Team Tankers International Ltd. 2nd Quarter 2019 Results

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14 August 2019

Team Tankers International Ltd. reported EBITDA for the 2nd quarter of $11.8 million, compared with $14.0 million in the 1st quarter of 2019.  Net loss in the 2nd quarter of 2019 was $17.4 million, compared with a net loss of $7.9 million in the 1st quarter of 2019. The average time charter equivalent rate for the fleet was $11,611 per day this quarter, compared with $12,123 per day in the previous quarter.

Team’s CEO, Hans Feringa, commented “We freed up capital by divesting certain intermediate and older deep-sea tonnage, leaving us with a more focused and attractive fleet and additional capital for investment activity. The divested asset prices are at levels well above what is implied by the 2nd quarter traded share price, proving value for our shareholders. We will consider further divestment and investment activity as we position ourselves for 2020, with emphasis on becoming a more focused deep-sea shipping company.”