Du är här

2016-05-12

Team Tankers International Ltd.: 1st Quarter 2016 results

Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 1st
quarter of $14.2 million, compared with $17.4 million in the 4th quarter of
2015 (Q1'15: $14.3 million). Net profit in the 1st quarter of 2016 was $4.5
million, compared with net profit of $4.9 million in the 4th quarter (net
profit of $1.7 million in Q1'15 adjusted for restructuring effects). The
average time charter equivalent rate for the fleet was $14,000 per day in the
1st quarter, compared with $14,168 in the previous quarter.

The market conditions from the 1st quarter are expected to continue in the 2nd
quarter of 2016.

In the 1st quarter, the Company strengthened its fleet of regional coated
ships through acquisitions of three 13,000 dwt coated ships, the Team
Houston, the Team Oslo and the Sichem Mumbai, a ship previously on a bareboat
charter to the Company. Further, the Company took delivery of three 13,000
dwt coated ships on time charters. The Bertina and the Bernora were taken in
on one-year time charters, and the Oceanic Crimson on a two-year time
charter.

During the first quarter, the Company took delivery of the Team Sapphire, an
8,900 dwt stainless steel ship, which will add to the Company's European
regional stainless steel fleet.

The Company completed the sales of the North Fighter, the Sichem Colibri and
the Sichem Sparrow, and agreed to sell the 19,822 dwt stainless steel ship
Sichem Contester, with expected delivery in the 2nd quarter. A net gain of
$1.9 million was recognized from ship transactions in the quarter.

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 Board of Directors
Team Tankers International Ltd.
Hamilton, Bermuda

Questions should be directed to:

Hans Feringa: President&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 of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

TEAM Q1 2016 Report
http://hugin.info/166973/R/2012001/745090.pdf

---------------------------------------

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

HUG#2012001

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.