Team Tankers International Ltd. : 1st Quarter 2018 Results

May 8, 2018

Team Tankers International Ltd. Announces 1^st Quarter 2018 Results

1^st Quarter 2018 results

Team Tankers International Ltd. (TEAM.OL) reported EBITDA for the 1st quarter of $2.5 million, compared with $2.1 million in the 4^th quarter of 2017 (Q1`17: $4.3 million). Net loss in the 1<sup>st</sup> quarter of 2018 was $7.3 million compared with a net loss of $11.9 million in the 4<sup>th</sup> quarter of 2017 (Q1`17 net loss: $6.6 million). The average time charter equivalent rate for the fleet was $10,610 per day this quarter, compared with $10,607 per day in the previous quarter.

In late February, the Company entered into an agreement to acquire all outstanding shares in each of Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. The acquisitions were completed just after the close of the 1^st quarter on 4 April 2018. With the acquisition of Laurin, Team Tankers adds a leading medium range tanker ("MR") operator with commercial and technical expertise to the Company`s robust chemical tanker platform. The acquisition of Anglo Atlantic secures a critical mass of sophisticated MRs and a broad portfolio of contracts of affreightment which, combined with Team Tanker`s deep-sea chemical transportation expertise, creates a leading player in the long-haul transportation of chemical and clean petroleum product cargoes.

In connection with the acquisitions, the Company refinanced its existing $150 million loan facility and funded the acquisitions with a combination of cash on hand and a new $220 million financing agreement including a $200 million term loan and a $20 million revolving credit facility with a final maturity of 31 March 2023. The Company additionally issued 21.1 million shares as consideration for the acquisitions. Pro-forma, the Company has 209,579,173 total shares outstanding.

Additionally, in the 1^st quarter of 2018, the Company purchased the Tosca (44,999 dwt, built 2004) and took delivery of the time charter-in vessels Blue Star (9,438 dwt, built 2011) and FMT Knidos (13,213 dwt, built 2010). The Company redelivered the time charter vessels Oceanic Crimson (13,273, built 2008) and the Venezia D (10,020 dwt, built 1999).

Subsequent to quarter end, the Company agreed to time charter-in the Tromso, (12,934 dwt, built 2008) for a one-year period with an optional second year. Delivery is expected early May.

Forward looking statements

This press release may contain forward-looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Team Tankers International`s management`s examination of historical operating trends. Although Team Tankers International believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, the Company cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company`s view, could cause actual results to differ materially from those discussed in this report include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the chemical tanker market, changes in the Company`s operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company. Neither Team Tankers International nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements.

The 1st quarter 2018 financial report is attached.

The Board of Directors
Team Tankers International Ltd.
Hamilton, Bermuda

Questions should be directed to:
Hans Feringa: President and CEO
T: +1 203 341 3600

Kevin Kilcullen: CFO
T: +1 203 341 3600

About Team Tankers International Ltd.: Team Tankers International Ltd. is a leading chemical tanker company committed to providing safe, reliable and incident free transport services to our worldwide customer base. The Company transports a wide variety of cargoes including organic chemicals, non-organic chemicals, petroleum products, vegetable oils and lube oils. Team Tankers International Ltd. is listed on the Oslo Stock Exchange (TEAM.OL).

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Team Tankers 1Q 2018

---

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Team Tankers International Ltd. via GlobeNewswire
HUG#2191054