Team Tankers International Ltd. : 3rd Quarter 2018 Results
November 13 2018 - 6:23PM
November 14, 2018
Team Tankers International Ltd.
Announces 3rd Quarter 2018
Results
3rd Quarter 2018
results
Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the
3rd quarter of
$0.7 million, compared with $6.7 million in the 2nd
quarter of 2018 (Q3'17: $4.6 million). Net loss in the
3rd quarter of
2018 was $14.5 million compared with a net income of $4.4 million
in the 2nd quarter of
2018 (Q3'17 net loss: $36.3 million). The average time charter
equivalent rate for the fleet was $9,758 per day this quarter,
compared with $11,316 per day in the previous quarter.
During the quarter, the final
purchase price payable for the shares of Anglo-Atlantic Steamship
Company Ltd. was agreed and 477,738 of the Company's shares were
redelivered to the Company from the former owner of
Anglo-Atlantic.
Team's CEO, Hans Feringa,
commented "Despite a challenging freight market, Team Tankers
focused on optimizing its shoreside operations through the final
integration of the Team and Laurin Shipping platforms. During
the quarter, we exited operations in Sweden and consolidated vessel
management in the Americas into our Houston office. In
addition, we grew our in-house technically managed fleet by
shifting two vessels away from third-party managers and three more
will follow soon. We are confident that our integrated
platform will allow Team to deliver high quality transportation
services at competitive total costs."
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 2018
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.
Team Tankers 3Q 2018
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Team Tankers International Ltd. via
Globenewswire