May 14, 2019
Team Tankers International Ltd.
Announces 1st Quarter 2019
Results
1st Quarter 2019
results
Team Tankers International Ltd. (OSE: TEAM)
reported EBITDA for the 1st quarter of
$14.0 million, compared with $2.8 million in the 4th quarter of
2018 (Q1'18: $2.5 million). Net loss in the 1st quarter of
2019 was $7.9 million, compared with a net loss of $36.4 million in
the 4th quarter of
2018 ($18.4 million excluding a $18.0 million vessel impairment
charge recognized in the quarter; Q1'18 net loss: $7.3 million).
The average time charter equivalent rate for the fleet was $12,123
per day this quarter, compared with $10,854 per day in the previous
quarter.
Team's CEO, Hans Feringa,
commented "We have completed the integration of Laurin with Team
Tankers and from April all MR's are technically managed
in-house. We profited from the uptick in the first quarter
and have positive expectations for the latter part of this year and
2020."
The Company continues to focus on
expanding and developing its deep sea business.
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 1st quarter 2019
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
Jens Gisle Schnelle: Acting 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.