Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 2nd quarter of $9.7 million, compared with $14.2 million in the 1st quarter of 2016 (Q2’15: $16.9 million). Net loss in the 2nd quarter of 2016 was $4.4 million, compared with net profit of $4.5 million in the 1stquarter (net profit Q2’15: $4.6 million). The average time charter equivalent rate for the fleet was $13,242 per day in the 2nd quarter, compared with $14,000 in the previous quarter.

In the 2nd quarter, the Company took delivery of the North Contender, a 19,925 dwt stainless steel ship, previously on bareboat charter to the Company. Subsequent to the quarter, the Company entered into an agreement to sell the vessel.

Additionally, during the 2nd quarter, the Company completed the sale of the Sichem Contester, a 19,822 dwt stainless steel ship and agreed to sell the Sichem Edinburgh, a 13,153 dwt coated ship, with expected delivery in the 3rd quarter. A net loss $0.9 million was recognized from ship transactions in the quarter.

With the sale of Sichem Contester and the impending sale of the North Contender, the Company has fully executed its previously announced exit from the deep sea stainless steel vessel class. Team CEO Hans Feringa commented, “With an orderbook approaching 30% of the existing fleet, large stainless steel vessels may face the greatest supply-driven pressure in the chemical tanker fleet. Team was a subscale participant in this market and we are pleased to have executed on our announced exit.”

The transition of the finance, accounting and corporate functions from Oslo to Westport, CT was also completed in the 2nd quarter of 2016. The Company’s office in Oslo will be closed as of the end of August. Non-recurring costs of approximately $0.7 million related to the relocation and transition were included in SG&A expenses for the quarter.

The weaker market conditions that prevailed in the latter half of the 2nd quarter are expected to continue in the 3rd quarter of 2016.

Share Repurchase Program

The Board of Directors of Team Tankers International Ltd. has authorized the Company to commence a $10 million share repurchase program.

The Board of Directors of Team Tankers International has in a board meeting held on 16 August 2016, authorized the Company to commence a $10 million share repurchase program. The objective of the share repurchase program is to reduce the capital of Team Tankers. The share repurchase program will be carried out in accordance with the Bye-Laws of the Company and applicable laws and regulations.

Key terms of the share repurchase program include:

The maximum consideration that the Company may pay for the shares purchased under the program is USD 10,000,000, limited up to 10,000,000 shares (corresponding to 5.3% of the current issued share capital of Team Tankers), may be purchased under the program.

The shares may be purchased within a price range of NOK 10.00 to NOK 20.00.

The share repurchase program period runs from 22 August 2016 and ends on 18 August 2017, both days inclusive.

No shares may be bought at a price higher than the greater of the share price of the latest independent trade or the highest current independent offer price at Oslo Børs at the time of the trade.

The maximum number of shares in Team Tankers which may be purchased on each trading day corresponds to 50% of the average daily trading volume of Team Tankers shares in July 2016, amounting to 120,017 shares. Due to the low liquidity of Team Tankers’ shares, the Company may deviate from the normal 25% limit.

The reporting obligations under Norwegian law and Oslo Børs regulations must be fulfilled by Team Tankers within the applicable time limits.

Team Tankers has retained Clarksons Platou Securities AS as sole financial advisor and manager for the share repurchase program.