May 9, 2017
Team Tankers International Ltd. Announces 1 st Quarter 2017 Results
1 st Quarter 2017 results
Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 1 st 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 1 st 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 1 st 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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