Hunter orders another VLCC

Nov 03 2018

Hunter Group’s wholly-owned subsidiary Hunter Tankers is to order another scrubber fitted 300,000 dwt eco design VLCC from Daewoo Shipbuilding & Marine Engineering (Hull No. 5470).

The SOx scrubber will be supplied by Wärtsilä. 

Delivery of the VLCC is scheduled for July, 2020 and payment terms are - 10% upon issuance of refund guarantee, 10% in October, 2019, 10% upon keel laying, 10% upon launching and 60% upon her delivery.

Hunter Tankers has also advanced the delivery of Hull Nos. 5465, 5466 and 5467 by four months with the first one now due to be delivered in March, 2020.

In addition, the company has received a further extension of declaration of the existing options until 15th January, 2019 for up to another three vessels with delivery in 1H21.

“We are very pleased to have reached an agreement with DSME for the acquisition of one additional vessel at what we consider to be a very attractive price and delivery time. With this acquisition we have eight sister vessels under construction at DSME, all outfitted with scrubbers from market leading producer Wärtsilä. 

“We also greatly appreciate DSME in accepting our request for earlier deliveries for vessel Nos. 5465/66/67. This will enable us to have a larger fleet of world class quality tonnage operational earlier, in what we believe will be a strong tanker market. Furthermore, we are very pleased to further build on our strong and close relationship with DSME, a quality builder of VLCCs,” said Erik Frydendal, Hunter Group CEO. 

“We are very pleased to have further strengthened our partnership with Hunter Group through this additional newbuilding deal after seven VLCC newbuilding orders already having been placed. We appreciate Hunter Group and Mr Fredly’s trust in DSME and will reciprocate this trust with the best quality, advanced technology and on time delivery of all the vessels in the series,” said SL Jung, DSME CEO.

The company later stressed that with the first instalment for vessel number eight (Hull 5470) expected in 1Q19 and the second instalment not due until October, 2019, Hunter Group is fully funded until June, 2019, and consequently has no immediate plans to issue additional equity.

Furthermore, it has been in touch with shareholders, representing close to 50% of the shares, who are positive to the transaction and have stated a clear intent to part take in future equity offerings.

The list of investors contacted include, but is not limited to, Apollo Asset (Fredly), Songa Trading (Arne Blystad), Sundt, Swap Invest (Rivelsrud), Tigerstaden and Middelborg.



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