May 9, 2017
Team Tankers
International Ltd. Announces 1st Quarter 2017
Results
1st Quarter 2017
results
Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the
1st quarter of
$4.3 million, compared with $2.7 million in the 4th quarter of 2016
(Q1'16: $14.2 million). Net loss in the 1st quarter of 2017
was $6.6 million, compared with a net loss of $8.9 million in the
4th quarter of 2016 (Q1'16 net profit: $4.5 million). The average
time charter equivalent rate for the fleet was $10,665 per day this
quarter, compared with $10,550 per day in the previous
quarter.
In the 1st quarter, the
Company redelivered three time charter vessels following the expiry
of the lease period. These vessels were classified as
operating leases.
Hans Feringa, President &
Chief Executive Officer of Team Tankers, commented: "The first
quarter of 2017 has seen a marginal improvement in the chemical
tanker market. We expect the remainder of the year to remain
challenging as vessel deliveries continue at a steady pace.
We believe that the environment in 2017 represents a compelling
cyclical opportunity to continue to build and refine the Team
Tankers fleet. Team Tankers continues to be ideally
positioned to drive consolidation in the chemical tanker
market."
Update on Share
Repurchase Program
The Company is authorized to
repurchase up to $10 million for its shares. In the first
quarter of 2017, the Company repurchased 144,840 outstanding shares
of its stock at an average price of NOK 11.66. As of May 8,
2017, the Company held 1,366,033 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 1st quarter 2017
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.