November 14, 2018

Team Tankers International Ltd. Announces 3^rd Quarter 2018 Results

3^rd Quarter 2018 results

Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 3^rd quarter of $0.7 million, compared with $6.7 million in the 2^nd quarter of 2018 (Q3'17: $4.6 million).  Net loss in the 3^rd quarter of 2018 was $14.5 million compared with a net income of $4.4 million in the 2^nd quarter of 2018 (Q3'17 net loss: $36.3 million). The average time charter equivalent rate for the fleet was $9,758 per day this quarter, compared with $11,316 per day in the previous quarter.

During the quarter, the final purchase price payable for the shares of Anglo-Atlantic Steamship Company Ltd. was agreed and 477,738 of the Company's shares were redelivered to the Company from the former owner of Anglo-Atlantic. 

Team's CEO, Hans Feringa, commented "Despite a challenging freight market, Team Tankers focused on optimizing its shoreside operations through the final integration of the Team and Laurin Shipping platforms.  During the quarter, we exited operations in Sweden and consolidated vessel management in the Americas into our Houston office.  In addition, we grew our in-house technically managed fleet by shifting two vessels away from third-party managers and three more will follow soon.  We are confident that our integrated platform will allow Team to deliver high quality transportation services at competitive total costs."

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 2018 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). 

Team Tankers 3Q 2018
Nov 13, 2018