Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 3rd quarter of $4.6 million, compared with $3.1 million in the 2nd quarter of 2017 (Q3’16: $6.0 million). Net loss in the 3rd quarter of 2017 was $36.3 million ($7.5 million excluding a $28.8 million vessel impairment charge recognized in the quarter), compared with a net loss of $7.1 million in the 2nd quarter of 2017 (Q3’16 net loss: $4.2 million). The average time charter equivalent rate for the fleet was $10,136 per day this quarter, compared with $10,258 per day in the previous quarter.
In the 3rd quarter of 2017, the Company sold the Tour Margaux (8,674 dwt, built 1993) and the Sichem Dubai (12,888 dwt, built 2007) for a total of $11.4 million and replaced capacity through time charter-ins of the Leon M (12,959 dwt, built 2008) in July, the Black Star (9,500 dwt, built 2011) in August and the Blue Star (9,500 dwt, built 2011) expected in November.
Hans Feringa, President & Chief Executive Officer of Team Tankers, commented: “Market conditions in the chemical tanker sector remain challenging. Team has the balance sheet to go on the offensive and is poised to take advantage of compelling cyclical investment opportunities.”
Update on Share Repurchase Program
On August 17, 2017, the Board of Directors authorized the Company to extend its share repurchase program with a new authority to purchase up to $15.0 million and no more than 15 million shares. In the 3rd quarter of 2017, the Company repurchased 2,896,680 outstanding shares of its stock at an average price of NOK 11.00 per share. As of November 14, 2017, the Company held 3,823,666 treasury shares.
Source: Team Tankers International Ltd.