Hunter Group ASA
Annual report 2024
10 April 2025
Disclaimer
CERTAIN STATEMENTS INCLUDED IN THIS DOCUMENT CONTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS INCLUDE
STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER
STATEMENTS, WHICH ARE OTHER THAN STATEMENTS OF HISTORICAL FACTS. THE WORDS “BELIEVE,” “ANTICIPATE,” “INTENDS,” “ESTIMATE,”
“FORECAST,” “PROJECT,” “PLAN,” “POTENTIAL,” “MAY,” “SHOULD,” “EXPECT” “PENDING” AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING
STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN
TURN, UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA
CONTAINED IN HUNTER GROUP’S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH HUNTER GROUP BELIEVES THAT THESE
ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND
CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND HUNTER GROUP’S CONTROL, YOU CANNOT BE ASSURED THAT
HUNTER GROUP WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. THE INFORMATION SET FORTH HEREIN SPEAKS ONLY
AS OF THE DATES SPECIFIED AND HUNTER GROUP UNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT TO CONFORM THE
STATEMENT TO ACTUAL RESULTS OR CHANGES IN EXPECTATIONS OR CIRCUMSTANCES. IMPORTANT FACTORS THAT, IN HUNTER GROUP’S VIEW, COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION:
THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTERHIRE RATES AND
VESSEL VALUES, CHANGES IN DEMAND IN THE TANKER MARKET, INCLUDING BUT NOT LIMITED TO CHANGES IN OPEC'S PETROLEUM PRODUCTION LEVELS
AND WORLD WIDE OIL CONSUMPTION AND STORAGE, CHANGES IN HUNTER GROUP’S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRYDOCKING
AND INSURANCE COSTS, THE MARKET FOR HUNTER GROUP’S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH
COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH US, CHANGES IN
GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, POTENTIAL LIABILITY FROM PENDING OR FUTURE
LITIGATION, GENERAL DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS OR
POLITICAL EVENTS, VESSEL BREAKDOWNS, INSTANCES OF OFF-HIRE AND OTHER IMPORTANT FACTORS.
THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A
SOLICITATION OF ANY VOTE OR APPROVAL.
2
Financial highlights
2024 2023
Realized net TC result (loss) USD (8.30m) USD 0.05m
Unrealized non-cash TC position result (loss) USD (1.83m) USD 1.78m
Total operating expenses USD (1.96m) USD (1.41m)
Adj. net profit (loss)
1
USD (10.04m) USD (0.48m)
Net profit (loss)
2
USD (11.87m) USD 1.30m
Avg. spot-linked TC-out rate USD 39,220/d USD 54,190/d
Avg. fixed TC-in rate USD 51,834/d USD 52,500/d
Avg. TC-margin (loss) USD (12,614)/d USD 1,690/d
Vessel days: 658 / 658 60 / 60
Cash and working capital USD 12.49m USD 5.73m
Highlights – 2024
• The realized net TC result was negative USD 8.30m for the year, impacted by
a weaker than expected tanker market
• Non-cash reversal of previous unrealized TC gains of USD 1.83m due to lower
TC market rates at year end
- From an accounting perspective, the two back-to-back charterparties are considered
derivatives on the freight market and accounted for at estimated fair value
- Unrealized changes to the estimated fair value is recognized in the profit and loss
statement
- The estimated value is calculated on an NPV basis, with 1 – 3 year TC market rates as
proxies for future index-linked TC rates
• Total operating expenses were USD 1.96m during the year, consisting
primarily of broker commissions, legal expenses and administrative costs
• Index-linked TC-rates averaged USD 39,220 for the year
- Average fixed TC-in rate of USD 51,834 per day
- Average TC margin (loss) of USD (12,614) per day
- 100% utilization, operating all available 658 days
• Index-linked TC rates have averaged USD []/d so far in [], an increase of ~[]%
compared with []
- So far in Q1, index-linked spot rates has averaged approx. USD []/d
3
1) Excluding unrealized non-cash TC position result (loss)
2) Including unrealized non-cash TC position result (loss)
• Completed a NOK 124 million equity private placement through issuance of 70,857,143 new
shares at a price of NOK 1.75 per share. The proceeds increased the cash buffer in
connection with the Company’s two VLCC charters
• Completed two subsequent repair offerings, raising approx. NOK 35 million, through the
issuance of 20,866,666 new shares
- Repair offering nr. 1 consisted of 6,666,666 new shares offered at NOK 1.50 per share, and was
conducted in connection with the November 2023 private placement
- Repair offering nr. 2 consisted of 14,200,000 new shares offered at NOK 1.75 pers hare, and
was conducted in connection with the January 2024 private placement
- Following the offerings, the Company has 134,825,243 shares outstanding
• Extraordinary general meeting held on 2nd February 2024, which approved the NOK 124
million private placement, the two repair offerings and elected Bertel Steen to replace CFO
Lars Brynildsrud as board member of the company
• Took delivery of the second eco scrubber-fitted VLCC. The vessel was chartered in for
three years at a fixed rate of USD 51,000 per day and immediately chartered out on a
floating index-linked spot rate
• The Annual General Meeting was held on 25 April 2024, and all resolutions were passed in
accordance with the proposals set out in the notice for the AGM
Highlights – 2024
• The Company was awarded a grant of up to approx. 100 million from Enova, the Norwegian
state-owned enterprise established to promote a shift towards more environmentally
friendly energy consumption and production. The grant was awarded in connection with
the potential construction of two next generation Commissioning Service Operation
Vessels ("CSOV"), equipped with cutting edge maritime technology ensuring that the vessels
can be efficiently operated with virtually zero emissions
- Hunter Maritime Advisors, a wholly owned subsidiary of the Company, has been developing
the CSOV project for some time. We remain strong believers in the long-term fundamentals
of the offshore wind market, and once market conditions are favorable, we are ready to take
the project into the next phase. We emphasize that the project will be developed on a
