HUNTER GROUP ASA Oslo ,26 November 2020
Financial Highlights
Total revenues ofUSD 35.81m
? Spot pool revenues ofUSD 8.67m
? Time charter revenues ofUSD 26.50m
Total operating expenses ofUSD 10.53m
? Vessel opex incl. insurance ofUSD 4.08m
? Voyage exp. and commissions ofUSD 0.70m
? G&A expenses of 0.46m
? USD 0.28m administrative expenses
? USD 0.12m legal expenses
? USD 0.05m non-cash expenses
EBITDA ofUSD 30.56m
Net profit ofUSD 21.69m
Average daily earnings ofUSD 59,700
? Avg. daily spot earnings ofUSD 38,200
? Avg. daily time charter earnings ofUSD 73,200
Opex incl. insurance ofUSD 6,900 per day per vessel
589 earnings and operating days
? 227 pool spot days
? 362 time charter days
? Zero downtimeUSD 106m of yard payments, marking the completion of the newbuilding program and
leaving no remaining yard obligations
Key events in 3Q 2020Hunter Idun andHunter Frigg were delivered from the yard on3 July 2020 and 21August 2020 , respectively. This marks the end of the current newbuilding
program. Both vessels commenced timer charters ("TC") immediately after delivery
atUSD 72,500 per day andUSD 40,000 per day, respectivelyHunter Atla andHunter Saga were repurchased fromSFL Corporation Ltd , in
accordance with the sale-and-leaseback agreement. Both vessels were refinanced
with low-cost bank debt and a lower debt level
TC forHunter Disen was extended by 5-7 months atUSD 38,000 per day, following
expiration of its previous contract
Subsequent events
TC forHunter Idun was extended for 4-6 months atUSD 30,000 per day, upon
completion of it's current TC in December
Entered into Memorandum of Agreement for the sale ofHunter Saga andHunter Laga
for a combined amount ofUSD 168.4m
Sale ofHunter Laga successfully completed, and she was delivered her to her new
owners on23 November 2020
As of the date of this report, 88% of days in the fourth quarter have been
booked at an average est. dayrate ofUSD 41,400
? 72% of spot days booked at an avg. est. dayrate ofUSD 18,000
? Average Q3 TC dayrates ofUSD 55,200
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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