Team Tankers International has reported a further deterioration in its financial performance in a quarter which saw the company shed further tonnage.
It lost $7.1m against losses of $6.6m in the same period in 2016 as the average time charter equivalent (TCE) rate for the fleet shrank 22.5% to $10,258 per day.
The Oslo-listed shipowner also confirmed the disposal of two vessels: the 8,674-dwt Tour Margaux (built 1993) and the 12,888-dwt Sichem Dubai (built 2007).