standalone basis, and that any proceeds raised in connection with the VLCC charters will not
be used for this purpose
4
Key events 2024 Key events 2024 (cont’d)
Subsequent events
• Transferred the approx. NOK 100 million Enova grant to HG ProjectCo 1 AS, a wholly owned
subsidiary of the Company
• Hunter Maritime Advisors AS, a wholly owned subsidiary of the Company, was contracted as
consultant for a publicly listed drilling company
Significant rate improvement so far in 2025
Key TC figures As of 9 April 2025
Avg. floating index TC-out: USD 40,630/d
Avg. fixed rate TC-in: USD 51,840/d
Total TC days: 892 / 892
Avg. TC end dates Dec ’26 / Mar ‘ 27
Avg. TC performance (USDk/d)
• The VLCC spot market performed according to expectations during the
first half of 2024
• However, the latter part of the year defied historical seasonal patterns and
significantly underperformed our expectations, primarily due to growing
market share of the sanctioned “shadow fleet”
• Robust fundamentals and tighter enforcement of sanctions have so far led
to higher rates in Q1 and a significantly improved outlook
• Index-linked TC rates have averaged USD 46,340/d so far in 2025
• Several factors give cause for optimism going forward
- Oil demand and supply keep growing, implying significant ton-mile growth
- Peace agreements could cause transition from shadow fleet to “compliant” fleet
- U.S. sanctions of 160+ tankers to take effect from mid March
- Maximum Pressure against Iran has potential to add demand for 50+ VLCCs
- Aging fleet – 20% of the fleet is more than 20 years old
- Only 4 VLCCs to be delivered in 2025, i.e. 0.4% gross fleet growth
5
54.2
48.3
57.0
57.2
45.2
52.5
31.8
30.0
32.7
37.5
39.8
34.1
22.3
39.6
45.9
45.0
42.4
0
10
20
30
40
50
60
70
Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25
USDk / d
Index TC (out) Fixed rate TC (in)
6
Oil market fundamentals remain robust
Long term global oil market trends
0
2
4
6
8
10
12
14
16
18
70
75
80
85
90
95
100
105
110
Q1 1997
Q4 1997
Q3 1998
Q2 1999
Q1 2000
Q4 2000
Q3 2001
Q2 2002
Q1 2003
Q4 2003
Q3 2004
Q2 2005
Q1 2006
Q4 2006
Q3 2007
Q2 2008
Q1 2009
Q4 2009
Q3 2010
Q2 2011
Q1 2012
Q4 2012
Q3 2013
Q2 2014
Q1 2015
Q4 2015
Q3 2016
Q2 2017
Q1 2018
Q4 2018
Q3 2019
Q2 2020
Q1 2021
Q4 2021
Q3 2022
Q2 2023
Q1 2024
Q4 2024
Q3 2025
Q2 2026
Supply (lhs) Demand (lhs) China demand (rhs)
Mbd
Mbd
• Global oil demand is forecasted to
continue to grow by around 2.4mbd over
the next two years
- The majority of the demand growth will happen in
Asia, with China to account for approx. 500kbpd
despite economic headwinds
• Global supply growth is expected to
outpace demand with an increase of
approx. 3.3mbd, likely leading to
inventory builds and potential oil price
contango
- A large portion of new supply is expected to come
from Atlantic producers, i.e. long-haul exports
with U.S., Brazil and Guyana to account for
approx. 1.4mbd
Source: EIA, Company
7
The VLCC supply outlook remains highly supportive
VLCC fleet and orderbook
• The VLCC supply outlook over the nest few
years remains highly supportive for tanker rates,
despite recent ordering
• The VLCC orderbook now stands at [] vessels,
equal to approx. []% of the fleet
• However, approx. 50% of the vessels in the
orderbook will be delivered after the Company’s
TCs have expired
• Only 1 VLCC is left for delivery in 2024, while 5
will be delivered in 2025
• Over the same period, almost 250 VLCC will hit
the average scrapping age of 20 years, which
could cause negative fleet growth
• Consequently, very little demand growth is
needed to push rates to historically high average
levels
Source: EIA, Company
8
Corporate governance policy
Hunter Group ASA’s Board of Directors approved this updated Corporate Governance Policy on 9 April 2025.
1. Introduction
Corporate Governance regulates the responsibilities of the executive personnel and the Board of Directors of Hunter
Group ASA and its subsidiaries. The subsidiaries adopts the relevant governing documents.
Hunter Group ASA (“HUNT”, “the Company” or “the Group”) is a Norwegian public limited liability company which
shares are listed on Euronext Expand Oslo, and it is therefore subject to the corporate governance requirements as set
out in the Norwegian Code of Practice for Corporate Governance. HUNT works according the Norwegian Code of
Practice for Corporate Governance dated 14th October 2021 (www.nues.no). Where HUNT does not fully comply with the
recommendations, an explanation or comment is given.
Oslo Stock Exchange prescribes that companies listed on the Oslo Stock Exchange must publish a report in their annual
report on the Company’s corporate governance.
HUNT aims to have effective systems in place for communication, monitoring, accountability, and incentives that also
enhance the market value, corporate profit, long-term strength, continuity and overall success of the business of
HUNT. In addition to strengthen the confidence amongst its shareholders.
HUNT is a small company with limited resources available within the organization. The number of employees
(including managers) were 3 at year-end 2024. This limits the ability to allocate resources to report and follow up on
Corporate Governance and Corporate social responsibility (CSR). On the other hand, a limited organization in
combination with an external board and a transparency culture is a strength in the company`s daily work with
Corporate Governance and CSR. The principles, rules and regulations are outlined to meet both today`s business model
and complexity and future, more complex business environments. The board will monitor the need for increased
capacity to fulfill external and internal rules and regulation as the business develops.
2. Reporting on Corporate Governance
Hunter Group ASA’s Board of Directors review and approves this Corporate Governance Policy annually, which can also
be found on its website (www.huntergroup.no) and is included in the annual report.
The Company’s basic corporate values are incorporated in the Company’s management system. The Board of Directors
has implemented ethical guidelines and a corporate social responsibility policy, which are reviewed and re-issued
annually.
