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.
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.