Norwegian owner Arne Fredly’s VLCC vehicle, Hunter Group has entered into a binding term sheet a five-year sale-and-leaseback agreement with a major leasing company.
The company said the deal has highly attractive terms and is is beneficial to all shareholders as it retains maximum flexibility and eliminates the need for any additional equity in order for the company to take delivery of all vessels in the newbuilding program.
Consequently, the company has cancelled the senior secured term loan announced in May.
This month, Hunter Group named the first three of the eight newbuild VLCCs Hunter Atla, Hunter Saga and Hunter Laga. The company will take delivery of four VLCCs from DSME in September and October after it negotiated earlier delivery with the shipyard.
In June, Hunter sold one of the eight VLCC newbuildings to South Korean company SK Shipping for $98m.