3. Business
In the Articles of Association HUNT’s business is described as follows:
Hunter group is a publicly traded investment company focusing on shipping and oil services investments.
The Company’s primary business currently consists of oil tanker chartering. The Company currently has two three-
year contracts for eco scrubber-fitted VLCCs, chartered in on fixed rates and chartered out on floating index-linked
rates.
The main investment between 2018 and 2022 was Hunter Tankers AS, a wholly owned ship owning company. Hunter
Tanker AS’ fleet consisted originally of eight identical VLCCs. The VLCC fleet was gradually divested throughout 2021
and 2022. The Company was dissolved in 2023.
The Badger Explorer technology for exploring and mapping of hydrocarbon resources was organized in the subsidiary
Indicator AS, which was dissolved during 2024.
4. Equity and Dividends
The development of the Group’s equity up to 31 December 2024 is described in the “Statement of change in equity” in
the financial statements of the annual report.
HUNT’s dividend policy aims to yield a competitive return on invested capital to the shareholders through a
combination of dividends, share buybacks and share price appreciation. The Company distributed a total of NOK 2.31
per share in dividends in 2023 (NOK 46.2 per share adjusted for the 20:1 reverse stock split in July 2023), while no
dividend payments were made during 2024.
At the Company’s annual general meeting on 25 April 2024 the Board of Directors was granted a mandate to increase
the Company's share capital by up to NOK 2,577,642 (rounded) to fund investments and general corporate purposes.
Furthermore, the Board of Directors were granted a mandate to acquire, on behalf of the Company, up to 13,482,524 of
the Company’s own shares.
The mandates granted by the Company’s annual general meeting on 25 April 2024 are valid until the earliest of the
annual general meeting 2025 or 30 June 2025. The authorizations are in accordance with Norwegian Code of Practice
for Corporate Governance.
9
Corporate governance policy
5. Equal Treatment of Shareholders and Transactions with Close Associates
HUNT has one class of shares and is dedicated to applying equal treatment to all shareholders.
The decision to waiver the existing shareholders’ pre-emption rights in the event of an increase in the share capital
must be justified. The Board of Directors will disclose such a justification in the stock exchange notification in
connection with the increase in share capital.
If a transaction between the Company and a shareholder of the Company, a shareholder’s parent company, a member
of the Board of Directors or a member of executive personnel (or related parties to such persons) is considered to be
material in accordance with the Norwegian Code of Practice for Corporate Governance, the Board will obtain an
evaluation from an independent third party. This will not apply if the GM’s approval for such transactions is required
according to the Norwegian Public Limited Companies Act §3-8.
Board members and the executive personnel shall notify the Board of any material direct or indirect interest in any
transaction entered into by HUNT.
Deviation from the Norwegian Code of Practice for Corporate Governance:
The shareholders’ pre-emptive rights are exempted because the Group wishes to be able to (i) use share issues for its
employees, Directors and others important stakeholders with the Group as a part of the Group’s share incentive
scheme and (ii) issue shares towards certain specifically chosen institutional investors or others if required or desired
in conjunction with the Group’s expansion, development and/or strategic acquisitions.
6. Freely Negotiable Shares
All HUNT shares carry equal rights and are freely negotiable. Each share represents one vote at the GMs. The nominal
value per share amounts to NOK 0.0038 (rounded). At the date of this annual report, there are no restrictions regarding
transferability in the Group’s Articles of Association or any other transfer restrictions related to HUNT’s shares.
7. General Meetings (“GM”)
The shareholders exercise the highest authority in HUNT through AGMs.
In 2025 the Annual General Meeting of HUNT will be held on May 8
th
. The Group’s financial calendar has been published
in a notice to the Oslo Stock Exchange and is available on HUNT’s website. The GMs shall approve the annual accounts,
the annual report, distribution of dividend, and otherwise make such resolutions as required under the Corporate
Governance Policy and the applicable law.
The Board shall publish notices of GMs and any supporting material, such as the agenda, recommendations of the
Nomination Committee, the information about the shareholder’s right to propose resolutions in respect of matters to
be dealt with by the General Meeting and other documents as set out in the bye-laws of the Group, no later than 21
days prior to the day of the GM, on the Group’s website (www.huntergroup.no). The Board will also ensure that the
distributed notice and all supporting material are sufficiently detailed. The Board will make reasonable efforts to
enable as many shareholders as possible to attend.
The notice shall also include information on the procedure of representation through proxy, as well as a proxy that
allows giving separate voting instructions for each matter to be considered by the General Meeting and for each
candidate nominated for election. The Group will nominate a person who will be available to vote on the
shareholder’s behalf if the shareholder has not appointed a proxy.
The Board shall make such notices of General Meetings and the relevant supporting material available through the
notification system of Oslo Stock Exchange and on the Group’s website no later than 21 days prior to the day of the
GM.
Every shareholder has the right to put matters on the agenda of a General Meeting along with a proposed resolution
within the statutory timeframe.
The shareholders may be asked to notify their attendance prior to the GM. The deadline for the notification of
attendance for the AGM will be as close to the meeting as possible. Shareholders who are unable to attend may vote
by proxy. A proxy form shall be attached to the notice of the GM.
The Company’s Board and the chairperson of the GM shall ensure that the shareholders vote separately for each
candidate nominated for a corporate body. HUNT will publish the minutes of GMs (alternatively only such resolutions
that were not made in accordance with the proposals made in the notice to the GM) through the notification system
of Oslo Stock Exchange and on its website no later than 15 days after a GM has been held and will maintain them
available for inspection in the Company's offices. The Annual General Meeting in 2024 was held in Oslo on April 25th
where 33.54% of all shares were represented.
Deviation from the Norwegian Code of Practice for Corporate Governance:
The Norwegian Code of Practice for Corporate Governance demands that the Board of Directors as a whole, the
members of the Nomination Committee and the Auditor are present at the General Meetings. HUNT considers it
sufficient that only the chairperson of the Board attend GMs.
