Team Tankers Announces Q2 2020 Results

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  • Team Tankers reported EBITDA for the 2nd quarter of $21.7 million.
  • Net loss in the 2nd quarter of 2020 was $2.4 million.
  • The average time charter equivalent rate for the fleet was $14,667 per day in Q2.
  • Strategic commercial cooperation with Maersk Tankers and joint venture with V.Group proved successful.
  • They have joined together for technical management, building commercial and operational scale for tankers.
  • Partnership reduced costs, and increased flexibility for divestment and investment activity.

Team Tankers International Ltd. reported EBITDA for the 2nd quarter, says a press release published on its website.

Key highlights

  • The 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.

Strategic commercial operations

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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Source: Team Tankers

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