Hunter Group ASA

Hunter Group ASA - Confirms 3-year charter for second Scrubber-fitted Eco VLCC

Oslo, 17 January 2024

The Company is pleased to confirm that it has entered into a three-year back-to

-back charterparty for an eco-design and scrubber fitted Very Large Crude

Carrier ("VLCC") built in 2016 (the "Vessel"), with an internationally renowned

counterparty. Delivery of the Vessel is expected to take place during

March/April 2024. The VLCC was placed on subjects on 10 January 2024 as

described in a stock exchange notice on that date.

The Company will charter the Vessel in at a fixed rate of USD 51,000 per day,

before subsequently chartering the Vessel out on a floating index-linked spot

rate contract. The index-linked spot rate, which on 16 January 2024 was

approximately USD 56,000 per day, is based on the recognized VLCC benchmark TD3C

and enables the Company to capture every daily VLCC spot market movement with

maximum utilization.

"This agreement is yet another strong example of our ability to execute on our

strategy in order to capitalize on the dislocation between time-charter rates,

ship values and the expected strong rate environment. We believe these

transactions will provide significant cashflow and value creation for Hunter

Group and its shareholders over the coming years," says Erik A.S. Frydendal, CEO

of Hunter Group ASA.

When the Vessel is delivered, the Company will have two eco-design and scrubber

fitted VLCCs on similar three-year back-to-back charterparties.

"We will continue to monitor the tanker markets, hunting for more accretive

opportunities. The order book for newbuild VLCCs is at a 30-year low, oil demand

is growing, a substantial portion of the fleet is approaching retirement age and

the number of vessels that can be delivered in the next three years is limited

by shipyards being fully booked and focusing on higher margin segments," said

Mr. Frydendal.

Contact:

Erik A.S. Frydendal, CEO, [email protected], Ph.: +47 957 72 947

Lars M. Brynildsrud, CFO, [email protected], Ph.: +47 932 60 882

This stock exchange announcement is made pursuant to section 5-9 of the

Norwegian Securities Trading Act.

AI Terminal