November 15, 2017
Team Tankers
International Ltd. Announces 3rd Quarter 2017
Results
Team Tankers
International Ltd. (OSE: TEAM) reported EBITDA for the 3rd quarter of
$4.6 million, compared with $3.1 million in the 2nd
quarter of 2017 (Q3'16: $6.0 million). Net loss in the
3rd quarter of
2017 was $36.3 million ($7.5 million excluding a $28.8 million
vessel impairment charge recognized in the quarter), compared with
a net loss of $7.1 million in the 2nd quarter of
2017 (Q3'16 net loss: $4.2 million). The average time charter
equivalent rate for the fleet was $10,136 per day this quarter,
compared with $10,258 per day in the previous quarter.
In the 3rd quarter of
2017, the Company sold the Tour Margaux (8,674 dwt, built 1993) and
the Sichem Dubai (12,888 dwt, built 2007) for a total of $11.4
million and replaced capacity through time charter-ins of the Leon
M (12,959 dwt, built 2008) in July, the Black Star (9,500 dwt,
built 2011) in August and the Blue Star (9,500 dwt, built 2011)
expected in November.
Hans Feringa, President &
Chief Executive Officer of Team Tankers, commented: "Market
conditions in the chemical tanker sector remain challenging.
Team has the balance sheet to go on the offensive and is poised to
take advantage of compelling cyclical investment
opportunities."
Update on Share
Repurchase Program
On August 17, 2017, the Board of
Directors authorized the Company to extend its share repurchase
program with a new authority to purchase up to $15.0 million and no
more than 15 million shares. In the 3rd
quarter of 2017, the Company repurchased 2,896,680 outstanding
shares of its stock at an average price of NOK 11.00 per
share. As of November 14, 2017, the Company held
3,823,666 treasury shares.
Forward looking
statements
This press release may contain
forward-looking statements. These statements are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including Team Tankers International's management's
examination of historical operating trends. Although Team Tankers
International believes that these assumptions were reasonable when
made, because assumptions are inherently subject to significant
uncertainties and contingencies, which are difficult or impossible
to predict and are beyond its control, the Company cannot give
assurance that it will achieve or accomplish these expectations,
beliefs or intentions.
Important factors that, in the
Company's view, could cause actual results to differ materially
from those discussed in this report include the strength of world
economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in
demand in the chemical tanker market, changes in the Company's
operating expenses including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors
described from time to time in the reports filed by the Company.
Neither Team Tankers International nor any other person assumes
responsibility for the accuracy and completeness of the
forward-looking statements.
The 3rd quarter 2017
financial report is attached.
The Board of Directors
Team Tankers International Ltd.
Hamilton, Bermuda
Questions should be directed to:
Hans Feringa: President and CEO
T: +1 203 341 3600
Kevin Kilcullen: CFO
T: +1 203 341 3600
About Team Tankers International
Ltd.: Team Tankers International Ltd. is a leading chemical tanker
company committed to providing safe, reliable and incident free
transport services to our worldwide customer base. The Company
transports a wide variety of cargoes including organic chemicals,
non-organic chemicals, petroleum products, vegetable oils and lube
oils. Team Tankers International Ltd. is listed on the Oslo Stock
Exchange (OSE: TEAM).
This information is subject to the
disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.