Team Tankers International Ltd. (OSE: TEAM) reported an EBITDA for the 4^th quarter of $17.4 million, compared with $19.6 million in the 3^rd quarter of 2015 (Q4'14: $6.9 million). Net profit in the 4^th quarter of 2015 was $4.9 million, compared with a net profit of $7.4 million in the 3^rd quarter (net loss of $114.1 million in Q4'14). The average time charter equivalent rate for the fleet increased to $14,168 per day in the 4^th quarter, compared with $13,975 in the previous quarter. 

The market conditions from the 4^th quarter are expected to continue in the 1^st quarter of 2016. 

In the 4^th quarter, the Company completed the acquisition of the Sichem Amethyst and the Sichem Contester, previously chartered in on time charter agreements. Two of the Company's older and smaller ships, the Sichem Houston and the Sichem Fumi, which no longer fit with our fleet focus, were sold. To continue to build scale in our European regional stainless steel fleet, the Company committed to acquire the Southern Zebra, a 8,900 dwt stainless steel chemical tanker. Delivery is expected in March 2016. In the 4^th quarter, the Company took delivery of one IMO2 MR on a one-year time charter. As part of our growth strategy in the regional coated ship class, the Company acquired two ships, and took delivery of two ships on time charter in this class subsequent to quarter end. The Company recognized a net gain of $0.3 million in the 4^th quarter from ship transactions. 

Following the quarter end, the Company sold the 20,000 dwt stainless steel ship the North Fighter, and agreed to sell two 3,500 dwt stainless steel ships, the Sichem Colibri and the Sichem Sparrow. The Company expects to record a $0.3 million gain from the sale of the North Fighter. Further, the Company committed to acquire the Sichem Mumbai, a 13,000 dwt epoxy coated ship currently on a bareboat charter to the Company. 

"Since rolling out our focused growth strategy in November 2015, we have completed or committed to 12 vessel transactions, adding 7 vessels in our key ship classes and disposing of 5 non-core vessels," commented Hans Feringa, CEO of Team Tankers.  "The 5 sales, which generated $42 million in proceeds, were all done at or around the estimated fair market value of these vessels and lend strong support for published estimates of the total market value of our fleet," added Feringa. 

The Company appointed Mr. Kevin Kilcullen as Chief Financial Officer. Mr. Kilcullen comes from the position of Chief Financial Officer of Principal Maritime in Southport, Connecticut. The Company will move its corporate and group reporting activities from Oslo, Norway to the Head Office in Westport, Connecticut USA. 

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 and CEO
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.