Bermuda-headquartered chemical tanker owner and operator Team Tankers International has reshuffled its fleet during the first quarter of 2016 as it took delivery of seven vessels and disposed of four ships.

The company strengthened its fleet of regional coated ships through acquisitions of three 13,000 dwt coated ships, the Team Houston, the Team Oslo and the Sichem Mumbai, a ship which was previously on a bareboat charter to Team Tankers.

With these three deliveries, which were announced in February 2016, the total book value of the company's vessels increased to US$523.9m as of March 31, 2016, from US$496.5m at the end of the previous quarter.

what's more, the company received three 13,000dwt coated ships on time charters. The Bertina and the Bernora were taken in on one-year time charters, and the Oceanic Crimson on a two-year time charter.

During the first quarter, Team Tankers also took delivery of the Team Sapphire, an 8,900dwt stainless steel ship, which will join the company's European regional stainless steel fleet.

The quarter was also busy in terms of vessel disposals as the company completed the sales of the North Fighter, the Sichem Colibri and the Sichem Sparrow, and agreed to sell the 19,822dwt stainless steel ship Sichem Contester, with expected delivery in the second quarter.

A net gain of US$1.9m was recognized from ship transactions in the quarter, according to the company.

Team Tankers reported a net profit of US$4.5m in the first quarter of 2016, compared with net profit of US$4.9m in the fourth quarter of 2015.

The fleet's average time charter equivalent rate was at US$14,000 per day in the period, against the US$14,168 seen in the previous quarter, while total freight revenue for the period was down to US$72m from US$78.4m reported in the fourth quarter of 2015.

Freight income on T/C basis was US$51.7m, which represents a US$2.3m decrease from the previous quarter, primarily as a result of fewer on-hire days due to ship sales.