August 18, 2017

Team Tankers International Ltd. Announces 2nd Quarter 2017 Results

2^nd  Quarter 2017 results

Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 2^nd quarter of $3.1 million, compared with $4.3 million in the 1^st quarter of 2017 (Q2'16: $9.7 million).  Net loss in the 2^nd quarter of 2017 was $7.1 million, compared with a net loss of $6.6 million in the 1^st quarter of 2017 (Q2'16 net loss: $4.4 million). The average time charter equivalent rate for the fleet was $10,258 per day this quarter, compared with $10,665 per day in the previous quarter.

In the 2nd quarter of 2017, the Company agreed to sell the Tour Margaux (8,674 dwt, built 1993). The transaction closed and the ship was delivered to the buyer in July.  The vessel is classified under Vessels Held for Sale as of June 30, 2017. 

Subsequent to the quarter, the Company sold the Sichem Dubai (12,888 dwt, built 2007) immediately prior to its upcoming special survey.  To replace the capacity, the Company time chartered the Leon M (12,959 dwt, built 2008) in July.

Hans Feringa, President & Chief Executive Officer of Team Tankers, commented: "The Company has not seen any meaningful and sustained improvement in freight rates since the downturn in the chemical tanker market began in the second quarter of 2016.  Team Tankers continues to optimize its asset portfolio to position the Company to benefit when the cycle turns.  Our industry leading balance sheet provides significant capital capacity to commit to attractive expansion opportunities."

Update on Share Repurchase Program
Under a program that began in August, the Company is authorized to repurchase up to $10 million in TEAM shares.  In the second quarter of 2017, the Company repurchased 10,000 outstanding shares of its stock at an average price of NOK 10.00 per share. 

In August, the Company repurchased 2,816,777 outstanding shares of its stock at an average price of NOK 11.00 per share.  As of August 17, 2017, the Company held 4,016,078 treasury shares.

On August 17, 2017, the Board of Directors authorized the Company to extend its share repurchase program with a new authority to purchase up to $15.0 million and no more than 15,000,000 shares.  The share repurchase program period runs from August 19, 2017 and ends on August 18, 2018.

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 2^nd 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.