First quarter results 2021

Oslo, 27 May 2021

 

Financial highlights

Total revenues of USD 12.49m

- Spot pool revenues of USD 3.13m

- Time charter revenues of USD 9.28m

Total operating expenses of USD 7.38m

- Vessel opex incl insurance of USD 2.60m

- Voyage exp and commissions of USD 0.33m

- G&A expenses of 0.43m

  - USD 0.37m administrative expenses

  - USD 0.03m legal expenses

  - USD 0.03m non cash expenses

EBITDA of USD 9.12m

Net profit of USD 2.59m

 

Average daily earnings of USD 29,650

- Avg daily spot earnings of USD 21,020

- Avg daily time charter earnings of USD 34,380

Opex incl insurance of USD 5,785 per day per vessel

419 available earnings days and 450 opex days

- 149 pool spot days

- 270 time charter days

Current pro forma cash flow breakeven of approx USD 21,500 per day

 

Key events in Q1 2021

Extraordinary General Meeting on 1 February 2021, which approved a NOK 1.0 per share distribution

NOK 1.0 per share distributed to shareholders as a reduction in the Company’s share premium

Entered into a Memorandum of Agreement for the sale of Hunter Atla for USD 84.5m

 

Subsequent events

Completed the sale of Hunter Atla, securing a 46% ROI and significantly strengthened the balance sheet

Initiated share buy back and purchased a total of 3,034,702 of own shares at NOK 2.9998 per share Following the share buy back, the Company owns 11,243,196 of its own shares

At the date of this report, 91 of days in the second quarter of 2021 have been booked at an average est. dayrate of USD 24,700

65 of spot days booked at an avg est dayrate of USD 18,150

Average Q2 TC dayrates of USD 26,050

 

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

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.