Tom Higbie, a member of the Board of Directors of Team Tankers International Ltd. (the “Company”) has resigned as Director of the Company with effect from today. Mr. Scott Martin has, in accordance with the Company’s bye-laws, been appointed as a Director of the Company with effect from today, as Tom Higbie’s successor.

Mr. Scott Martin is a Partner and Portfolio Manager at Solus Alternative Asset Management LP.  Mr. Martin joined Solus in 2012.  He previously Co-Headed Deutsche Bank’s Distressed Products Group in the Americas and has more than 24 years of financial industry experience in the high yield and distressed credit markets. Mr. Martin has a BS in Finance from the University of Virginia and an MBA from Columbia University.

The Board of Directors wishes to thank Tom Higbie for his significant contribution to the successful transformation of the Company and for his guidance while serving on the Board of Directors.