Team Tankers up year-on-year

Feb 26 2016

Team Tankers International reported a net profit of $4.9 mill for the fourth quarter of last year, compared with $7.4 mill in 3Q15 and a net loss of $114.1 mill in 4Q14.

The former Eitzen Chemical Tanker operation’s EBITDA was $17.4 mill for 4Q15, compared with $19.6 mill in 3Q15 and $6.9 mill in 4Q14.

Average daily TCE rate for the fleet increased to $14,168 in 4Q15, compared with $13,975 in the previous quarter. Market conditions from the fourth quarter are expected to continue into the first quarter of 2016, the company said.

In 4Q15, the company completed the acquisition of the ‘Sichem Amethyst’ and ‘Sichem Contester’, previously on timecharter. In addition, two of the company's older and smaller ships were sold.

To continue to build up its European regional stainless steel fleet, Team Tankers agreed to acquire the ‘Southern Zebra’, a 8,900 dwt stainless steel chemical tanker. Delivery is expected in March, 2016.

In 4Q15, the company took delivery of an IMOII MR on a one-year timecharter. As part of its growth strategy in the regional coated ship types, the company acquired two ships, and took delivery of two ships on timecharter.

Team Tankers said that it had recognised a net gain of $0.3 mill in 4Q15 from ship transactions.

Subsequently, the company sold the 20,000 dwt stainless steel ship ‘North Fighter’, and agreed to sell two 3,500 dwt stainless steel ships - ‘Sichem Colibri’ and ‘Sichem Sparrow’.

The Company said that it expected to record a $0.3 mill gain from the sale of the ‘North Fighter’. Furthermore, it agreed to acquire the ‘Sichem Mumbai’, a 13,000 dwt epoxy coated ship currently on a bareboat charter.

"Since rolling out our focused growth strategy in November 2015, we have completed or committed to 12 vessel transactions, adding seven vessels in our key ship classes and disposing of five non-core vessels," commented Hans Feringa, Team Tankers CEO. "The five sales, which generated $42 mill in proceeds, were all done at or around the estimated fair market value of these vessels and lend strong support for published estimates of the total market value of our fleet.”

The company also announced the appointment of Kevin Kilcullen as CFO. He was previously CFO of Principal Maritime in Southport, Connecticut.

In addition, Team Tankers will move its corporate and group reporting activities from Oslo, Norway to the head office in Westport, Connecticut.  

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