TBS International has become the latest company to leave Bermuda after announcing it has completed the change in its place of incorporation to Ireland, following receipt of the required approval from the Supreme Court of Bermuda.

The transaction was previously approved by TBS' shareholders and announced on December 4, 2009.

The company is the most recent in a long line of firms who have moved or signalled their intent to redomicile, the most high profile of which was Willis Group Holdings Ltd., which announced the completion of its reorganisation and the incorporation of new parent company Willis Group Holdings Public Ltd. last week, citing the need to relocate to a "more stable environment".

TBS International plc., the Irish incorporated company, will be registered with the US Securities and Exchange Commission (SEC) and to be subject to the same SEC reporting requirements as before the transaction.

The company's shares will continue to trade on the Nasdaq Global Select Market.