SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

McNelis Gregg L

(Last)

(First)

(Middle)

612 EAST GRASSY SPRAIN ROAD

(Street)

YONKERS

10710

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TBS INTERNATIONAL LTD [ TBSI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Executive V. P. and COO

3. Date of Earliest Transaction (Month/Day/Year)
05/23/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Shares, par value $0.01 per share	05/23/2008		M		125,000	A	⁽¹⁾	275,710	D
Class A Common Shares, par value $0.01 per share	05/28/2008		S		275,000	D	$51	710	D
Class A Common Shares, par value $0.01 per share	05/23/2008		C⁽²⁾		100,000	A	⁽¹⁾	100,000	I	By spouse Susanne E. McNelis
Class A Common Shares, par value $0.01 per share	05/28/2008		S		100,000	D	$51	0	I	By spouse Susanne E. McNelis
Class A Common Shares, par value $0.01 per share								178,432	I	By the Gregg L. McNelis 2005 Irrevocable Trust
Class A Common Shares, par value $0.01 per share								178,432	I	By the Susanne E. McNelis 2005 Irrevocable Trust
Class A Common Shares, par value $0.01 per share								43,347	I	By spouse as trustee for Gregg L. McNelis Jr 2004 Irrevocable Trust
Class A Common Shares, par value $0.01 per share								43,347	I	By spouse as trustee for Diana McNelis 2004 Irrevocable Trust
Class A Common Shares, par value $0.01 per share								43,347	I	By spouse as trustee for Brandon McNelis 2004 Irrevocable Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Shares, par value $0.01 per share	⁽¹⁾	05/23/2008		M			125,000	⁽¹⁾	⁽¹⁾	Class A Common Stock	125,000	$0.00	710,294	D
Class B Common Shares, par value $0.01 per share	⁽¹⁾	05/23/2008		C⁽²⁾			100,000	⁽¹⁾	⁽¹⁾	Class A Common Stock	100,000	$0.00	1,141	I	By spouse Susanne E. McNelis
Class B Common Shares, par value $0.01 per share	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	243,267		243,267	I	By the Gregg L. McNelis 2005 Irrevocable Trust
Class B Common Shares, par value $0.01 per share	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	368,592		368,592	I	By the Gregg L. McNelis 2006 Qualified Grantor Retained Annuity Trust
Class B Common Shares, par value $0.01 per share	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	243,267		243,267	I	By the Susanne E. McNelis 2005 Irrevocable Trust
Class B Common Shares, par value $0.01 per share	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	368,592		368,592	I	By the Susanne E. McNelis 2006 Qualified Grantor Retained Annuity Trust
Class B Common Shares, par value $0.01 per share	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	84,000		84,000	I	By spouse as trustee for Gregg L. McNelis Jr 2004 Irrevocable Trust
Class B Common Shares, par value $0.01 per share	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	84,000		84,000	I	By spouse as trustee for Diana McNelis 2004 Irrevocable Trust
Class B Common Shares, par value $0.01 per share	⁽¹⁾							⁽¹⁾	⁽¹⁾	Class A Common Stock	84,000		84,000	I	By spouse as trustee for Brandon McNelis 2004 Irrevocable Trust

Explanation of Responses:

1. Class B Common Shares are convertible into Class A Common Shares on a one-for-one basis at any time and have no expiration date.

2. Class B Common Shares are convertible into Class A Common Shares on a one-for-one basis at any time and have no expiration date. This transaction is exempt under Rule 16b-6(b)

Remarks:

	/s/ Tara C. DeMakes Name: Tara C. DeMakes as Attorney-in-Fact	05/28/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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