ | 518,907 |   |
|                 |   |                    |    |   |   |   |   |   |   |   |   |   |

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|                                                 | Year Ended December 31, 2010 |    |   |
|------------------------------------------------------|------------------------------|---------|--------|
|                                                 | First Quarter           |    |   | Second Quarter |   |   | Third Quarter |   |   | Fourth Quarter |   |   |
|                                                 |                         |    |   |   |   |   |   |   |   |   |   |   |
| Revenue                                              | $                            | 100,069 |   |   | $ | 111,240 |   |   | $ | 99,754 |   |   | $ | 100,770 |   |   |
|                                                 |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) from operations                               | $                            | (2,229  | )      |   | $ | (4,361 | ) |   | $ | (4,319 | ) |   | $ | (208,951 | ) |   |
|                                                 |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) attributable to TBS International plc (a) | $                            | (7,843  | )      |   | $ | (9,677 | ) |   | $ | (10,355 | ) |   | $ | (217,391 | ) |   |
|                                                 |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) per share:(a)                             |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and Diluted                                    | $                            | (0.26   | )      |   | $ | (0.32 | ) |   | $ | (0.34 | ) |   | $ | (7.12 | ) | (b) |
|                                                 |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                     | Year Ended December 31, 2009 |    |   |
|--------------------------|------------------------------|---------|--------|
|                     | First Quarter           |    |   | Second Quarter |   |   | Third Quarter |   |   | Fourth Quarter |   |   |
|                     |                         |    |   |   |   |   |   |   |   |   |   |   |
| Revenue                  | $                            | 71,158  |   |   | $ | 72,236 |   |   | $ | 74,332 |   |   | $ | 84,790 |   |   |
|                     |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) from operations   | $                            | (17,474 | )      |   | $ | (12,722 | ) |   | $ | (13,262 | ) |   | $ | (6,484 | ) |   |
|                     |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) (a)           | $                            | (21,288 | )      |   | $ | (16,913 | ) |   | $ | (18,139 | ) |   | $ | (10,700 | ) |   |
|                     |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) per share:(a) |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and Diluted        | $                            | (0.71   | )      |   | $ | (0.57 | ) |   | $ | (0.61 | ) |   | $ | (0.36 | ) |   |
|                     |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (a) | (a)  The quarterly computations are independent of the annual computation. The computation of quarterly and annual earnings per share includes a weighting of the then average number of shares outstanding that will vary for each period. Accordingly, the sum of the four quarters' net income per share will not equal the annual earnings per share. See "Note 17 - Earnings per share" to our consolidated financial statements. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | (b)  Results for the fourth quarter of 2010 include an impairment loss of $201.7 million, which added $6.67 to net loss per basic and diluted share.                                                                                                                                                                                                                                                                                   |

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Signatures

|   |   | TBS INTERNATIONAL PLC                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | (Registrant)                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |  /s/ Joseph E. Royce                                                                                |
|   |   |  Joseph E. Royce President, Chief Executive Officer, Chairman, and  Director (Principal Executive Officer)                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |  /s/ Ferdinand V. Lepere                                                                                                     |
|   |   |  Ferdinand V. Lepere Senior Executive Vice President and Chief Financial Officer                                                                                                                                                                                                                                                                                                                 |
|   |   |  (Principal Financial Officer)                                                                                                                                                                                                                                                                                                                                                              |
|   |   |  /s/ Frank J. Pittella                                                               |
|   |   |  Frank J. Pittella Chief Accounting Officer (Principal Accounting Officer)                                                                                                                                                                                                                                                                                                             |

| /s/ Joseph E. Royce                                                               |   | /s/ Ferdinand V. Lepere                                                                                                                                                                                                            |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Joseph E. Royce, President, Chief Executive Officer,Chairman, and Director (Principal Executive Officer)                                                                                                                                                                                                                |   | Ferdinand V. Lepere, Senior Executive Vice President andChief Financial Officer  (Principal Financial Officer)                                                                                                                                                                                                                                                                                                                                                 |   |
|                                                                                                                                                                                                                                                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| /s/ Frank J. Pittella                                                             |   | /s/ Gregg L. McNelis                                                                                                                                                                                                     |   |
| Frank J. Pittella, Chief Accounting Officer                                                                                                                                                                                                                                                                             |   | Gregg L. McNelis, Senior Executive Vice President,                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| (Principal Accounting Officer)                                                                                                                                                                                                                                                                                          |   | Chief Operating Officer and Director                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                                                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| /s/ James W. Bayley                                                               |   | /s/ John P. Cahill                                                                                                                                                               |   |
| James W. Bayley, Vice President and Director                                                                                                                                                                                                                                                                            |   | John P. Cahill, Director                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| /s/ Randee E. Day                                                  |   | /s/ William P. Harrington                                                                                                                                                                                                                                   |   |
| Randee E. Day, Director                                                                                                                                                                                                                                                                                                 |   | William P. Harrington, Director                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| /s/ Alexander Smigelski                                                                                                   |   | /s/ Peter S. Shaerf                                                                         |   |
|  Alexander Smigelski, Director                                                                                                                     |   | Peter S. Shaerf, Director                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                |