Team Tankers Adds Seven, Sells Four Ships in Q1

Bermuda-headquartered chemical tanker owner and operator Team Tankers International has reshuffled its fleet during the first quarter of 2016 as it took delivery of seven vessels and disposed of four ships.

The company strengthened its fleet of regional coated ships through acquisitions of three 13,000 dwt coated ships, the Team Houston, the Team Oslo and the Sichem Mumbai, a ship which was previously on a bareboat charter to Team Tankers.

With these three deliveries, which were announced in February 2016, the total book value of the company’s vessels increased to USD 523.9 million as of March 31, 2016, from USD 496.5 million at the end of the previous quarter.

Furthermore, the company took delivery of three 13,000 dwt coated ships on time charters. The Bertina and the Bernora were taken in on one-year time charters, and the Oceanic Crimson on a two-year time charter.

During the first quarter, Team Tankers also took delivery of the Team Sapphire, an 8,900 dwt stainless steel ship, which will add to the company’s European regional stainless steel fleet.

The quarter was also busy in terms of vessel disposals as the company completed the sales of the North Fighter, the Sichem Colibri and the Sichem Sparrow, and agreed to sell the 19,822 dwt stainless steel ship Sichem Contester, with expected delivery in the second quarter.

A net gain of USD 1.9 million was recognized from ship transactions in the quarter, according to the company.

Team Tankers reported a net profit of USD 4.5 million in the first quarter of 2016, compared with net profit of USD 4.9 million in the fourth quarter of 2015.

The fleet’s average time charter equivalent rate was at USD 14,000 per day in the period, against the USD 14,168 seen in the previous quarter, while total freight revenue for the period was down to USD 72 million from USD 78.4 million reported in the fourth quarter of 2015.

Freight income on T/C basis was USD 51.7 million, which represents a USD 2.3 million decrease from the previous quarter, primarily as a result of fewer on-hire days due to ship sales.

Team Tankers expects that the market conditions from the first quarter will continue in the second quarter of 2016.

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