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2015-08-28

Team Tankers International Ltd.: 2nd Quarter 2015 results

Team Tankers International Ltd. (OSE: TEAM) reported an EBITDA for the 2nd
quarter of $16.9 million, compared with $14.3 million in the 1st quarter of
2015. The net profit in the 2nd quarter of 2015 was $4.6 million, compared
with a net profit of $1.7 million in the 1st quarter (adjusted for
non-recurring restructuring related income and expenses). The average time
charter equivalent rate for the fleet increased to $13,338 per day in the 2nd
quarter (Q1'15: $12,507 per day).

The firm market conditions experienced towards the end of the previous quarter
continued throughout the 2nd quarter of 2015. Further, the bunker prices
continued at the low levels from the 1st quarter, resulting in a continued
upward trend in earnings. Activity remained firm entering the 3rd quarter and
we expect the market conditions from the first half of 2015 to continue for
the remainder of the year.

In the 2nd quarter the Company redelivered the Sichem Hiroshima upon the
expiration of the lease, and took delivery and ownership of the Sichem Ruby.
Following quarter end, the Company declared the purchase option on the Sichem
Amethyst. The acquisition of the vessel is expected to be completed in the
second half of 2015.

On 30 June the Board of Directors appointed Mr. Hans Feringa as President and
CEO to lead Team Tankers International as the Company focuses on growth and
expansion. Mr. Feringa will join the Company on 1 September 2015.

The 2nd quarter and 1st half 2015 financial report is attached.

The Board of Directors

Team Tankers International Ltd.

Hamilton, Bermuda

Questions should be directed to:

Morten Arntzen: Executive Chairman

T: +1 203 979 4018

Andreas Reklev: CFO

T: +47 2311 4321

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

TEAM Q2 2015 Report
http://hugin.info/166973/R/1948071/707550.pdf

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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#1948071

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