Third quarter results 2022

Oslo, 24 November 2022

Financial highlights

Total revenues of USD 25.88m

− Spot pool revenues of USD 2.66m

− Time charter revenues of USD 0.95m

− Net gain on sale of assets of USD 22.23m

Total operating expenses of USD 4.11m

− Vessel opex incl. insurance of USD 1.92m

− Voyage exp. and commissions of USD 1.39m

− G&A expenses of 0.35m

   − USD 0.33m administrative expenses

   − USD 0.19m legal expenses

EBITDA of USD 22.86m

Unrealized FX loss of USD 14.23m

− USDNOK approx. 10.88 end of quarter

Net profit of USD 5.78m

Average daily earnings of USD 25,200

− Avg. daily spot earnings of USD 28,900

− Avg. daily time charter earnings of USD 18,450

Opex incl. insurance and delivery costs of USD 8,780 per day per vessel

143 available earnings days and 147 opex days

− 92 pool spot days

− 51 time charter days

Key events in 3Q 2022

Concluded the sale of Hunter Idun and Hunter Frigg and successfully delivered them to their new owners

Extraordinary General Meeting held on 19 September 2022. All resolutions were passed, including a share capital reduction and subsequent dividend distribution of NOK 1.50 per share

Entered into additional USDNOK currency swaps, taking the Company’s total hedged position to approx. USD 195m at an average rate of 9.82 NOK per USD. As of the end of the quarter, USD 35m remained of the position at approx. 9.99 NOK per USD

Subsequent events

Concluded the sale of Hunter Freya, and successfully delivered her to her new owners. Following the delivery, the Company has zero vessels

Apollo Asset Limited, a company owned by primary insider and board member Mr. Arne Fredly, exercised warrants for 15,000,000 shares in the Company which were delivered from the Company’s treasury shares. Following the exercise, Apollo Asset Limited owns 183,500,000 shares in the Company and zero warrants. The Company owns 4,762,826 of its own shares

100% of 41 available spot days in the fourth quarter of 2022 were booked at an average est. dayrate of USD 61,500

Upcoming events – approx. dates

Interim audit – December 2022

Extraordinary General Meeting – January 2023

Repayment of available paid-in capital – January 2023

Ordinary dividends – February 2023


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.