Net Profit from continuing operations came in at NOK 10.6m in Q4 2018. The net profit in Q4 is mainly attributable to a combination of financial income and advisory fees.
Total operating expenses from continuing operations was NOK 4.3m, whereof NOK 0.9m relates to payroll expenses. The NOK 3.4m in other operating expenses consists of NOK 0.7m in general operating expenses and NOK 2.7m in legal fees related to Dwellop-exit etc., which is mainly a reclassification from other equity to other operating expenses in Q4. For further details, please see note 9.
Total consolidated adjusted cash position NOK 519.1m consisted of NOK 304.1m in cash and cash equivalents and NOK 215.1m in USD time deposit placements (USD 28.8m).
Key events in Q4 2018
Plan approval process is well underway and close to completion. Management is very pleased with both progress and outcome.
In mid-October Hunter Group ASA was chosen as Technical Advisor by Hartree Maritime Partners, LLC to conduct the building supervision for Hartree’s 4 VLCC vessels under construction at DSME. Hunter Group ASA will receive a fee for this service.
Hunter Tankers AS signed a contract for one additional VLCC, H.no 5470, at DSME, with identical specifications. This takes the Group’s total fleet order to 8 vessels.
Steel cutting has been completed on vessels, H.no. 5455, 5456, 5457 and 5460. The building project is on time and within budget.
Hunter Tankers AS received refund guarantees on vessels, H.no. 5465, 5466 and 5467, and has consequently made the first installment on these vessels on November 2.