10
Corporate governance policy
8. Nomination Committee
HUNT’s Nomination Committee consists of two members, elected by the Company’s General Meeting. The majority of
the members shall be independent of the Board of Directors and the Company’s executive personnel. No more than one
member of the Board of Directors shall be a member of the Nomination Committee and should not offer himself/herself
for re-election to the Board. The members of the Nomination Committee are elected by the shareholders in a GM for a
period of no longer than two years.
|
The Nomination Committee proposes to the GM candidates for election to the Board. The composition of the Board of
Directors should reflect the provisions of the Group’s Corporate Governance Policy, commitment to shareholder
return, independence and experience in relevant sectors (technology and business development, financing and
accounting, disclosure and regulatory, etc.). The Nomination Committee also proposes the remuneration to be paid to
the members of the Board of Directors.
The Nomination Committee’s recommendations shall include justification as to how the recommendations take into
account the shareholder interests and the Group’s requirements. The following information about the proposed
candidates, in particular each person’s age, education, business experience, term of appointment to the Board (if
applicable), ownership interest in the Company, independence, any assignments (other than the proposed
Directorship) for the Company and material appointments with other companies and organizations will be disclosed. In
the event that the Nomination Committee recommends re-electing current Directors, the recommendation will include
information on when the Directors were appointed the Board and their attendance records.
The Nomination Committee shall elect its own chairperson according to the Group’s Articles of Association. Meetings
of the Nomination Committee shall be convened when deemed necessary by any of its members to adequately fulfill its
assigned duties. Notice of a meeting shall be issued by the chairperson of the Nomination Committee no later than one
week prior to the meeting, unless all members approve a shorter notice period.
The Group will provide information on its website regarding the membership of the Committee and any deadlines for
submitting proposals to the Nomination Committee.
The Nomination Committee consists of:
Fredrik Falch (chairperson) – elected until AGM in 2026
Kristin Hellebust – elected until AGM in 2026
One member of the Nomination Committee is considered independent of the Board of Directors.
Deviation from the Norwegian Code of Practice for Corporate Governance:
The Group’s Articles of Association regulate the election of the chairperson of the Nomination Committee. According to
§6 of the Articles of Association of Hunter Group ASA the Nomination Committee elects its own chairperson.
The Norwegian Code of Practice for Corporate Governance requires guidelines regarding the Nomination Committee’s
duties to be set out by the General Meeting. At HUNT, the Committee itself sets out its duties in accordance with the
duties presented in chapter 8 of the Group’s Corporate Governance Policy.
9. Board of Directors: Composition and Independence
HUNT shall be headed by a Board with collective responsibility for the success of the Group.
The Board shall comprise between three and eight Directors according to §5 of HUNT's Articles of Association. Currently
the Board consists of three Directors, who have all been elected by the shareholders and are not representatives of
HUNT's executive personnel. The members of the Board of Directors are elected for a period of two years.
The members of the Board of Directors consists of:
Morten Eivindssøn Astrup (Chairman) – elected until AGM in 2025
Kristin Hellebust – elected until AGM in 2025
Bertel Steen – elected until AGM in 2026
All members of the Company’s Board of Directors are considered independent according to the Norwegian Code of
Practice for Corporate Governance. Detailed information on the individual Board member can be found in the Group’s
website (www.huntergroup.no) and in the Annual Report.
Board members and close associates’ ownership as of 31 December 2024:
Morten Eivindssøn Astrup owns 16,485,422 shares, through Surfside Holding AS, which represents 12.2% of the shares in
the Company.
Bertel Steen owns 16,500,000 through B.O Steen Shipping AS and Skarris Kapital AS, which represents 12.2% of the
shares in the Company.
Kristin Hellebust owns zero shares.
11
Corporate governance policy
According to the Norwegian Public Limited Companies Act § 6-35 and the Norwegian Code of Practice for Corporate
Governance a Group with more than 200 employees is required to elect a corporate assembly. The Group has less than
200 employees and has therefore not yet elected a corporate assembly.
10. The Work of the Board of Directors
The Board shall ensure that the Group is well organized and that operations are carried out in accordance with
applicable laws and regulations, and in accordance with the objects of HUNT as specified in its Articles of Association
and guidelines given by the shareholders through resolutions in GMs.
HUNT’s Board of Directors has the ultimate responsibility for inter alia the Group’s executive personnel, supervision of
its activities and the Group’s budgets and strategic planning. The Board of Directors produces an annual plan of its
work.
To fulfill its duties and responsibilities, the Board has full access to the Group’s relevant information. The Board shall
also consider for example obtaining such advice, opinions and reports from third party advisors as it deems necessary
to fulfill its responsibilities.
The “Rules of Procedure for the Board of Directors of HUNT and the Relation to CEO” were approved by the Board on
31st October 2017 and were implemented.
All of the board members are also members of the Audit Committee and Remuneration Committee.
The Board of Directors evaluates its own performance and expertise once a year.
The Board of Directors arranged 8 board meeting during the fiscal year 2024.
Deviation from the Norwegian Code of Practice for Corporate Governance:
The Norwegian Code of Practice for Corporate Governance requires the Board of Directors to consider appointing a
remuneration committee. At HUNT, the Board itself prepares all matters relating to compensation paid to the Group’s
executive management.
11. Risk Management and Internal Control
HUNT has implemented internal control and risk management systems appropriate to the size and nature of the
Group’s activities. The Group’s core values, ethical guidelines and the corporate social responsibility policy are
incorporated in the internal control and risk management systems.
The Board of Directors carries out an annual review of the control and risk management systems and the Group’s
most significant exposures.
In the annual report, the Board of Directors describes the main features of the Group’s internal control and risk
management systems in relation to the Group’s financial reporting.
12. Remuneration of the Board of Directors
The remuneration of the members of the Board of Directors reflects the Board’s responsibilities, expertise, the
committed time and the complexity of the Group’s activities.
