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Team Tankers International Expects Improved Second Quarter TCE Earnings

In accordance with the results of the Special General Meeting (the “SGM”), the Company has today submitted an application for delisting to the Oslo Stock Exchange (the “OSE”).

The Company cannot predict whether the OSE will grant the Company’s request to delist its common shares from the OSE, but in light of the reasons supporting a delisting, we believe that the Company’s request to delist will be accepted.

The Company has, in connection with the delisting process, decided to provide a trading update. Subject adjustments, following finalization of the quarterly review, the Q2 2020 TCE is expected to be approx. $14,675/day compared to the Q1 2020 TCE of $13,810/day. Time-Charter Equivalent (TCE): Shipping industry freight rates are commonly measured in terms of “time-charter equivalent” (or TCE) rates, which represent net revenues divided by revenue days.
Source: Team Tankers

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