Team Tankers International Ltd.

Announces a Joint Venture with V.Group.

Team Tankers International Ltd. (“Team”) is pleased to announce a joint venture (“JV”) with ship management specialist V.Group, whereby Team will transfer its in-house managed fleet, consisting of ten MRs and two 25k coated vessels, to the JV, along with its on shore technical organization and seafaring expertise. Team already has 21 ships with V.Group for technical management.

 

Team will own 30% and V.Group 70% of the JV, Dania Ship Management AS Denmark, which will continue to be based in Copenhagen, although additional parties may join in the future. The JV will benefit both parties by bringing together the valuable technical and crewing organization from Team together with V.Group’s global reach and expertise. Team will have access to the groundbreaking IT system ShipSure developed by V.Group that will enhance safety and efficiency, and the JV will also provide procurement advantages to Team from the scale of V.Group. The JV will ensure full and seamless continuity of management for Team both ashore and on board our ships with the same staff, officers and crew whilst promoting uniformity of management within Team’s fleet. The start date for the joint venture is April 1st 2020.

 

The Board of Directors

Team Tankers International Ltd.

Hamilton, Bermuda

 

Questions should be directed to:

Hans Feringa: President and CEO

T: [phone]

 

Jens Gisle Schnelle: CFO

T: [phone]

 

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).

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act