Up to Seven VLCCs for Hunter Group ASA

Apollo Asset Limited, owned by independent investor Arne Fredly, has made a non-binding indicative offer to Norwegian publicly traded investment company Hunter Group ASA for the transfer of ownership in up to seven very large crude carriers (VLCC).

Four crude carriers from the batch have been ordered from Daewoo Shipbuilding and Marine Engineering (DSME) and the remaining three vessels are optional.

Hunter Group said in a regulatory filing that Appolo Asset Limit is prepared to transfer the newbuilding contracts and the options to the company on a back-to-back basis as contracted with the DSME.

The quartet, worth USD 330 million in total, is set for delivery in 2019, while the optional vessels, if ordered, would be delivered in 2020.

Separately, Apollo Asset Limited today entered into agreements to acquire 17,444,000 shares in Hunter Group, at a price of NOK 2.30 per share. The latest purchase brings Fredly’s share capital in the group to 33.29 pct.

DSME has managed to collect 10 VLCC orders so far this year. The shipbuilder’s 19-strong orderbook for this year comprises also eight LNG carriers and one special-purpose vessel, totaling in USD 2.36 billion.