Team Tankers International Ltd. : 4th Quarter 2016 Results
28 February 2017 - 10:50PM
February 28, 2017
Team Tankers
International Ltd. Announces 4th Quarter 2016
Results
4th Quarter 2016
results
Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the
4th quarter of $2.7 million, compared with $6.0 million in the
3rd quarter of
2016 (Q4'15: $17.4 million). Net loss in the 4th quarter of
2016 was $8.9 million, compared with a net loss of $4.2 million in
the 3rd quarter (net
profit Q4'15: $4.9 million). The average time charter equivalent
rate for the fleet was $10,550 per day in the 4th
quarter, compared with $10,926 per day in the previous
quarter.
In the 4th quarter, the
Company took delivery of the Aigran D, a 10,020 dwt stainless steel
ship, on time charter.
Team Tankers' CEO Hans Feringa
commented, "Despite a weaker than expected freight environment,
Team Tankers has maintained an industry-leading balance sheet and
has the flexibility to pursue a variety of strategic opportunities
in the chemical tanker market. We are not pleased with the
results that our fleet has generated in 2016, however, we believe
that Team is well positioned to benefit from a cyclical recovery in
chemical tanker rates."
Update on Share
Repurchase Program
The Company is authorized to
repurchase up to $10 million for its shares. In the fourth
quarter of 2016, the Company repurchased 225,243 outstanding shares
of its stock at an average price of NOK 11.93. As of February
27, 2016, the Company held 1,426,003 treasury shares.
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 4th quarter 2016
financial report is attached.
The Board of Directors
Team Tankers International Ltd.
Hamilton, Bermuda
Questions should be directed to:
Hans Feringa: President and 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 to the
disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.
TEAM Q4 2016 Report
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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