Team Tankers Plunges into Red

Due to a decline in charter rates and difficult market environment, Bermuda-based chemical tanker owner and operator Team Tankers International suffered a major drop in its full-year net results.

Team Tankers saw a net loss of USD 13.1 million in 2016, compared to a profit of USD 455.4 million posted in 2015.

During the fourth quarter of 2016, the company recorded a net loss of USD 8.9 million, against a profit of USD 4.9 million seen in the same period of 2015.

The average time charter equivalent rate (TCE) amounted to USD 10,550 in 4Q 2016, decreasing 25.5% from USD 14,168 in 4Q 2015.

In the third quarter of 2016, 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.

On December 17, the firm took delivery of the Aigran D, a 10,020 dwt chemical stainless steel ship on a one-year time charter.

Four vessels were drydocked and two completed an in-water survey (IWS) in 4Q 2016. A total of twelve vessels were drydocked and four completed IWS in 2016.

At the end of December 2016, the company’s fleet consisted of 43 vessels, of which 32 were owned, 1 was a financial lease and 10 were classified as operational leases.

As of 27 February 2017, about 78% of the expected operating days in the first quarter were fixed at an average TCE of about USD 11,000 per day, according to Team Tankers.

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