Hunter Group ASA – Takes delivery of second eco scrubber-fitted VLCC

Oslo, 18 March 2024

Reference is made to the stock exchange announcement made on 17 January 2024 (message ID: 608643).

Hunter Group ASA, (the “ Company”) is pleased to announce that it has taken delivery of its second eco scrubber-fitted VLCC (the “Vessel”).

The Company has chartered in the Vessel on a 3-year fixed time-charter (“TC”) rate of USD 51,000 per day, and subsequently chartered the Vessel back to the same counterparty for the same duration on a floating index-linked spot rate. The index-linked spot rate is based on the recognized VLCC benchmark TD3C and enables the Company to capture every daily VLCC spot market data point, with maximum utilization. Based on reported figures on March 15 2024, the index-linked spot rate was approximately USD 64,100 per day, implying a daily margin of around USD 13,100.

The Company now has two VLCCs on 3-year back-to-back TCs with internationally renowned counterparties. Both Vessels are chartered out on index-linked spot rates, while the average fixed charter in rate is USD 51,750 per day.

The Company will continue to monitor the tanker markets, hunting for more accretive opportunities. The order book for newbuild VLCCs remains at a historically low level, oil demand forecasts have recently been revised upwards and a substantial portion of the fleet is approaching retirement age. We believe the stage is set for historically high VLCC rates over the next three years, and that the TCs will provide significant cash flow and value creation for the Company’s shareholders.

Contact:

Erik A.S. Frydendal, CEO, [email protected], Ph.: +47 957 72 947

Lars M. Brynildsrud, CFO, [email protected], Ph.: +47 932 60 882

This stock exchange announcement is made pursuant to section 5-9 of the Norwegian Securities Trading Act.