Bermuda-based TBS International Ltd. has agreed to acquire two bulk carriers for $45 million, boosting its total fleet to 33 vessels.

The maritime cargo transportation company, which held an initial public offering earlier this year, said it expects the two "handysize" vessels to be delivered in November.

The purchase was financed through a $140 million credit facility TBS International secured in July.

The MV Clipper Flamingo, built in 1997, has a carrying capacity of 29,516 deadweight tons; the MV Clipper Frontier, built in 1996, has a carrying capacity of 29,458 deadweight tons.

Both vessels were built at the Dalian Shipyard.

Including the pending sale of the company's MV Dakota Belle, TBS International's fleet will stand at 33 vessels with a combined cargo capacity of 983,000 deadweight tons. (Dow Jones)