Team Tankers Reports Q3 Loss
- Business & Finance
After a profitable second quarter, chemical tanker company Team Tankers International closed the third quarter of 2018 reporting net loss.
Net loss in the third quarter of this year was USD 14.5 million, compared to a profit of USD 4.4 million seen in the second quarter of 2018.
However, when compared to net loss of USD 36.3 million posted in Q3 2017, Team Tankers managed to narrow its loss year-over-year.
The company reported EBITDA of USD 0.7 million in Q3 2018, against USD 4.6 million in Q3 2017.
The average time charter equivalent (TCE) rate for the fleet was USD 9,758 per day during the third quarter of 2018, a decrease of 3.7 percent from USD 10,136 in the same quarter last year.
During the quarter, the final purchase price payable for the shares of Anglo-Atlantic Steamship Company was agreed and 477,738 of the company’s shares were redelivered to the company from the former owner of Anglo-Atlantic. Earlier this year, acquired all outstanding shares in Laurin Shipping and Anglo-Atlantic, both engaged in MR tanker shipping sector.
“Despite a challenging freight market, Team Tankers focused on optimizing its shoreside operations through the final integration of the Team and Laurin Shipping platforms. During the quarter, we exited operations in Sweden and consolidated vessel management in the Americas into our Houston office,” Hans Feringa, Team’s CEO, commented.
“In addition, we grew our in-house technically managed fleet by shifting two vessels away from third-party managers and three more will follow soon. We are confident that our integrated platform will allow Team to deliver high quality transportation services at competitive total costs,” Feringa continued.
At the end of September 2018, Team Tankers’ fleet consisted of 51 vessels, of which 38 were owned and 13 were classified as operational leases.