The Board Members’ remuneration (form and amount) will be reviewed annually by the Nomination Committee and is
not linked to the Group’s performance. It is the Nomination Committee’s responsibility to prepare a proposal for the
Annual General Meeting regarding the above-mentioned remuneration.
13. Remuneration of the Executive Personnel
The Board of Directors establishes, as required by law, guidelines for the remuneration of the members of the
executive personnel. The AGM will vote on these guidelines which help ensure convergence of the financial interest of
the executive personnel and the shareholders.
The guidelines for remuneration of the executive personnel are published on the Company’s website.
Performance related remuneration of the Group’s executive personnel shall aim for value creation for HUNT’s
shareholders or the Group’s earnings performance. Such arrangements shall encourage performance and be based on
quantifiable factors which can be influenced by the employee. Performance related remuneration shall be subject to
an absolute limit.
12
Corporate governance policy
As of 31st December 2024, the executive personnel’s private and affiliated holdings of shares are the following:
Name Shares
Erik A.S. Frydendal 3,052,573
Lars M. Brynildsrud 2,004,937
Total 5,057,510
14. Information and Communications
HUNT provides its shareholders, Oslo Stock Exchange and the financial markets generally (through Oslo Stock
Exchange’s Distribution Network) with timely and accurate information. Such information takes the form of annual
reports, quarterly interim reports, stock exchange notifications and investor presentations as applicable. HUNT
communicates its long-term potential, including its strategy, value drivers and risk factors, maintains an open and
proactive investor relations policy and a best-practice website.
The Company’s current financial calendar with dates of important events including the Annual General Meeting,
publishing of quarterly reports and its presentations, etc. are accessible for all shareholders on
https://live.euronext.com/ and on the Company’s website www.huntergroup.no. Subscription to news about HUNT can
be made on the Company’s website www.huntergroup.no.
Generally, HUNT, as a company listed on Oslo Stock Exchange, discloses all required information as defined by law.
Certain resolutions and circumstances will in any event be disclosed, including but not limited to Board and GM
resolutions regarding dividends, mergers/de-mergers or changes in share capital, issue of warrants, issue of
convertible or other loans, any changes in the rights vested in the shares of the Company (or other financial
instruments issued by HUNT) and all agreements of material importance that are entered into between the Company
and a shareholder, member of the executive personnel, or related parties thereof, or any other company in the Hunter
Group ASA.
HUNT will disclose all material information to all recipients equally in terms of timing and content.
15. Takeovers
The Group has not implemented any specific guidelines on how to act in the event of a takeover bid.
Deviation from the Norwegian Code of Practice for Corporate Governance:
The Group has not yet implemented guidelines in case of a takeover. Any bid will be dealt with by the Board of
Directors in accordance with applicable laws and regulations, the Norwegian Code of Practice for Corporate
Governance and based on their recommendation the shareholders’ approval will be requested.
16. Auditor
Under Norwegian law the auditor of the Company (the “Auditor”) is elected by the shareholders in a GM. The current
Auditor serves until a new auditor has been elected.
At least once a year the Auditor and the Board of Directors meet without any members of the Group’s executive
personnel present. At these meetings the Auditor reviews any variations in the accounting principles applied,
comments on material accounting estimates and issues of special interest to the Auditor, including possible
disagreements between the Auditor and the management The Auditor presents to the Audit Committee/Board of
Directors the main features of its plan for the audit of the Group, as well as a review of the Group’s internal control
procedures.
The Board of Directors established guidelines in respect to the use of the auditor by the Group’s executive personnel
for services other than the audit.
The remuneration of the Auditor and all details regarding the fees of the audit work and other specific assignments
are presented at the AGM.
The Company’s auditor shall annually submit a written confirmation that the Auditor still continues to satisfy with
the requirements for independence and a summary of all services in addition to audit work that has been undertaken
for the Company.
13
Corporate social responsibility policy
1. General
The purpose of this policy is to provide information to all our stakeholders about Hunter Group ASA’s (“HUNT”, “the
Company” or “the Group”) approach to ethical and corporate social responsibility and how we as a Company propose to
work towards achieving it. HUNT is committed to enhancing shareholder value in an ethical and socially responsible
manner.
By implementing this policy, the Company aims to be responsible and an exemplar of good practice. Honesty, integrity
and respect for people underpin everything we as employees do and are the foundation of the Company’s business
practice. We are judged by how we act, and the Company’s reputation will be upheld if each one of us acts in
accordance with the law and the Company’s social responsibility and ethical standards set out herein. The Company’s
reputation and future success are critically dependent on compliance, not just with the law, but also with high ethical
and social standards. A reputation for integrity is a priceless asset. This policy is a further commitment to integrity for
all of us and will help to safeguard that asset.
This document applies to staff, Board members, temporary employees, consultants and any person or entity acting on
behalf of Hunter Group ASA and its subsidiaries. We encourage our business partners to strive for similar performance.
We are committed to continuous improvement in our corporate social and ethical responsibility and the Board of
Directors and the Company will therefore review this policy regularly.
This policy was approved by the Board of Directors on 9 April 2025 and shall apply until revised and re-approved.
2. Business practice
2.1 Correct Information, Accounting and Reporting
HUNT’s business information is disclosed accurately, timely and entirely. According to the applicable laws and
regulations and stock exchange listing standards, HUNT provides complete and precise accounts in all its periodic
financial reports, in its public communication and documents submitted to regulatory authorities and agencies.
No information shall be withheld from the external or internal auditor.
All employees who draw up such documents are expected to apply the utmost care, and caution and will use the
applicable accounting standards.
2.2 Fair Competition
HUNT performs its business in such a manner that customers, partners and suppliers can trust in the Group and
competes in a fair and open way.
2.3 Anti - Corruption
Corruption diminishes legitimate business activities, destroys reputations and distorts competition. The Group
opposes all forms of corruption. Through Group procedures, tight internal control and this policy all employees have
to comply with, HUNT acts to prevent corruption within the Group.
Bribery, trading in influence, facilitation payments and all forms of corruption are prohibited. HUNT promotes its
policy on corruption amongst its business partners, contractors and suppliers.
