Team Tankers still in the red

Nov 29 2019


Team Tankers International has reported EBITDA for the third quarter of this year of $13.4 mill, compared with $11.8 mill in 2Q19 and $0.7 mill in 3Q18.

Net loss in 3Q19 was $15.1 mill, compared with a net loss of $17.4 mill in the second quarter and a net loss of $14.5 mill for 3Q18.

Average TCE rate for the fleet was $11,406 per day in 3Q19, compared with $11,611 per day in the previous quarter.

Team’s CEO, Hans Feringa, said “We finalised the sale of the last two of our five older MRs at attractive levels, concentrating our efforts on our younger, more sophisticated, deepsea 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 deepsea fleet.

“The divested asset prices in this quarter are at price levels well above what is implied by the third 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,” he said. 

 



Previous: Teekay Tankers sees stronger fourth quarter

Next: Pyxis reduces net loss - sees increased EBITDA


Jul-Aug 19

Greece, alarm fatigue, Fujairah explosions, scrubbers, tank cleaning