Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 1st quarter of $16.5 million, compared with $15.8 million in the 4th quarter of 2019 (Q1’19: $14.0 million). Net income in the 1st quarter of 2020 was $1.4 million, compared with a net loss of $9.7 million in the 4th quarter of 2019 (net loss of $4.8 million excluding a $4.9 million vessel impairment charge recognized in the quarter; Q1’19 net loss: $7.9 million). The average time charter equivalent rate for the fleet was $13,812 per day this quarter, compared with $12,348 per day in the previous quarter.
Team’s CEO, Hans Feringa, commented “We entered into a strategic commercial cooperation with Maersk Tankers and a joint venture with V.Group for technical management, taking a further step towards building commercial and operational scale for our tanker fleet. The two partnerships should improve trading performance, reduce costs and increase our flexibility for additional divestment and investment activity.”
The 1st quarter 2020 financial report can be found in the link below:
Source: Team Tankers