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Dato/tid 15.11.2017 04:41
Utsteder Team Tankers International Ltd.
UtstederID TEAM
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Tittel Team Tankers International Ltd. : 3rd Quarter 2017 Results
Tekst



November 15, 2017

Team Tankers International Ltd. Announces 3(rd) Quarter 2017 Results

Team  Tankers  International  Ltd.  (OSE:  TEAM)  reported EBITDA for the 3(rd)
quarter  of $4.6  million, compared  with $3.1  million in  the 2(nd) quarter of
2017 (Q3'16:  $6.0 million).   Net loss  in the  3(rd) quarter of 2017 was $36.3
million  ($7.5  million  excluding  a  $28.8  million  vessel  impairment charge
recognized  in the  quarter), compared  with a  net loss  of $7.1 million in the
2(nd) quarter  of 2017 (Q3'16 net loss: $4.2  million). The average time charter
equivalent  rate for the fleet  was $10,136 per day  this quarter, compared with
$10,258 per day in the previous quarter.

In  the 3(rd) quarter  of 2017, the  Company sold  the Tour  Margaux (8,674 dwt,
built  1993) and the Sichem Dubai (12,888 dwt,  built 2007) for a total of $11.4
million  and replaced  capacity through  time charter-ins  of the Leon M (12,959
dwt,  built 2008) in July, the Black Star  (9,500 dwt, built 2011) in August and
the Blue Star (9,500 dwt, built 2011) expected in November.
Hans  Feringa, President &  Chief Executive Officer  of Team Tankers, commented:
"Market  conditions in the chemical tanker  sector remain challenging.  Team has
the  balance sheet  to go  on the  offensive and  is poised to take advantage of
compelling cyclical investment opportunities."

Update on Share Repurchase Program

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 million shares.   In the 3(rd) quarter of 2017, the Company
repurchased 2,896,680 outstanding shares of its stock at an average price of NOK
11.00 per  share.   As of November 14, 2017, the Company held 3,823,666 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 3(rd) 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.


 
    

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