Collaboration With Maersk Reduces Team Tankers’ Loss

Team Tankers International Ltd. reported EBITDA for the 2nd quarter of $21.7 million, compared with $16.5 million in the 1st quarter of 2020 (Q2’19: $11.8 million). Net loss in the 2nd quarter of 2020 was $2.4 million, compared with a net income of $1.4 million in the 1st quarter of 2020 (Q2’19 net loss: $17.4 million). The average time charter equivalent rate for the fleet was $14,667 per day this quarter, compared with $13,812 per day in the previous quarter.

Representation Image – Credits: teamtankers.com

Team’s CEO, Hans Feringa, commented “We executed the strategic commercial cooperation with Maersk Tankers and commenced the joint venture with V.Group for technical management, building commercial and operational scale for our tanker fleet. The two partnerships have improved trading performance, reduced costs and increase our flexibility for additional divestment and investment activity.”

Forward looking statements

This press release may contain forward-looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Team Tankers International’s management’s examination of historical operating trends.

Image Credits: teamtankers.com

Although Team Tankers International believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, the Company cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in this report include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the chemical tanker market, changes in the Company’s operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company.

Neither Team Tankers International nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements.

Reference: teamtankers.com

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Source: Maritime Shipping News