Fourth quarter results 2022

Oslo, 26 January 2023

Financial highlights

Total revenues of USD 19.22m

- Spot pool revenues of USD 1.22m

- Net gain on sale of USD 18.00m

Total operating expenses of USD 1.56m

- Vessel opex incl. insurance of USD 0.81m

- Voyage exp. and commissions of USD 0.14m

- G&A expenses of 0.80m

EBITDA of USD 18.20m

Net financial income of USD 12.52m

Net profit of USD 30.18m

Key events in 4Q 2022

Hunter Freya sold for USD 95.5m, and successfully delivered to her new owner 

The Company repurchased 3,450,000 of its own shares, for and average price of NOK 2.169 per share. Following the repurchase, the Company owns 8,212,826 of its own shares

Subsequent events

Extraordinary General Meeting held on 19 January 2023. All resolutions were passed, including two dividend distributions of a combined NOK 2.31 per share. NOK 0.51 per share paid as reduction of the Company’s share premium, and NOK 1.80 paid as an extraordinary dividend. The former divided will be paid to shareholders as of 24 January 2023, while the latter dividend will be paid to shareholders as of 27 January 2023

The board of directors of the Company proposed an additional extraordinary dividend of NOK 0.04 per share, which will be decided by an extraordinary general meeting to be held on February 16 2023.

Management update

From the beginning of this venture, we have communicated that we would act in the best interest of the shareholders, and that the shareholders would get their money back.  Having paid out and proposed dividends of NOK 5.35/share in total, we believe that we have delivered on our promises.

Stay tuned for future updates…


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.