UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

Information Statement Pursuant to Rules 13d-1 and 13d-2

Under the Securities Exchange Act of 1934

(Amendment No. )*

	TBS International Limited
(Name of Issuer)

	Class A Common Shares
(Title of Class of Securities)

	G86975151
	(CUSIP Number)

	August 15, 2005
	Date of Event Which Requires Filing of the Statement

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o                                    Rule 13d-1(b)
ý                                    Rule 13d-1(c)
o                                    Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 1 of 12

CUSIP NO. G86975151

13G

Page 2 of 12 Pages

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Citadel Limited Partnership

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ý

(b) o

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

Illinois limited partnership

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

691,337 shares

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

See Row 6 above.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

See Row 6 above.

10.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES &nbs p; & nbsp; &nbs p; o

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

Approximately 4.8% as of the date of this filing

12.

TYPE OF REPORTING PERSON

PN; HC

Page 2 of 12

CUSIP NO. G86975151

13G

Page 3 of 12 Pages

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Citadel Investment Group, L.L.C.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ý

(b) o

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware limited liability company

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

691,337 shares

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

See Row 6 above.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

See Row 6 above.

10.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES &nbs p; & nbsp; &nbs p; o

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

Approximately 4.8 % as of the date of this filing

12.

TYPE OF REPORTING PERSON

OO; HC

Page 3 of 12

CUSIP NO. G86975151

13G

Page 4 of 12 Pages

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Kenneth Griffin

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ý

(b) o

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

U.S. Citizen

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

691,337 shares

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

See Row 6 above.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

See Row 6 above.

10.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES &nbs p; & nbsp; &nbs p; o

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

Approximately 4.8% as of the date of this filing

12.

TYPE OF REPORTING PERSON

IN; HC

Page 4 of 12

CUSIP NO. G86975151

13G

Page 5 of 12 Pages

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Citadel Wellington LLC

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ý

(b) o

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware limited liability company

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

691,337 shares

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

See Row 6 above.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

See Row 6 above.

10.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES &nbs p; & nbsp; &nbs p; o

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

Approximately 4.8% as of the date of this filing

12.

TYPE OF REPORTING PERSON

OO; HC

Page 5 of 12

CUSIP NO. G86975151

13G

Page 6 of 12 Pages

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Citadel Kensington Global Strategies Fund Ltd.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ý

(b) o

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

Bermuda company

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

691,337 shares

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

See Row 6 above.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

See Row 6 above.

10.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES &nbs p; & nbsp; &nbs p; o

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

Approximately 4.8% as of the date of this filing

12.

TYPE OF REPORTING PERSON

CO; HC

Page 6 of 12

CUSIP NO. G86975151

13G

Page 7 of 12 Pages

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Citadel Equity Fund Ltd.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ý

(b) o

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands company

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

691,337 shares

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

See Row 6 above.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

See Row 6 above.

10.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES &nbs p; & nbsp; &nbs p; o

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

Approximately 4.8% as of the date of this filing

12.

TYPE OF REPORTING PERSON

Page 7 of 12

CUSIP NO. G86975151

13G

Page 8 of 12 Pages

Item 1(a) Name of Issuer: TBS INTERNATIONAL LIMITED

1(b) Address of Issuer’s Principal Executive Offices:

Commerce Building

Chancery Lane

Hamilton HM 12, Bermuda

Item 2(a)                                                  Name of Person Filing
Item 2(b)                                                 Address of Principal Business Office
Item 2(c)                                                  Citizenship

Citadel Limited Partnership

131 S. Dearborn Street

32nd Floor

Chicago, Illinois 60603

Illinois limited partnership

Citadel Investment Group, L.L.C.

131 S. Dearborn Street

32nd Floor

Chicago, Illinois 60603

Delaware limited liability company

Kenneth Griffin

131 S. Dearborn Street

32nd Floor

Chicago, Illinois 60603

U.S. Citizen

Citadel Wellington LLC

c/o Citadel Investment Group, L.L.C.

131 S. Dearborn Street

32nd Floor

Chicago, Illinois 60603

Delaware limited liability company

Page 8 of 12

CUSIP NO. G86975151

13G

Page 9 of 12 Pages

Citadel Kensington Global Strategies Fund Ltd.

c/o Citadel Investment Group, L.L.C.

131 S. Dearborn Street

32nd Floor

Chicago, Illinois 60603

Bermuda company

Citadel Equity Fund Ltd.

c/o Citadel Investment Group, L.L.C.

