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BlackRock Investment Management, LLC
> TBSI
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2009 | TBS INTERNATIONAL LTD | TBSI | 25,638 | -12,132 | 189,000 | -139,000 | $7.37 |
| 09/30/2009 | TBS INTERNATIONAL LTD | TBSI | 37,770 | 14,390 | 328,000 | 145,000 | $8.68 |
| 06/30/2009 | TBS INTERNATIONAL LTD | TBSI | 23,380 | 7,889 | 183,000 | 69,000 | $7.83 |
| 03/31/2009 | TBS INTERNATIONAL LTD | TBSI | 15,491 | 1,300 | 114,000 | -28,000 | $7.36 |
| 12/31/2008 | TBS INTERNATIONAL LTD | TBSI | 14,191 | 14,191 | 142,000 | 142,000 | $10.01 |
| 09/30/2008 | TBS INTERNATIONAL LTD | TBSI | 14,991 | -600 | 202,000 | -421,000 | $13.47 |
| 06/30/2008 | TBS INTERNATIONAL LTD | TBSI | 15,591 | 2,891 | 623,000 | 240,000 | $39.96 |
| 03/31/2008 | TBS INTERNATIONAL LTD | TBSI | 12,700 | 3,000 | 383,000 | 62,000 | $30.16 |
| 12/31/2007 | TBS INTERNATIONAL LTD | TBSI | 9,700 | -8,300 | 321,000 | -422,000 | $33.09 |
| 09/28/2007 | TBS INTERNATIONAL LTD | TBSI | 18,000 | 18,000 | 743,000 | 743,000 | $41.28 |
| 09/30/2006 | TBS INTERNATIONAL LTD | TBSI | 0 | -16,400 | 0 | -466,000 | |
| 06/29/2006 | TBS INTERNATIONAL LTD | TBSI | 16,400 | 16,400 | 466,000 | 466,000 | $28.41 |
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