IMO 2020 - Alternatives and Investment Case
Investment Case - Hunter Group ASA
Attractive price and delivery times
Delivery schedule
Yard
2018
2019
2020
2021
Ship
Price
(USDM)
Delivery
Status
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
No. 1
82.5
Oct/Nov'19 On order
No. 2
82.5
Oct/Nov'19
On order
No. 3
82.5
Dec'19
On order
No. 4
82.8
Dec'19
On order
No. 5
82.8
Q2'20
On order
No. 6
82.8
Q2'20
On order
No. 7
82.8
Q2'20
On order
No. 8
89.3
H1’21
Option
No. 9
89.3
H1’21
Option
No. 10
89.3
H1’21
Option
USDM
250
200
580
150
100
50
34
26
0
Capex program
28
60
60
34
Firm
Options (indicative)
28
205
154
85
28
28
•
•
Comments
Norwegian company with no "hidden fees"
Focused on generating shareholder value
Incentivized through shares, not high salaries
Pure play: Uniform fleet consisting of 7x firm
VLCC newbuilding contracts with options for 3x
additional VLCC newbuilds all built at DSME in
Korea at USD 82.7m
All vessels will be equipped with Wartsila
scrubbers at an additional cost of ~USD 2.7m
Vessels on firm order are expected to be delivered
between Q3 2019 and Q2 2020, in time for the new
IMO II regime where ship-owners either must equip
vessels with scrubbers or use marine gas oil (MGO)
All option vessels to be delivered in H1 2021
166
•
2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 2Q 20 3Q 20 4Q 20 1Q 20 2Q 20
Source: Company Filings, Clarkson Research Services Limited, Pareto Securities AS
H
HUNTER
GROUP
DSME
WÄRTSILÄ
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