Hunter Group Further Delays Decision on VLCC Trio Order

Norwegian investment company Hunter Group has decided to further push the options for three very large crude carriers (VLCCs).

Hunter Group and South Korea’s shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) agreed to extend the option agreement for three additional vessels until February 28, 2019.

As part of the latest extension, the company said that it would pay USD 93.6 million per vessel. Additionally, if exercised, the options would see the 300,000 dwt ships delivered to their owner within the first half of 2021, as previously agreed.

The options in question were initially received in May 2018, after Hunter Group entered into a definitive back-to-back agreement with Apollo Asset for the transfer of shipbuilding contracts for four VLCCs. The three Eco design options are for ships with identical technical specifications and include scrubbers.

Previously, Apollo had offered to transfer ownership of up to seven VLCCs to Hunter Group.

In early May 2018, the company exercised options for the construction of three additional crude carriers at DSME. The units, priced at USD 82.8 million plus USD 2.7 million per scrubber, are scheduled for delivery by the end of May, June and August 2020, respectively.