Team Tankers Sees Major Return to Profit

Team Tankers International Bermuda-headquartered chemical tanker owner and operator Team Tankers International has seen a major return to the black during 2015 as the company reported its net profit at USD 455.4 million, compared with a net loss of USD 188.6 million in 2014. Due to a flourishing tanker market over the year, Team Tankers said it experienced increased activity and higher vessel utilization, which, combined with a decrease in bunker prices, led to improved rates and earnings. The average time charter equivalent rate (TCE) for its fleet was USD 13,478 per day in 2015, representing an increase of 28 per cent from the TCE of USD 10,516 per day in 2014. As a result of the restructuring in January 2015, the company said that its debt leverage balance sheet is currently one of the lowest in the industry. During the fourth quarter of 2015, the company decided to add seven vessels to its fleet and dispose of five non-core ships. As part of the financial restructuring, the company agreed to sell the Sichem Iris, the Sichem Melbourne and the Sichem Eagle, and it decided to charter back the same three vessels on 10-year bareboat charter contracts. Furthermore, in an aim to increase its European regional stainless steel fleet, Team Tankers bought a 8,900 dwt stainless steel chemical tanker Southern Zebra, which is expected to join the company by the end of March 2016. The company decided to dispose of four vessels at the end of the year, the Sichem Colibri, the Sichem Sparrow, the North Fighter and the Sichem Contester, which were still on sale as of 31 December 2015.