Bermuda-based TBS International's board of directors has approved plans to redomicile to Ireland, citing seeking a "stable political and economic environment" as one of the main reasons behind the move.

The tweendecker and bulker operator will ask its shareholders to vote in favour of the move at a special meeting expected to be held in the next two to three months.

This follows a number of companies redomiciling from Bermuda to Ireland in recent months, with Willis Group<\p>Holdings Ltd. among the most recent high profile departure joining a growing list of planned or completed movers, including Accenture, Covidien, Ingersoll-Rand, Cooper Industries Ltd. and Warner Chilcott.

If the conditions to the proposed transaction are meet, including approval from the Supreme Court of Bermuda, TBS International plc., an Irish company, will become TBS's parent company, with current shareholders of TBS becoming shareholders of TBS-Ireland.

TBS-Ireland will be registered with the US Securities and Exchange Commission (SEC) and be subject to the same SEC reporting requirements as TBS, while TBS-Ireland's shares will trade on the Nasdaq Global Select Market.

Joseph Royce, chairman, CEO and president of TBS, said: "After a careful review, our board of directors has determined that changing our place of incorporation to Ireland is in the best interest of the company and our shareholders.

"We believe that incorporating in Ireland will provide us with economic benefits and help ensure our continued global competitiveness.

"As a member of the Euro "As a member of the European Union, Ireland offers a stable political and economic environment and sophisticated, well-developed corporate, legal and regulatory environment.

"It also has a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the US and other countries around the world where TBS does business.

"In addition, Ireland has the financial and legal infrastructure to meet TBS's current and future needs."

TBS does not expect any material change in its operations, financial results or tax treatment as a result of the change in its place of incorporation.