131 S. Dearborn Street

32nd Floor

Chicago, Illinois 60603

Cayman Islands company

2(d) Title of Class of Securities:

Class A Common Shares, par value $0.01 per share

2(e) CUSIP Number: G86975151

Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

(a)	o	Broker or dealer registered under Section 15 of the Exchange Act;

(b)	o	Bank as defined in Section 3(a)(6) of the Exchange Act;

(c)	o	Insurance company as defined in Section 3(a)(19) of the Exchange Act;

(d)	o	Investment company registered under Section 8 of the Investment Company Act;

(e)	o	An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

(f)	o	An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

(g)	o	A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

(h)	o	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;

Page 9 of 12

CUSIP NO. G86975151

13G

Page 10 of 12 Pages


(i)	o	A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;

(j)	o	Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

If this statement is filed pursuant to Rule 13d-1(c), check this box. ý

Item 4 Ownership:

CITADEL LIMITED PARTNERSHIP
CITADEL INVESTMENT GROUP, L.L.C.
KENNETH GRIFFIN
CITADEL WELLINGTON LLC
CITADEL KENSINGTON GLOBAL STRATEGIES FUND LTD.
CITADEL EQUITY FUND LTD.

	(a)	Amount beneficially owned:

691,337 shares

	(b)	Percent of Class:

Approximately 4.8% as of the date of this filing

	(c)	Number of shares as to which such person has:

		(i)	sole power to vote or to direct the vote:

			0

		(ii)	shared power to vote or to direct the vote:

			See Item 4(a) above.

		(iii)	sole power to dispose or to direct the disposition of:

			0

		(iv)	shared power to dispose or to direct the disposition of:

			See Item 4(a) above.

	The obligation to file this Schedule 13G arose on August 15, 2005. The Reporting Persons have subsequently reduced their beneficial ownership to the currently reported percentage. At no time since August 15, 2005 have the Reporting Persons been the beneficial owners of greater than 10% of the Company's outstanding Class A Common Shares as determined in accordance with Rule 13d of the Securities Exchange Act of 1934.

Item 5 Ownership of Five Percent or Less of a Class:

Not Applicable.

Page 10 of 12

CUSIP NO. G86975151

13G

Page 11 of 12 Pages

Item 6 Ownership of More than Five Percent on Behalf of Another Person:

Not Applicable.

Item 7 Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company:

See Item 2 above.

Item 8 Identification and Classification of Members of the Group:

Not Applicable.

Item 9 Notice of Dissolution of Group:

Not Applicable.

Item 10 Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

* Mathew B. Hinerfeld is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission on February 4, 2005, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Limited Partnership on Schedule 13G/A for Komag, Incorporated.

Page 11 of 12

CUSIP NO. G86975151

13G

Page 12 of 12 Pages

After reasonable inquiry and to the best of its knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated this 22nd day of August, 2005

KENNETH GRIFFIN		CITADEL KENSINGTON GLOBAL STRATEGIES FUND LTD.
By:	/s/ Matthew B. Hinerfeld
	Matthew B. Hinerfeld, attorney-in-fact*	By:	Citadel Limited Partnership,
			its Portfolio Manager
CITADEL INVESTMENT GROUP, L.L.C.
		By:	Citadel Investment Group, L.L.C.,
By:	/s/ Matthew B. Hinerfeld		its General Partner
	Matthew B. Hinerfeld, Managing
	Director and Deputy General Counsel	By:	/s/ Matthew B. Hinerfeld
			Matthew B. Hinerfeld, Managing
CITADEL LIMITED PARTNERSHIP			Director and Deputy General Counsel

By:	Citadel Investment Group, L.L.C.,	CITADEL EQUITY FUND LTD.
	its General Partner
		By:	Citadel Limited Partnership,
By:	/s/ Matthew B. Hinerfeld		its Portfolio Manager
	Matthew B. Hinerfeld, Managing
	Director and Deputy General Counsel	By:	Citadel Investment Group, L.L.C.,
			its General Partner
CITADEL WELLINGTON LLC
		By:	/s/ Matthew B. Hinerfeld
By:	Citadel Limited Partnership,		Matthew B. Hinerfeld, Managing
	its Managing Member		Director and Deputy General Counsel

By:	Citadel Investment Group, L.L.C.,
	its General Partner

By:	/s/ Matthew B. Hinerfeld
	Matthew B. Hinerfeld, Managing
	Director and Deputy General Counsel

Page 12 of 12