Tanker owner Team Tankers International Ltd. (TTI) has engaged in considerable reshuffling of its fleet with a dozen of vessel transactions carried out since November.

The most recent ones saw TTI sell the 20,000dwt stainless steel ship the North Fighter, and agreeing to sell two 3,500dwt stainless steel ships, the Sichem Colibri and the Sichem Sparrow.

TTI said it expects to record a US$0.3m gain from the sale of the North Fighter.

Further, the company committed to acquire the Sichem Mumbai, a 13,000dwt epoxy coated ship currently hired on a bareboat charter.

"Since rolling out our focused growth strategy in November 2015, we have completed or committed to 12 vessel transactions, adding 7 vessels in our key ship classes and disposing of 5 non-core vessels," says Hans Feringa, CEO of Team Tankers.

"The 5 sales, which generated US$42m in proceeds, were all done at or around the estimated fair market value of these vessels and lend strong support for published estimates of the total market value of our fleet," added Feringa.

In the 4th quarter, the company acquired the Sichem Amethyst and the Sichem Contester, previously chartered in on time charter agreements. Two of the company's older and smaller ships, the Sichem Houston and the Sichem Fumi, were sold.

The tanker owner also committed to acquire the Southern Zebra, a 8,900dwt stainless steel chemical tanker, expected to be delivered in March 2016.

During the quarter, the company also received one IMO2 MR on a one-year time charter.

"As part of our growth strategy in the regional coated ship class, the company acquired two ships, and took delivery of two ships on time charter in this class subsequent to quarter end," added TTI.