• Bribery is defined as an attempt to influence individuals when performing their duties through offering improper
advantages.
• Trading in influence exists when an improper advantage (cash, loans, travel, services or similar) is offered to an
individual to influence the performance a third party’s duties.
• A facilitation payment is small payment to a public official to enable or speed up a process, which is the official’s
job to arrange.
HUNT complies with all applicable national and international laws and regulations (for example the OECD Guidelines
for Multinational Enterprises and the International Chamber of Commerce Rules of Conduct to Combat Extortion and
Bribery) with respect to improper payments to local and foreign officials.
2.4 Money laundering
Money laundering is when proceeds from criminal activity which appear to be legitimate sources is converted into
assets.
HUNT employees shall ensure financial transactions and business activities involve funds from legitimate sources and
are not used to launder money.
2.5 Business Communications
HUNT opposes inappropriate, inaccurate or careless communications as it can create serious liability and compliance
risks for the Group. All employees are required to exercise due care when communicating both internally and
externally and particularly when the communication is a written document (including email).
2.6 Political Activity
HUNT does not support any political party. An individual employee may become involved politically as a private
person without referencing to their relationship with the Group.
14
Corporate social responsibility policy
3. Personal conduct
3.1 Human Rights
HUNT respects the principles of the UN’s Universal Declaration of Human Rights and is guided by its provisions in the
conduct of the Group’s business. The Board of Directors adopted this policy to express the Group’s requirements for
business practice and personal conduct and to demonstrate the Group’s commitment to maintaining a high standard of
social responsibility, ethics and integrity.
Relations with employees are based on respect. HUNT is committed to a working environment with mutual trust and
where everyone is accountable for their own actions and share responsibility for the performance and reputation of
HUNT.
3.2 Equal Opportunity
HUNT does not tolerate any kind of discrimination of employees, customers and partners on account of religion,
gender, sexual orientation, age, nationality, political views, disability or other circumstances. HUNT does not tolerate
unlawful employment discrimination of any kind.
The Group expects all of its employees to treat others they come in contact with through work with respect and
courtesy, and to refrain from harassment, discrimination and any other behavior that may be regarded threatening or
degrading.
It is everyone’s responsibility to create and contribute to a positive working environment for all employees.
3.3 Protection of HUNT’s Property and Possessions
HUNT assets are of considerable value, whether financial or physical assets or intellectual property, and may therefore
only be used to advance HUNT business purposes and goals. These assets must be secured and protected in order to
preserve their value.
All employees are entrusted with Group assets in order to do their jobs and are personally responsible for safeguarding
and using these appropriately. Such assets include buildings and sites, equipment, tools and supplies, communication
facilities, funds, accounts, computer programs and data, information, technology, documents, and know-how, patents,
trademarks, copyrights, time, and any other resources or property of HUNT.
Employees are responsible for protecting Group assets against waste, loss, damage, misuse, theft, misappropriation or
infringement and for using those assets in responsible ways. Use of Group assets without direct relation to HUNT
requires the prior authorization of the employee’s supervisor.
3.4 Confidentiality
To protect the Group’s legitimate interests and the individual’s privacy and integrity, every employee shall apply the
utmost care to prevent disclosure of confidential information. The Group’s property or information gained through
the employee’s position in HUNT may never be used for personal benefit.
The duty of confidentiality continues after the termination of the employment.
3.5 Conflict of Interest
Individuals acting on behalf of HUNT shall behave objectively and without any kind of favoritism. Companies,
organizations or individuals the Group does business with shall not be given any improper advantages.
No employee may work on any matter or participate in any decision in which they, their spouse, partner, close
relative or any other person with whom they have close relations has a material direct or indirect financial interest or
where there are other circumstances that may undermine the trust in the employee’s impartiality or the integrity of
their work.
Closely related parties shall not have positions within the Group where one is the other’s supervisor without the
CEO’s prior approval.
No employee may participate through employment, directorship or any other assignment in companies in the same
line of business as HUNT without the prior written approval of the CEO or the Chairman of the Board. Members of
the Company’s Board shall inform the chairman of the Board of their involvement in other companies.
3.6 Gifts and Hospitality
No employee may, directly or indirectly, accept gifts from any of the Group’s associates. This rule applies also to
ongoing negotiations. If an employee is offered or may be offered such a gift, he/she shall immediately contact his/her
supervisor, who will decide if the gift will affect the employee’s independence should it be accepted.
Token gifts in connection with Christmas, anniversaries and the like may be exempted from this rule.
Social events, meals or entertainment may be acceptable if there is a clear business reason, and provided the cost is
within reasonable limits.
15
Corporate social responsibility policy
4. Health, safety and environment (HSE)
HUNT is committed to achieving excellence in all business activities, including health, safety and environmental
performance.
HUNT’s overriding goal is to operate safely, in environmentally and socially responsible ways, and thereby:
• Do no harm to people
• Protect the environment
• Comply with all applicable HSE laws and regulations.
HUNT aims to provide a safe, secure and healthy working environment for all its employees, contractors and suppliers.
We believe that accidents and occupational illnesses and injuries are preventable, and hence apply our efforts and
resources to achieving the goals listed above.
HUNT requires its subsidiaries to implement HSE systems relevant to their industry in compliance with internationally
recognized standards.
HUNT is paying for insurance for all sub-contracted workers involved with the production of ordered vessels at DSME.
HUNT has adopted the Norwegian “inkluderende arbeidsliv” (equal opportunity rights) scheme, incorporating
procedures for an active follow-up on employees’ sick leave and cooperating with the Group’s health service. During
2024 absence due to sickness in HUNT was approximately 0%.
HUNT aims to reduce the Company’s carbon footprint and its impact on the environment through a commitment to
continual improvement. It is the responsibility of the Company’s management and subsidiaries to meet the Company’s
ambition and to comply with all applicable legislation and regulations.
No injuries or accidents have been reported in 2024.
