Team Tankers has hired strategic advisors in an effort to “maximize the value” of its platform and the assets, the company has confirmed.
The Oslo-listed chemical tanker owner said the advisors would support “corporate activity, M&A and divestment opportunities”.
Team Tankers has made it clear both in recent quarterly financial reports that it has sold a significant number of assets “at prices well above” what was implied by the traded share price.
So far this year the company has sold a total of seven vessels taking three of them back on short to medium-length time charters.
The vessels are the 44,999-dwt Team Tapatio (built 2003), the Tambourin (built 2004), the Team Tarantella (built 2002), the Team Tosca and Team Toccata (both built 2004), the 13,079-dwt Sichem Paris (built 2008) and the 13,056-dwt Sichem Montreal (built 2008).
The company has also initiated a $2.5m share repurchase program to address what it believes is an undervalued share price.
Team Tankers said it will purchase a maximum of up to 5.75m shares at a maximum of NOK 6 (65 US cents) per share between now and the end of March 2020.
Clarksons Platou Securities has been retained as sole financial advisor and manager for the share repurchase program.
