Team Tankers International Ltd.

Application for delisting submitted to the Oslo Stock Exchange and Q2 2020 trading update

In accordance with the results of the Special General Meeting (the "SGM"), the Company has today submitted an application for delisting to the Oslo Stock Exchange (the "OSE").

The Company cannot predict whether the OSE will grant the Company’s request to delist its common shares from the OSE, but in light of the reasons supporting a delisting, we believe that the Company’s request to delist will be accepted.

The Company has, in connection with the delisting process, decided to provide a trading update. Subject adjustments, following finalization of the quarterly review, the Q2 2020 TCE is expected to be approx. $14,675/day compared to the Q1 2020 TCE of $13,810/day. Time-Charter Equivalent (TCE): Shipping industry freight rates are commonly measured in terms of “time-charter equivalent” (or TCE) rates, which represent net revenues divided by revenue days.

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