5. The Transparency Act
5.1 The Transparency Act
A general description of the enterprise's structure and area of operations is given under “Corporate Governance” policy
on page 8 and forward.
As an integrated part of our Corporate social responsibility, HUNT as a company and our employees will respect and
work to promote human rights and decent working conditions within the laws and regulations that apply to our
business.
HUNT’s Board of Directors has approved a Responsible Business Conduct to reflect and emphasize this corporate
responsibility. The Business Conduct is incorporated in our guidelines. We have established specific guidelines for
both accepting new clients, new suppliers, new business partners, and follow up ongoing contracts and operations.
Risk of violation of human rights and decent working conditions have always been relevant criteria for accepting new
clients, suppliers, or business partners. It is also reflected in how we negotiate new contracts and in the wording of
those contracts we enter.
Further, we have an ongoing due diligence process of all our suppliers and business partners based on three
parameters that might indicate risk. When we have all considered all, each will have a risk profile. We will continue
further investigation based on the highest risk.
If situations arises and an employee sees that human rights and decent working conditions may come under
pressure, the CEO shall be notified in written. CEO will determine appropriate measures to further investigate the
situation based on the severity of the situation and the probability of adverse impacts on fundamental human rights
and decent working conditions. If the situation is not solved through information, dialogue or other measures, Hunter
Group has reserved the right to withdraw from the contract as a last resort.
So far, our due diligence has not indicated any situations where there have been actual or potential adverse impacts
on fundamental human rights and decent working conditions. Hence, it has not been necessary to implement suitable
measures.
HUNT will continue to have focus on the ongoing due diligence work according to the Transparency Act.
6. Follow-up
6.1 Personal Follow-Up
Everyone to whom this policy applies shall make themselves familiar with the same and carry out their duties
accordingly.
6.2 Handling Cases of Doubt and Breach
All employees shall without undue delay contact their supervisor, the CEO or the chairman of the Board in the event
of ethical doubts, breaches of this policy or when discovering anything illegal or unethical.
6.3 Manager’s Responsibility
Managers shall ensure that this Group policy is communicated to their staff, and shall give advice on how they are to
be interpreted. Operations within their department shall be conducted according to this policy.
16
Corporate social responsibility policy
6.4 Outlook
HUNT will work with and assign priority to corporate social responsibility in 2025. HUNT aims to keep absence due to
sick leave low in 2025. With further emphasis on HSE, the Group works towards another accident and injury free year at
HUNT.
The Board of Directors and the CEO confirm that to the best of our knowledge the financial statements as of 31
December 2024, which have been prepared in accordance with IFRS as adopted by the European Union and generally
accepted accounting practice in Norway, provides a true and fair view on the Group’s consolidated assets, liabilities,
financial position and result.
We also confirm, to the best of our knowledge that the Board of Directors’ report includes a true and fair overview of
the development, performance and financial position of the Group, together with a description of the principal risks
and uncertainties they face.
Oslo/Verbier, 9 April 2025
The board of directors and Chief Executive Director
Hunter Group ASA
Morten Eivindssøn Astrup
Chaiman of the board
Erik A. S. Frydendal
CEO
Bertel Otto Bryde Steen
Board member
Kristin Hellebust
Board member
17
Board of Directors’ report 2024
Operations and locations
HUNT is a public limited liability company pursuant to the Norwegian Public Limited Companies Act, incorporated
under the laws of Norway. The legal and commercial name of the Company is Hunter Group ASA. The Company was
established on 20 June 2003 and is registered in the Norwegian Register of Business Enterprises under the organization
number 985 955 107. The Company changed its name to Hunter Group ASA in in April 2017 and moved the Company’s
registered office to Oslo. The Company's registered business address is Dronningen 1, N-0287 Oslo, Norway.
In 2018 the Company established Hunter Tankers AS and entered into eight VLCC construction contracts with Daewoo
Shipbuilding Marine Engineering Co., LTD. The VLCCs were delivered in 2019 and 2020, successfully operated and
gradually sold. The latest sale was concluded in 2022, and the Company distributed the majority of the proceeds to its
shareholders through dividends. Hunter Tankers AS was subsequently dissolved in 2023.
In December 2023, the Company entered into a three-year back-to-back time-charter contract for an eco scrubber
fitted VLCC, where the VLCC was chartered in on a USD 52,500 per day fixed rate contract and chartered out on a
floating index-linked contract. The VLCC was delivered on 1 December 2023. In March 2024, the Company took delivery
of its second eco scrubber-fitted VLCC, which was chartered in for three years at a fixed rate of USD 51,000 per day and
immediately chartered out on a floating index-linked spot rate.
The Company's shares are listed on Oslo Euronext Expand, a regulated market operated by the Euronext Group under
the ticker "HUNT".
Going concern
In accordance with the Accounting Act § 3-3a, we confirm that the financial statements have been prepared under the
assumption of going concern. This assumption is based on the current financial position of the Company and the
Company’s expected future performance of the floating index-linked rates. Should the floating index-linked rates
significantly underperform the Company’s expectations, the Company may be required to raise additional capital
and/or make efforts to reduce the Company’s exposure the VLCC spot market. Based on this we have concluded that
these matters does not constitute a material uncertainty related to the assumption of going concern
Comments related to the financial statements
The Group’s net revenues and other income decreased from USD 1.9 million in 2023 to negative USD 10.1 million in
2024. The operating profit from continuing operations in 2024 was negative USD 12.1 million compared, to USD 0.5
million in 2023.
Total cash flow from operating activities was negative USD 8.1 million in 2024 mainly due to a weak VLCC spot market.
Net cash flow from investments were negative USD 1.6 million, mainly related to investments in working capital in
connection with VLCC chartering. Net cash flow to financing activities for 2024 was USD 14.3 million, mainly related to
equity issues conducted in Q1 2024.
Total consolidated adjusted cash position as per 31 December 2024 was USD 7.8 million.
Total assets at year-end 2024 amounted to USD 13.1 million, compared to USD 8.5 million in 2023. The equity ratio was
81.7% as of 31 December 2024, compared to 96.3 % in 2023.
