3rd Quarter 2016
results
Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the
3rd quarter of
$6.0 million, compared with $9.7 million in the 2nd
quarter of 2016 (Q3'15: $19.6 million). Net loss in the
3rd quarter of
2016 was $4.2 million, compared with a net loss of $4.4 million in
the 2nd quarter (net
profit Q3'15: $7.4 million). The average time charter equivalent
rate for the fleet was $10,926 per day in the 3rd
quarter, compared with $13,242 per day in the previous
quarter.
In the 3rd quarter, the
Company completed the sale of the Sichem Contester, a 19,822 dwt
stainless steel ship, the Sichem Edinburgh, a 13,153 dwt coated
ship, and the disposition of the Siteam Anja, a 44,640 dwt coated
ship, resulting in a combined net gain of $0.4 million.
Team Tankers' CEO Hans Feringa
commented, "With the vessel disposals in the 3rd
quarter, we have now completed the strategic realignment of the
Team fleet. Even though the freight environment in our industry has
been challenging, Team has approximately $100 million of cash
versus $97 million of debt and therefore has one of the strongest
balance sheets in the publicly traded shipping universe. With
very low leverage, Team is well-positioned to capitalize on
strategic opportunities that will drive further consolidation of
the chemical tanker industry."
Update on Share
Repurchase Program
As reported last quarter, the
Board of Directors of Team Tankers International Ltd. authorized
the Company to commence a $10 million share repurchase program on
August 22, 2016. In the third quarter of 2016, the Company
repurchased 986,550 shares at an average price of NOK 12.77.
As of November 10, 2016, the Company held 1,263,988 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 2016
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.