TEAM Sells Two Vessels in Q2

The transaction closed and the ship was delivered to the buyer in July.  The vessel is classified under Vessels Held for Sale as of June 30, 2017. 

Subsequent to the quarter, the Company sold the Sichem Dubai (12,888 dwt, built 2007) immediately prior to its upcoming special survey.  To replace the capacity, the Company time chartered the Leon M (12,959 dwt, built 2008) in July.

The net loss for the 2nd quarter of 2017 was $7.1 million, compared with a net loss of $6.6 million in the 1st quarter of 2017 (Q2'16 net loss: $4.4 million). The average time charter equivalent rate for the fleet was $10,258 per day this quarter, compared with $10,665 per day in the previous quarter.

Hans Feringa, President & Chief Executive Officer of Team Tankers, commented: "The Company has not seen any meaningful and sustained improvement in freight rates since the downturn in the chemical tanker market began in the second quarter of 2016.  Team Tankers continues to optimize its asset portfolio to position the Company to benefit when the cycle turns.  Our industry leading balance sheet provides significant capital capacity to commit to attractive expansion opportunities."