Hunter Group ASA - Fourth quarter results 2020
Oslo, 25 February 2021
Financial highlights
Total revenues of USD 24.89m
- Spot pool revenues of USD 5.19m
- Time charter revenues of USD 17.85m
Total operating expenses of USD 10.80m
- Vessel opex incl. insurance of USD 3.77m
- Voyage exp. and commissions of USD 1.29m
- G&A expenses of 0.56m
- USD 0.35m administrative expenses
- USD 0.03m legal expenses
- USD 0.16m non-cash expenses
EBITDA of USD 19.27m
Net profit of USD 10.79m
Average daily earnings of USD 40,480
- Avg. daily spot earnings of USD 20,820
- Avg. daily time charter earnings of USD 55,600
Opex incl. insurance of USD 6,380 per day per vessel
569 available earnings days and 590 opex days
- 249 pool spot days
- 320 time charter days
Current pro forma cash flow breakeven of approx. USD 21,500 per day
Key events in 4q 2020
Hunter Saga and Hunter Laga sold for a combined price of USD 168.4m. Both vessels have been delivered to their new owner. The transaction resulted in an equity release of approx. USD 60m (approx. 40% combined return on equity for the two vessels)
Hunter Idun fixed on a 4-6 month time charter ("TC") at USD 30,000 per day. The TC commenced in December, on a back to back basis following the end of the previous TC
Bought back approx. 7.7m of own shares at NOK 3.35 per share (prior to NOK 1 per share dividend)
Subsequent events
Extraordinary General Meeting held on 1 February 2021. All resolutions were passed, including a dividend distribution by NOK 1 per share by reduction of the Company’s share premium. The dividend was paid to shareholders on 8 Feb.
Bought back 517,000 own shares in the market at an average price of NOK 2.5106 per share
Hunter Frigg fixed on a 12-14 month TC as USD 28,500 per day, on back to back basis following the end of the previous TC
Signed Memorandum of Agreement for the sale of Hunter Atla for USD 84.5m. Delivery to new owners expected during March 2021
As of the date of this report, 91% of days in the first quarter of 2021 have been booked at an average est. dayrate of USD 29,700
- 75% of spot days booked at an avg. est. dayrate of USD 18,3401
- Average Q1 TC dayrates of USD 34,380
Contact:
Erik A.S. Frydendal, CEO, ef@huntergroup.no, Ph.: +47 957 72 947
Lars M. Brynildsrud, CFO, lb@huntergroup.no, Ph.: +47 932 60 882
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.