October 21 - The decision by TBS International to move its corporate domicile from Bermuda to Ireland appears to be the result of US tax change proposals.
A statement issued by the company cites: "continued criticism and negative publicity regarding companies incorporated in countries, including Bermuda, that do not have tax treaties with the US".
The statement added that "there have been legislative and regulatory proposals that could increase taxes for these companies".
TBS said that it chose Ireland because it is a member of the EU that has a tax treaty with Washington. The new parent, TBS-Ireland, will be listed on NADSAQ using the existing symbol 'TBSI'.
HLPFI readers will recall that TBS took delivery of the newly-constructed vessel Rockaway Belle in September, the first in a series of six "Roymar Class" 34,000 dwt multipurpose tweendecker vessels that the the company has ordered. TBS expects delivery of four more vessels in 2010 and the last vessel in 2011.