Due to the weaker rates seen in the third quarter of 2016, Bermuda-based chemical tanker owner and operator Team Tankers International Ltd. reported a net loss of USD 4.2 million, compared with a net profit of USD 7.4 million in the same quarter a year earlier.

Net loss in the quarter was mainly attributed to lower average time charter equivalent rate, which was at USD 10,926 per day in the three-month period ended September 30.

During the quarter, the company completed the sale of the 19,822 dwt stainless steel ship Sichem Contester, the 13,153 dwt coated ship Sichem Edinburgh, and the 44,640 dwt coated ship Siteam Anja, which resulted in a combined net gain of USD 0.4 million.

Additionally, two vessels were dry docked and one completed an in-water survey IWS. Four dry dockings and two IWS are scheduled for the remainder of 2016.

“With the vessel disposals in the 3rd quarter, we have now completed the strategic realignment of the Team fleet. Even though the freight environment in our industry has been challenging, Team has approximately USD 100 million of cash versus USD 97 million of debt and therefore has one of the strongest balance sheets in the publicly traded shipping universe,” Hans Feringa, Team Tankers’ CEO, said.

“With very low leverage, Team is well-positioned to capitalize on strategic opportunities that will drive further consolidation of the chemical tanker industry,” Feringa added.

At the end of September 2016, Team Tankers’ fleet consisted of 42 vessels, of which 32 were owned, 1 was a financial lease and 9 were classified as operational leases.