Team Tankers International Ltd. : Distribution of shares to the Executive Chairman and Modification of Stock Award to Chief Financial Officer

Mr. Arntzen has today received 176,702 shares (net after estimated tax) (the "Vested Shares").  Mr. Arntzen has not paid any cash consideration for the Vested Shares. Following the distribution of the Vested Shares, Mr. Arntzen is the owner of 530,106 shares and he has a right to acquire a further 294,503 shares under the equity award as announced on 1 September 2015.

The Company has also today amended the equity award component of the long-term incentive program granted to Mr. Kevin Kilcullen, its Chief Financial Officer, and announced on 22 February 2016.  Mr. Kilcullen's option grant has been reduced from 1,000,000 to 500,000 options and his restricted share award has been increased from 400,000 to 650,000 shares.  The options have been cancelled as of today and the 250,000 increase in restricted shares will vest in equal annual installments in February 2019 and 2020.

After these transactions, the Company has outstanding equity awards in respect of a total of 2,186,913 shares. The Company has issued to date a total of 209,578,173 shares of which 3,849,631 shares are held by the Company as treasury shares.

The Board of Directors

Team Tankers International Ltd.

Hamilton, Bermuda

Questions should be directed to:

Hans Feringa: President and CEO

T: +1 203 221 3420

Kevin Kilcullen: CFO

T: +1 203 221 3433