Team Tankers International Ltd. Announces 2nd Quarter 2017 Results

TINNews |

Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 2nd quarter of $3.1 million, compared with $4.3 million in the 1st quarter of 2017 (Q2’16: $9.7 million). Net loss in the 2nd quarter of 2017 was $7.1 million, compared with a net loss of $6.6 million in the 1st quarter of 2017 (Q2’16 net loss: $4.4 million). The average time charter equivalent rate for the fleet was $10,258 per day this quarter, compared with $10,665 per day in the previous quarter.

In the 2nd quarter of 2017, the Company agreed to sell the Tour Margaux (8,674 dwt, built 1993). The transaction closed and the ship was delivered to the buyer in July. The vessel is classified under Vessels Held for Sale as of June 30, 2017.

Subsequent to the quarter, the Company sold the Sichem Dubai (12,888 dwt, built 2007) immediately prior to its upcoming special survey. To replace the capacity, the Company time chartered the Leon M (12,959 dwt, built 2008) in July.

Hans Feringa, President & Chief Executive Officer of Team Tankers, commented: “The Company has not seen any meaningful and sustained improvement in freight rates since the downturn in the chemical tanker market began in the second quarter of 2016. Team Tankers continues to optimize its asset portfolio to position the Company to benefit when the cycle turns. Our industry leading balance sheet provides significant capital capacity to commit to attractive expansion opportunities.”

Update on Share Repurchase Program

Under a program that began in August, the Company is authorized to repurchase up to $10 million in TEAM shares. In the second quarter of 2017, the Company repurchased 10,000 outstanding shares of its stock at an average price of NOK 10.00 per share.

In August, the Company repurchased 2,816,777 outstanding shares of its stock at an average price of NOK 11.00 per share. As of August 17, 2017, the Company held 4,016,078 treasury shares.

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 15,000,000 shares. The share repurchase program period runs from August 19, 2017 and ends on August 18, 2018.