HUNTER GROUP ASA 27 August 2020 Financial highlights Total revenues ofUSD 29.62m ? Spot pool revenues ofUSD 14.78m ? Time charter revenues ofUSD 14.84m Total operating expenses ofUSD 6.44m ? Vessel opex incl. insurance ofUSD 2.46m ? Voyage exp. and commissions ofUSD 0.33m ? G&A expenses of 0.33m ? USD 0.19m administrative expenses ? USD 0.06m legal expenses ? USD 0.08m non-cash expenses EBITDA ofUSD 26.50m Net profit ofUSD 18.84m Average daily earnings ofUSD 76,340 ? Avg. daily spot earnings ofUSD 75,0001 ? Avg. daily time charter earnings ofUSD 77,700 Opex incl. insurance ofUSD 6,348 per day per vessel Run-rate fully delivered G&A of USD ~300 per day per vessel 388 earnings and operating days ? 197 pool spot days ? 191 time charter days ? Zero downtimeUSD 87m of yard payments of were made during the quarter, leavingUSD 106m of remaining yard obligations as of30 June 2020 Key events in Q2 2020 Received binding commitments from a syndicate of banks consisting ofDanske Bank , DNB, Nordea and SEB (the "Syndicate") for aUSD 157.5m loan facility (the "Facility") Successfully took delivery ofHunter Disen on5 June 2020 , the fifth of seven identical VLCCs from DSME.Hunter Disen commenced it's six-month time charter ("TC") immediately following delivery from the yard The Annual General Meeting was held on30 April 2020 , and all resolutions were passed in accordance with the previously announced proposals, including, inter alia, authorizations to i) acquire up to 10% of the Company's own shares, and ii) issue up to 25% new shares Subsequent events Successfully took delivery ofHunter Idun andHunter Frigg on 3 July and21 August 2020 , respectively. The delivery ofHunter Frigg marks the end of the Company's newbuilding program with all seven VLCCs having successfully been delivered and put in operation. Both vessels commenced TCs following delivery from the yard, withHunter Frigg recently having been fixed atUSD 40,000 per day for 6-8 months Exercised call options pursuant to the sale-and-leaseback agreements with SFL and repurchasedHunter Atla andHunter Saga for a combined amount of approx.USD 117.8m (the "Transaction"). Consequently, the two vessels are now in full ownership of the Company. Concurrently with the Transaction, the Company has utilized approx.USD 100.4m of the Facility As of the date of this report, 83% of days in the third quarter have been booked at an average est. dayrate ofUSD 66,240 ? 55% of Q3 spot days booked at an avg. est. dayrate of USD 49,2001 ? Average Q3 TC dayrates ofUSD 72,100 Current pro forma cash flow breakeven of approx.USD 20,500 per day, including the planned refinancing ofHunter Laga 1) Discharge to discharge basis 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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