Second quarter results 2021

Oslo, 26 August 2021


Financial highlights

Total revenues of USD 11.50m

- Spot pool revenues of USD 1.50m

- Time charter revenues of USD 7.23m

Total operating expenses of USD 6.6m

- Vessel opex incl. insurance of USD 2.50m

- Voyage exp. and commissions of USD 0.43m

G&A expenses of 0.38m

- USD 0.37m administrative expenses

- USD 0.01m legal expenses

EBITDA of USD 8.18m

Net profit of USD 2.38m


Average daily earnings of USD 24,000

- Avg. daily spot earnings of USD 15,500

- Avg. daily time charter earnings of USD 26,500

 Opex incl. insurance of USD 6,750 per day per vessel

364 available earnings days and 371 opex days

- 91 pool spot days

- 273 time charter days

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


Key events in Q2 2021

The sale of Hunter Atla for USD 84.5m was   concluded in April 2021. and the vessel was successfully delivered to her new owners. The sale resulted in a net gain of approx. USD 2.6m

The Company announced an offer to buy back up to 50 million of it’s own shares at a price of NOK 3.0 per share, of which 3 million shares were acquired 

The Annual General Meeting was held on 3 June 2021, and all resolutions were passed in accordance with the previously announced proposals, including, inter alia, authorizations to acquire own shares and issue new shares

The board of directors of the Company proposed a NOK 0.50 per share dividend as a reduction of the Company’s share premium


Subsequent events

NOK 0.50 per share distributed to shareholders as a reduction in the Company’s share premium


As of the date of this report, 95% of days in the third quarter of 2021 have been booked at an average est. dayrate of USD 19,100

-  88% of spot days booked at an avg. est. dayrate of USD 13,3001

- Average Q3 TC dayrates of USD 22,250


Erik A.S. Frydendal, CEO,, Ph.: +47 957 72 947

Lars M. Brynildsrud, CFO,, Ph.: +47 932 60 882

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