Bermuda-based chemical tanker owner and operator Team Tankers International has managed to shrink its net loss to USD 6.6 million in the first quarter of 2017, compared with a net loss of USD 8.9 million seen in the quarter ended December 31, 2016.
Team Tankers said that its EBITDA for the three-month period ended March 31, 2017 reached USD 4.3 million, up from USD 2.7 million reported in the previous quarter.
The average time charter equivalent rate for the fleet was USD 10,665 per day this quarter, compared with USD 10,550 per day in the previous quarter, the company’s data shows.
“The first quarter of 2017 has seen a marginal improvement in the chemical tanker market. We expect the remainder of the year to remain challenging as vessel deliveries continue at a steady pace,” Hans Feringa, President & Chief Executive Officer of Team Tankers, said.
During the first three months of the year, the company repurchased 144,840 outstanding shares of its stock at an average price of NOK 11.66 per share and at March 31, 2017, the company held over 1.36 million shares.
The quarter also saw Team Tankers redeliver three time charter vessels, the 13,158 dwt Bertina, the 13,148 dwt Bernora and the 19,993 dwt Dreggen, following the expiry of the lease period. The vessels were classified as operating leases.
“We believe that the environment in 2017 represents a compelling cyclical opportunity to continue to build and refine the Team Tankers fleet. Team Tankers continues to be ideally positioned to drive consolidation in the chemical tanker market,” Feringa added.