Team Tankers Sells Two Ships

November 15, 2019

Bermuda-based global shipping company Team Tankers International finalized the sale of the last two of its five older medium range (MR) tankers.

Team Tankers has managed to free up a funds for new investments after divesting MR tankers, said CEO Hans Feringa.

Feringa said: “We finalized the sale of the last two of our five older MRs at attractive levels, concentrating our efforts on our younger, more sophisticated, deep sea 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 deep sea fleet. "

"The divested asset prices in this quarter are at price levels well above what is implied by the 3rd 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 added.

Meanwhile, the chemical tanker owner/operator booked another deficit in the third quarter. It reported a net loss in the 3rd quarter of 2019, that was $15.1 million, compared with a net loss of $17.4 million in the 2nd quarter of 2019 (Q3'18 net loss: $14.5 million).

The average time charter equivalent rate for the fleet was $11,406 per day this quarter, compared with $11,611 per day in the previous quarter.

Team Tankers fleet consists of chemical tankers ranging from 8,000 to 46,000 dead weight tonnage and the fleet consists of both coated and stainless steel vessels.

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