Team Tankers International Ltd. reported financial results for the first quarter of 2017. For the quarter, freight income on T/C basis was USD 39.2 million against USD 51.8 million a year ago. EBITDA was USD 4.3 million against 14.22 million a year ago. EBIT was negative USD 4.8 million against positive USD 6.98 million a year ago. Net loss was USD 6.6 million against profit of USD 4.5 million a year ago. Loss per share was USD 0.04 against earnings per share on diluted basis was USD 0.02 a year ago. Net cash flow from operating activities was USD 3.3 million against USD 12.34 million a year ago. Loss before taxes was USD 6.55 million against profit before taxes of USD 4.47 million a year ago. Payments on vessels (upgrading and docking) was USD 1.3 million compared to USD 7.5 million a year ago.

For the fourth quarter of 2017, the company expects TCE of USD 10,665 per day and EBITDA of USD 4.3 million.