2017 May 11

Team Tankers International Ltd. Announces 1st Quarter 2017 Results

Team Tankers International Ltd. 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.

Full report you can view here


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