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Team Tankers International Ltd. Announces 3rd Quarter 2019 Results

Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 3rd quarter of $13.4 million, compared with $11.8 million in the 2nd quarter of 2019 (Q3’18: $0.7 million). Net loss in the 3rd quarter of 2019 was $15.1 million, compared with a net loss of $17.4 million in the 2nd quarter of 2019 (Q3’18 net loss: $14.5 million). The average time charter equivalent rate for the fleet was $11,406 per day this quarter, compared with $11,611 per day in the previous quarter.

Team’s CEO, Hans Feringa, commented “We finalized the sale of the last two of our five older MRs at attractive levels, concentrating our efforts on our younger, more sophisticated, deep sea assets. With the sale of the older MRs and certain intermediate ships, we have freed up capital for investment activity and positioned ourselves for 2020 with a more focused deep sea fleet. The divested asset prices in this quarter are at price levels well above what is implied by the 3rd quarter traded share prices, further proving value for our shareholders. We will consider additional divestment and investment activity as we continue our positioning into 2020.”
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Source: Team Tankers International Ltd.

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