your are initalizing the Timer object again and again!
Take it completly into the loop.
I would also extend it with a custom object adding a name/identifier attribute to the Timer:
public class MyTimer extends Timer{
private final strID;
public MyTimer(String strID){
this.strID = strID;
}
public String getID(){
return strID;
}
}
So you can identifify the Timer later on during runtime.
A number would do also fine as ID.