Reference is made to the stock exchange announcement made on
The Company has chartered in the Vessel on a 3-year fixed time-charter ("TC") rate of
The Company now has two VLCCs on 3-year back-to-back TCs with internationally renowned counterparties. Both Vessels are chartered out on index-linked spot rates, while the average fixed charter in rate is
The Company will continue to monitor the tanker markets, hunting for more accretive opportunities. The order book for newbuild VLCCs remains at a historically low level, oil demand forecasts have recently been revised upwards and a substantial portion of the fleet is approaching retirement age. We believe the stage is set for historically high VLCC rates over the next three years, and that the TCs will provide significant cash flow and value creation for the Company's shareholders.
Contact:
Lars M. Brynildsrud, CFO, lb@huntergroup.no, Ph.: +47 932 60 882
This
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