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Bermuda-based chemical tanker company Team Tankers International has returned to profitability in Q2 2018.

Bouncing back from a net loss of USD 7.3 million in Q1 2018, the company earned a net income of USD 4.4 million in Q2 2018, with the EBITDA reaching USD 6.7 million.

Team Tankers fleet's average time charter equivalent rate rose to USD 11,316 per day in Q2 2018, up from USD 10,258 in Q2 2017.

In April 2018, the company acquired Laurin Shipping AB and Anglo-Atlantic Steamship Company, expanding their fleet and boosting their commercial capabilities.

“We have successfully integrated the Team and Laurin operations and have established commercial and operational hubs in Copenhagen, Houston and Singapore. We expect annualized cost savings in excess of USD 7 million ... from overhead eliminations and ... from operational and technical cost initiatives,” Hans Feringa, Team’s CEO, said.

Team Tankers International owns 51 chemical tankers ranging from 8,000 to 50,000 dwt.

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South Korean shipping giant Hyundai Merchant Marine has signed an agreement to hire a Panamax boxship from Diana Containerships of Greece.

The 2005-built Pamina is currently employed by Hong Kong-based OOCL.

The 5,042 TEU container vessel is scheduled to start its service for HMM from 24 August 2018 for a period of eight to twelve months, earning a gross charter rate of USD 11,950 per day. The projected gross revenue from the charter is USD 2.87 million.

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