Norway’s Hunter Group has announced its return to the tanker business following the sale of its entire VLCC fleet last year.
The Oslo-listed investment firm, which has been placing its next bets on the carbon shipping segment, has struck a deal “with an internationally renowned counterparty” to charter in a 2016-built eco-design and scrubber-fitted VLCC for three years.
Hunter said it would pay a fixed rate of $52,500 per day when the vessel delivers on or about December 1 and immediately charter it out on a floating index-linked spot rate, which on November 29 was $63,329 per day.
To facilitate the deal, Hunter will raise NOK21.5m ($2m) from Surfside Holding, B.O. Steen Shipping, Apollo Asset, and Green Highlander Holding via a private placement of some 14.3m new shares.
Hunter sold its four VLCCs in June last year for $383m and has since Arne Fredly’s exit been focused on developing liquified CO2 carriers in partnership with DNV and Vedam Design. In a market update in November, the company, however, said that “given the recent headwinds in the carbon capture, transportation and storage value chain and the high price of newbuildings, firm long-term contracts will be needed before any vessel orders can be placed”.
Commenting on the latest move, which will see Arne Fredly return as a shareholder via Apollo, the company said: “The rationale behind the transaction is to capitalise on the dislocation between time-charter rates, ship values and the expected strong rate environment over the next three years,” adding that it would continue to monitor the tanker markets, “hunting for accretive opportunities”.
