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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* Royce Elaine M (Last) (First) (Middle) 52 OLD ORCHARD LANE (Street) SCARSDALE NY 10583 (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) Director X 10% Owner Officer (give title below) Other (specify below)
	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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Shares, par value $0.01 per shares	05/23/2008		M		350,000	A	(1)	350,000	D
Class A Common Shares, par value $0.01 per shares	05/23/2008		S		350,000	D	$51	0	D
Class A Common Shares, par value $0.01 per shares	05/23/2008		C(2)		350,000	A	(1)	350,000	I	By Spouse Joseph E. Royce
Class A Common Shares, par value $0.01 per shares	05/23/2008		S		350,000	D	$51	0	I	By Spouse Joseph E. Royce
Class A Common Shares, par value $0.01 per shares								1,446,208	I	By the Elaine M. Royce 2005 Irrevocable Trust
Class A Common Shares, par value $0.01 per shares								1,446,208	I	By the Joseph E. Royce 2005 Irrevocable Trust
Class A Common Shares, par value $0.01 per shares								684,890	I	By Elaine M. Royce as trustee(3)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Shares, par value $0.01 per share	(1)	05/23/2008		M			350,000	(1)	(1)	Class A Common Stock	350,000	$0.00	745,726	D
Class B Common Shares, par value $0.01 per share	(1)	05/23/2008		C(2)			350,000	(1)	(1)	Class A Common Stock	350,000	$0.00	796,472	I	By spouse Joseph E. Royce
Class B Common Shares, par value $0.01 per share	(1)							(1)	(1)	Class A Common Stock	1,770,032		1,770,032	I	By the Elaine M. Royce 2006 Qualified Grantor Retained Annuity Trust
Class B Common Shares, par value $0.01 per share	(1)							(1)	(1)	Class A Common Stock	546,786		546,786	I	By the Elaine M. Royce 2005 Irrevocabe Trust
Class B Common Shares, par value $0.01 per share	(1)							(1)	(1)	Class A Common Stock	1,719,287		1,719,287	I	By the Joseph E. Royce 2006 Qualified Grantor Retained Annuity Trust
Class B Common Shares, par value $0.01 per share	(1)							(1)	(1)	Class A Common Stock	546,786		546,786	I	By the Joseph E. Royce 2005 Irrevocable Trust
Class B Common Shares, par value $0.01 per share	(1)							(1)	(1)	Class A Common Stock	1,327,200		1,327,200	I	By Elaine M. Royce as trustee(3)

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)

3. Ms. Elaine M. Royce is a co-trustee of the Jeanine Royce 1997 Trust and the Laura Royce 1997 Trust which jointly owns Treetops Holdings LLC. Ms. Royce has sole investment powers over the shares owned by the Royce 1997 Trusts. Ms. Royce disclaims beneficial ownership of the shares indirectly owned by the Royce 1997 Trusts and the shares held by Treetops.

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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