zoomIllustration. Image Courtesy: Pxhere under CC0 Creative Commons license After posting financial losses, Bermuda-based chemical tanker company Team Tankers International managed to return to profitability in the second quarter of 2018. The company posted a net income of USD 4.4 million in Q2 2018, compared to a net loss of USD 7.3 million in Q1 2018 and a net loss of USD 7.1 million in Q2 2017.In addition, EBITDA for the second quarter was USD 6.7 million, compared to USD 3.1 million seen in the corresponding three-month period a year earlier.The average time charter equivalent rate for Team Tankers’ fleet increased to USD 11,316 per day in Q2 from USD 10,258 recorded in Q2 2017.In April 2018, the company completed the acquisitions of Laurin Shipping AB and Anglo-Atlantic Steamship Company, significantly increasing the size of the fleet and the scope of Team’s commercial and technical operations. The acquisition of the Anglo-Atlantic fleet secured MRs and a broad portfolio of contracts of affreightment.“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 to be realized through the combination with roughly half coming from overhead eliminations and half from operational and technical cost initiatives,” Hans Feringa, Team’s CEO, commented.“We have also moved the first Team ship on to our new in-house technical ship management platform and we plan to move three more ships by the end of 2018,” Feringa added.In connection with the acquisitions, the company refinanced its former USD 150 million debt facility and entered into a new financing agreement with a syndicate of banks for an aggregate total of USD 220 million including an undrawn revolving credit facility of USD 20 million. The acquisition was funded with a combination of cash and the issuance of 21.1 million new TEAM shares. As of June 30, 2018, Team Tankers had 209,578,173 total shares outstanding.What is more, the shipping company exercised purchase options on three of its leased vessels acquired through the Anglo-Atlantic acquisition, the Cavatina, Calypso, and Corrido. The vessels were delivered in May for a total purchase price of USD 66.4 million. During the quarter, Team also inked one-year time charter for the 2008-built Tromso and redelivered one-time charter vessel, the 2016-built the Marie S.The company also repurchased 85,965 outstanding shares of its stock for an average price of NOK 7.99.Team Tankers currently owns 51 chemical tankers ranging from 8,000 to 50,000 dwt of which the majority are owned.