November 15, 2019
Team Tankers International Ltd. Announces 3rd Quarter 2019 Results
3rd Quarter 2019 results
Team Tankers International Ltd. (TEAM.OL) reported EBITDA for the 3rd quarter of $13.4 million, compared with $11.8 million in the 2nd quarter of 2019 (Q3'18: $0.7 million). Net loss in the 3rd quarter of 2019 was $15.1 million, compared with a net loss of $17.4 million in the 2nd quarter of 2019 (Q3'18 net loss: $14.5 million). The average time charter equivalent rate for the fleet was $11,406 per day this quarter, compared with $11,611 per day in the previous quarter.
Team’s CEO, Hans Feringa, commented “We finalized the sale of the last two of our five older MRs at attractive levels, concentrating our efforts on our younger, more sophisticated, deep sea assets. With the sale of the older MRs and certain intermediate ships, we have freed up capital for investment activity and positioned ourselves for 2020 with a more focused deep sea fleet. The divested asset prices in this quarter are at price levels well above what is implied by the 3rd quarter traded share prices, further proving value for our shareholders. We will consider additional divestment and investment activity as we continue our positioning into 2020.”
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 3rd quarter 2019 financial report is attached.
The Board of Directors
Team Tankers International Ltd.
Questions should be directed to:
Hans Feringa: President and CEO
T: +1 203 341 3600
Jens Gisle Schnelle: 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 (TEAM.OL).
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act