Press Releases

November 26, 2020

Hunter Group ASA - Third Quarter Results 2020

Oslo, 26 November 2020

Financial Highlights

Total revenues of USD 35.81m

− Spot pool revenues of USD 8.67m

− Time charter revenues of USD 26.50m

Total operating expenses of USD 10.53m

− Vessel opex incl. insurance of USD 4.08m

− Voyage exp. and commissions of USD 0.70m

− G&A expenses of 0.46m

  − USD 0.28m administrative expenses

  − USD 0.12m legal expenses

  − USD 0.05m non-cash expenses

EBITDA of USD 30.56m

Net profit of USD 21.69m

 

Average daily earnings of USD 59,700

− Avg. daily spot earnings of USD 38,200

− Avg. daily time charter earnings of USD 73,200

Opex incl. insurance of USD 6,900 per day per vessel

589 earnings and operating days

− 227 pool spot days

− 362 time charter days

− Zero downtime

USD 106m of yard payments, marking the completion of the newbuilding program and leaving no remaining yard obligations

 

Key events in 3Q 2020

Hunter Idun and Hunter Frigg were delivered from the yard on 3 July 2020 and 21 August 2020, respectively.  This marks the end of the current newbuilding program. Both vessels commenced timer charters (“TC”) immediately after delivery at USD 72,500 per day and USD 40,000 per day, respectively

Hunter Atla and Hunter Saga were repurchased from SFL Corporation Ltd, in accordance with the sale-and-leaseback agreement.  Both vessels were refinanced with low-cost bank debt and a lower debt level

TC for Hunter Disen was extended by 5-7 months at USD 38,000 per day, following expiration of its previous contract

 

Subsequent events

TC for Hunter Idun was extended for 4-6 months at USD 30,000 per day, upon completion of it’s current TC in December

Entered into Memorandum of Agreement for the sale of Hunter Saga and Hunter Laga for a combined amount of USD 168.4m

Sale of Hunter Laga successfully completed, and she was delivered her to her new owners on 23 November 2020

As of the date of this report, 88% of days in the fourth quarter have been booked at an average est. dayrate of USD 41,400

− 72% of spot days booked at an avg. est. dayrate of USD 18,000

− Average Q3 TC dayrates of USD 55,200  

Contact:

Erik A.S. Frydendal, CEO, ef@huntergroup.no, Ph.: +47 957 72 947

Lars M. Brynildsrud, CFO, lb@huntergroup.no, Ph.: +47 932 60 882