Hunter Group ASA
Hunter Group ASA is a publicly listed investment company specializing in the maritime and energy sectors.
In December 2023 Hunter Group ASA entered into a three-year back-to-back timecharter for an ECO design, scrubber-fitted VLCC at a rate of USD 52,500 per day. The vessel was immediately chartered out again at an index-linked (TD3C) contract. In January 2024, the company announced a similar transaction at a charter-in rate of USD 51,000 per day and out at an index-linked contract.
In connection with the VLCC charters Hunter Group ASA completed an equity issue in December 2023 and another in January 2024.
According to the company, the rationale behind the transactions was to capitalize on the price dislocation between vessel values and time charter rates. The orderbook for VLCCs is the lowest it has been for more than 30 years and a large portion of the fleet is approaching retirement age.
Prior to entering into the VLCC charters, Hunter Group ASA ordered, supervised the construction, operated and later sold 8 scrubber-fitted ECO design VLCCs from DSME in Korea. All vessels were fitted with «scrubbers» from Wartsila.
Management
Erik Frydendal was hired as CEO in May 2018.[1] Morten Eivindssøn Astrup is Chairman of the Board.[2] He took over as Chairman of the Board as Henrik August Christensen stepped down in March 2023.[3]
History
Hunter Group was formerly Badger Explorer ASA, a Norwegian oilservice company which developed a «badger» - a tool intended to explore the presence of hydrocarbons through the use of a drilling robot outfitted with logging sensors. This intention was to reduce risk, cost and complexity compared to using and operating an oil rig. Badger Explorer was listed at the Oslo Axess in 2007 under the ticker BXPL.
In 2017 the company changed its name to Hunter Group and continued to focus on oil services. In February 2018 Hunter Group announced that it would acquire all outstanding shares of Ståle Kyllinstads company IKM Subsea and Technology, which would have made Kyllinstad Hunter Group’s largest shareholder. Investor Arne Fredly then launched a counteroffer, and successfully blocked Hunter Group’s attempt to acquire IKM Subsea and Technology. Fredly became the company’s largest shareholder following the fight for control.
In addition to the cash in the company, Hunter Group also owned Dwellop AS, a small oilservice company. This was sold back to its founders. In April 2018 Hunter Group became a ship owner, when Fredly entered into a contract to buy 4 VLCCs with an option for 3 more. The deal was valued at around USD 600 million. Later the company ordered one more vessel, bringing the total number of vessels to 8. The last ship was delivered in the summer of 2020.
The vessels were built at DSME in South Korea from 2018-2020. All the vessels were 300,000dwt and had exhaust gas cleaning systems (“scrubbers”) from Wartsila in order to comply with the stricter emission regulations known as IMO 2020. Having a fleet consisting of only eco-design vessels with scrubbers was a key element of the company’s business plan, as it would allow the vessels to use the cheaper HFO (Heavy Fuel Oil) fuel instead of the more costly compliant fuel. The entire fleet carried a Marshall Islands flag and carried the names of Norse Goddesses.
«Hunter Atla»
«Hunter Saga»
«Hunter Laga»
«Hunter Freya»
«Hunter Embla»
«Hunter Disen»
«Hunter Idun»
«Hunter Frigg»
Hunter Group was responsible for the building supervision for all 8 vessels, in addition to 4 vessels from Hartree Maritime Partners. All vessels were delivered on time and on budget. Initially Hunter Group placed the vessels with TI for commercial management, but later placed them on TC contracts before the vessels were sold. The last vessel was sold in 2022.[4]
In January 2023 Fredly sold his shares in the company to the management and announced his resignation from the board.[5] In March 2023 Hunter Group entered into a joint venture with DNV for the development of a ship-based transportation solution for CO2.[6] Morten Astrup was elected as Chairman of the Board at an extraordinary shareholders meeting later that month.[2]
In November 2023, Hunter Group announced the completion of the first phase of the development of the CCTS (Carbon Capture Transport and Storage) solution. The project entailed the use of specialized vessels for CO2 transport. Due to challenges in the CCTS market, as well as high ship prices, the company communicated that while it remains positive to the CCTS market, a long-term contract will be needed in order to proceed with the project.[7]
External links
- From a page move: This is a redirect from a page that has been moved (renamed). This page was kept as a redirect to avoid breaking links, both internal and external, that may have been made to the old page name.
References
- ↑ https://www.finansavisen.no/nyheter/boers-finans/2018/05/hunter-rekrutterer-duo
- ↑ 2.0 2.1 "NewsWeb". newsweb.oslobors.no. Retrieved 2024-03-11.
- ↑ https://www.finansavisen.no/nyheter/energi/2018/04/christensen-tar-styring-i-hunter-group
- ↑ "Fredlys Hunter selger skipene for 3,8 milliarder kroner". e24.no (in norsk bokmål). 2022-06-24. Retrieved 2024-03-11.
- ↑ "Arne Fredly har solgt alle Hunter-aksjene og trekker seg fra styret". e24.no (in norsk bokmål). 2023-02-13. Retrieved 2024-03-11.
- ↑ https://www.finansavisen.no/energi/2023/03/06/7991186/hunter-satser-gront-skal-utvikle-co2-tankskip
- ↑ https://www.finansavisen.no/energi/2023/11/23/8062578/betydelige-fremskritt-i-karbonfangstprosjekt
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