Team Tankers adds CPP to its portfolio

May 11 2018


Team Tankers International reported EBITDA for the first quarter this year of $2.5 mill, compared with $2.1 mill in 4Q17 and $4.3 mill in 1Q17.

Net loss in 1Q18 was $7.3 mill, compared with a net loss of $11.9 mill in 4Q17 and $6.6 mill in 1Q17.

The average TCE rate for the fleet was $10,610 per day during 1Q18, compared with $10,607 per day in the previous quarter.

In late February, the company entered into an agreement to acquire all the outstanding shares in each of Laurin Shipping and Anglo-Atlantic Steamship Co. The acquisitions were completed on 4th April, 2018. 

With the acquisition of Laurin, Team Tankers added an MR operator with commercial and technical expertise to the company's chemical tanker portfolio.

The acquisition of Anglo Atlantic also secured MRs and a broad portfolio of contracts of affreightment which, combined with Team Tanker's deepsea chemical transportation expertise, created a leading player in the long-haul transportation of chemical and clean petroleum product cargoes, the company claimed.

In connection with the acquisitions, the company refinanced its existing $150 mill loan facility and funded the acquisitions with a combination of cash on hand and a new $220 mill financing agreement, including a $200 mill term loan and a $20 mill revolving credit facility with a final maturity of 31st March, 2023.

The company additionally issued 21.1 mill shares as consideration for the acquisitions.  

In addition, during 1Q18, Team Tankers purchased the ‘Tosca’ (44,999 dwt, built 2004) and took delivery of the timecharter-in vessels ‘Blue Star’ (9,438 dwt, built 2011) and ‘FMT Knidos’ (13,213 dwt, built 2010). At the same time, the company redelivered the timecharter vessels ‘Oceanic Crimson’ (13,273, built 2008) and the ‘Venezia D’ (10,020 dwt, built 1999).

Subsequent to the end of the quarter, the company agreed to timecharter-in the ‘Tromso’, (12,934 dwt, built 2008) for a one-year period with an option for a second year. Her delivery was expected in early May.

 



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Apr 2018

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