Hunter Agrees 5-Year Sale and Leaseback Deal

VLCCIllustration; Source: Pixabay under CC0 Creative Commons license

Hunter Group ASA has reached an agreement for a 5-year sale and leaseback “at highly attractive terms.”

The company’s subsidiary, Hunter Tankers, entered into a binding term sheet with an undisclosed leasing company.

“The Board is of the opinion that the agreement is beneficial to all shareholders as it retains maximum flexibility for the company and eliminates the need for any additional equity in order for the company to take delivery of all vessels in the newbuilding program,” Hunter Group said.

Consequently, the senior secured term loan revealed in May 2019 has been cancelled.

The company did not provide further details at this time.

Hunter Group has eight 300,000 dwt VLCCs currently under construction at Daewoo Shipbuilding & Marine Engineering, each value at over USD 92 million. Four of these are scheduled for delivery in 2019, two each in September and October, the company earlier informed.

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