Team Tankers International Ltd. Announces 2nd Quarter 2020 Results

Hamilton, Bermuda - August 27, 2020

Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 2nd quarter of $21.7 million, compared with $16.5 million in the 1st quarter of 2020 (Q2'19: $11.8 million).

Net loss in the 2nd quarter of 2020 was $2.4 million, compared with a net income of $1.4 million in the 1st quarter of 2020 (Q2'19 net loss: $17.4 million).

The average time charter equivalent rate for the fleet was $14,667 per day this quarter, compared with $13,812 per day in the previous quarter.

Team's CEO, Hans Feringa, commented "We executed the strategic commercial cooperation with Maersk Tankers and commenced the joint venture with V.Group for technical management, building commercial and operational scale for our tanker fleet.

The two partnerships have improved trading performance, reduced costs and increase our flexibility for additional divestment and investment activity."

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About Team Tankers International
Team Tankers International Ltd. is a leading 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 (OSE: TEAM).

Team Tankers International Ltd. press release