Team Tankers to sell two of its older MR tankers

Team Tankers has agreed to sell the Team Tosca (44,999 dwt, built 2004) and the Team Toccata (44,999 dwt, built 2004) for an aggregate of $25.3 million for the two transactions. Delivery of the Team Tosca is expected in the first quarter of 2020 and delivery of the Team Toccata is expected in the second quarter of 2020. 

Team’s CEO, Hans Feringa, commented: “We finalised the sale of the last two of our five older MRs at attractive levels, concentrating our efforts on our younger, more sophisticated, deep sea assets. With the sale of the older MRs and certain intermediate ships, we have freed up capital for investment activity and positioned ourselves for 2020 with a more focused deep sea fleet. 

“The divested asset prices in this quarter are at price levels well above what is implied by the 3rd quarter traded share prices, further proving value for our shareholders. We will consider additional divestment and investment activity as we continue our positioning into 2020.”

Team Tankers International reported EBITDA for the third quarter of $13.4 million, compared with $11.8 million in the second quarter of 2019 (Q318: $0.7 million). Net loss was $15.1 million, compared with a net loss of $17.4 million in the second quarter of 2019 (Q318 net loss: $14.5 million). The average time charter equivalent rate for the fleet was $11,406 per day this quarter, compared with $11,611 per day in the previous quarter.

For more information visit www.teamtankers.com

18th November 2019