February 28, 2017
Team Tankers International Ltd. Announces 4th Quarter 2016 Results
4th Quarter 2016 results
Team Tankers International Ltd. (TEAM.OL) reported EBITDA for the 4th quarter of $2.7 million, compared with $6.0 million in the 3rd quarter of 2016 (Q4`15: $17.4 million). Net loss in the 4th quarter of 2016 was $8.9 million, compared with a net loss of $4.2 million in the 3rd quarter (net profit Q4`15: $4.9 million). The average time charter equivalent rate for the fleet was $10,550 per day in the 4th quarter, compared with $10,926 per day in the previous quarter.
In the 4th quarter, the Company took delivery of the Aigran D, a 10,020 dwt stainless steel ship, on time charter.
Team Tankers` CEO Hans Feringa commented, "Despite a weaker than expected freight environment, Team Tankers has maintained an industry-leading balance sheet and has the flexibility to pursue a variety of strategic opportunities in the chemical tanker market. We are not pleased with the results that our fleet has generated in 2016, however, we believe that Team is well positioned to benefit from a cyclical recovery in chemical tanker rates."
Update on Share Repurchase Program
The Company is authorized to repurchase up to $10 million for its shares. In the fourth quarter of 2016, the Company repurchased 225,243 outstanding shares of its stock at an average price of NOK 11.93. As of February 27, 2016, the Company held 1,426,003 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 4th quarter 2016 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
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 (TEAM.OL).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Team Tankers International Ltd. via GlobeNewswire