Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 1st quarter of $14.2 million, compared with $17.4 million in the 4th quarter of 2015 (Q1'15: $14.3 million). Net profit in the 1st quarter of 2016 was $4.5 million, compared with net profit of $4.9 million in the 4th quarter (net profit of $1.7 million in Q1'15 adjusted for restructuring effects). The average time charter equivalent rate for the fleet was $14,000 per day in the 1st quarter, compared with $14,168 in the previous quarter. 

The market conditions from the 1st quarter are expected to continue in the 2nd quarter of 2016. 

In the 1st quarter, the Company strengthened its fleet of regional coated ships through acquisitions of three 13,000 dwt coated ships, the Team Houston, the Team Oslo and the Sichem Mumbai, a ship previously on a bareboat charter to the Company. Further, the Company took delivery of three 13,000 dwt coated ships on time charters. The Bertina and the Bernora were taken in on one-year time charters, and the Oceanic Crimson on a two-year time charter. 

During the first quarter, the Company took delivery of the Team Sapphire, an 8,900 dwt stainless steel ship, which will add to the Company's European regional stainless steel fleet. 

The Company completed the sales of the North Fighter, the Sichem Colibri and the Sichem Sparrow, and agreed to sell the 19,822 dwt stainless steel ship Sichem Contester, with expected delivery in the 2nd quarter. A net gain of $1.9 million was recognized from ship transactions in the quarter. 

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 Board of Directors
Team Tankers International Ltd. 
Hamilton, Bermuda 

Questions should be directed to:

Hans Feringa: President & 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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.