HUNTER GROUP ASA 28 May 2020 Financial highlights Total revenues ofUSD 20.78m - Spot pool revenues ofUSD 19.93m - Time charter revenues ofUSD 0.85m Total operating expenses ofUSD 5.35m - Vessel opex incl. insurance ofUSD 1.92m - Voyage exp. and commissions ofUSD 0.59m - G&A expenses of 0.30m -USD 0.25m administrative expenses -USD 0.02m legal expenses -USD 0.03m non-cash expenses EBITDA ofUSD 18.00m Net profit ofUSD 11.77m Average daily earnings ofUSD 72,030 - Average spot earnings ofUSD 72,010 [1] - Time charter earnings ofUSD 72,500 Opex incl. insurance ofUSD 6,420 per day Available earnings days and operating days of approx. 289 and 299, respectively - Approx. 277 pool spot days - Approx. 12 time charter daysUSD 77m of yard payments of were made during the quarter, leavingUSD 192m of remaining yard obligations as of31 March 2020 Key events in Q1 2020 Successfully took delivery of Hunter Freya on6 March 2020 , which subsequently entered theTankers International Scrubber Pool on16 March 2020 . Construction on the Company's remaining three newbuilds is proceeding as planned, with deliveries scheduled for June-August Secured aUSD 220m loan facility from a syndicate of banks consisting ofDanske Bank , DNB, Nordea and SEB (the "Syndicate"). The proceeds will be used to fund the final yard instalments for the Company's four final newbuild VLCCs, as well as general corporate purposes, and will be drawn on delivery of each vessel. The facility carries a 275bps margin over LIBOR and has a 16 year repayment profile.USD 55m was drawn in connection with the delivery of Hunter FreyaFixed a substantial portion of our fleet on 5-9 month time charters ("TC") with dayrates ranging fromUSD 72,500 toUSD 85,000 , adding a total TC backlog of close toUSD 60m .Hunter Atla andHunter Laga commenced their TCs in late March and early April, respectively.Hunter Disen andHunter Idun will commence their TCs immediately following delivery from the yard. Hunter Freya missed her TC delivery window due to port delays and is still in theTankers International Scrubber pool Subsequent events The Company and the Syndicate has agreed on indicative terms relating to a loan facility forHunter Atla ,Hunter Saga andHunter Laga , which are currently financed through a sale-and-leaseback withSFL Corporation Ltd. Upon completion, will Hunter Tankers AS will become the registered owner of all seven vessels. The facility is an accordion feature of theUSD 220m loan facility, and is subject to the Syndicate members' respective credit approvals - On a fully delivered basis following the refinancing, we expect run rate cash breakeven to come in at USD approx. 20,500[2] per day As of the date of this report, 89% of days in the second quarter have been booked at an average est. dayrate ofUSD 85,850 ?76% of spot days booked at an avg. est. dayrate ofUSD 97,630 [1] - Average Q2 TC dayrates ofUSD 78,000 1) Discharge to discharge basis 2) Assumes current LIBOR of 36.9bps 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
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