Financial risk
Overall view on objectives and strategy
HUNT’s main objective for the management of its capital structure is to maximize value creation for shareholders,
while at the same time maintaining a sound financial position.
HUNT actively manages its capital structure and may make adjustments relating to changes in economic and/or
financial conditions. To maintain or adjust the capital structure, the Company may issue equity, debt or a
combination of the two. No changes were made in the objectives policies or processes during the financial year.
Market risk
The Company’s operations primarily consists of VLCC chartering, which includes significant exposure to the VLCC
spot market. The VLCC spot market is volatile and highly influenced by global economic, financial and geopolitical
developments. Despite the Company’s positive outlook and the strength of the 1-5 year VLCC time charter market,
the current geopolitical uncertainty and the potential for a global trade war may influence the VLCC spot market, and
hence the Company, negatively.
The Company has zero financial indebtedness, other than office leases classified as interest-bearing debt, and has
such limited exposure to interest rates.
Credit risk
The Company only trades with recognized, creditworthy third parties. It is the Group’s policy that all customers that
wish to trade on credit terms are subject to credit verification procedures. All cash in the Group is currently
deposited in the Norwegian bank DNB. Credit risk is managed through a framework that sets out policies and
procedures covering the measurement and management of credit risk.
18
Board of Directors’ report 2024
Liquidity risk
The Company monitors its liquidity on a regular basis and produces rolling liquidity forecasts in order to identify
liquidity requirements in future periods. The target for HUNT’s management of liquidity risk is to maintain a minimum
liquidity corresponding to its net liquidity requirements for 12 months.
The Company’s operations primarily consists of oil tanker chartering, and it currently has two VLCCs on fixed three-
year charters at an average rate of USD 51,750 per day. The VLCCs are chartered out on three-year floating index-linked
time-charters. The VLCC chartering market is volatile, and the Group may experience periods of negative cash flow.
Furthermore, should the VLCC forward market decline below a certain threshold, the Company may need to deposit
additional capital. The Group estimates that it has sufficient liquidity to meet potential periods of negative cash flow.
The working environment, the employees and equal opportunities
The Company has not registered any critical incidents or leave of absence due to incidents. The percentage of days lost
through illness was 0 % in 2024 and 2023.
Relations with employees are based on respect. The Company is committed to a working environment with mutual
trust and where everyone is accountable for their own actions and share responsibility for the performance and
reputation of the Company.
The Company had 3 employees by the end of 2024.
We kindly refer to our corporate governance and corporate social responsibility documents on page 8 to 16 for further
information.
Insurance is in place for the members of the Board.
Discrimination
The Discrimination Act’s objective is to promote gender equality, ensure equal opportunities and rights, and to prevent
discrimination due to ethnicity, national origin, descent, skin color, language, religion and faith. The Company does not
tolerate any kind of discrimination of employees, customers and partners on account of religion, gender, sexual
orientation, age, nationality, political views, disability or other circumstances. The Company does not tolerate unlawful
employment discrimination of any kind. The Group expects all of its employees to treat others they come in contact
with through work with respect and courtesy, and to refrain from harassment, discrimination and any other behavior
that may be regarded threatening or degrading.
Environmental report
There have been no incidents reported related to emissions that has resulted in a breach of the pollution act or other
pollution of significance.
Research and development
Research and development activities primarily relates to potential new projects, which includes the development of
“zero-emission” Commissioning Service Operation Vessels ("CSOV"). In 2024, the Company was awarded a grant of up
to approx. NOK 100 million from Enova for the development of two CSOVs. Due to challenging market conditions, the
CSOV project is currently on hold.
Subsequent events
Transferred the approx. NOK 100 million Enova grant to HG ProjectCo 1 AS, a wholly owned subsidiary of the
Company.
Hunter Maritime Advisors AS, a wholly owned subsidiary of the Company, was contracted as consultant for a publicly
listed drilling company.
Future challenges
Potential future challenges primarily relates to the risk of a soft VLCC spot market and consequently negative cash
flow from the VLCC chartering business.
Oslo/Verbier, 9 April 2025
The board of directors and Chief Executive Director
Hunter Group ASA
Morten Eivindssøn Astrup
Chaiman of the board
Erik A. S. Frydendal
CEO
Bertel Otto Bryde Steen
Board member
Kristin Hellebust
Board member
Consolidated financial statements – 2024
19
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Figures in USD 1 000) 2024 2023
Profit (loss) for the year -11 871 1 299
Other comprehensive income, items to be reclassified to profit & loss
Translation differences 0 0
Total compehensive income -11 871 1 299
Total comprehensive income attributable to:
Equity holders of the parent company -11 871 1 299
Total comprehensive income -11 871 1 299
For the year ended 31 December
(Figures in USD 1 000) Note 2024 2023
Revenues and other income
Net realized time chartering result 15 -8,302 52
Unrealized change in fair value of time charters 15 -1,832 1,782
Other income 15 10 121
Total revenues and other income -10,124 1,955
Operating expenses
Other operating expenses 456 0
Depreciation and amortisation expense 4, 5 73 74
General and administrative expenses 14, 16, 20 1,434 1,341
Total operating expenses 1,962 1,415
Operating profit (loss) from continuing operations -12,086 540
Net financial income (loss) 17 215 -134
Profit (loss) before taxes from continuing operations -11,871 406
Tax on ordinary result 18 0 0
Net profit (loss) from continuing operations -11,871 406
Discontinued operations
Net profit (loss) from discontinued operations 0 893
Net profit (loss) -11,871 1,299
Earnings per share discontinued operations 19 0.00 0.03
Earnings per share diluted discontinued operations 19 0.00 0.03
Earnings per share continuing operations 19 -0.10 0.01
Earnings per share diluted continuing operations 19 -0.10 0.01
Consolidated statement of profit and loss Consolidated statement of comprehensive income
Consolidated financial statements – 2024
20
Morten Eivindssøn Astrup
Chaiman of the board
Erik A. S. Frydendal
CEO
Bertel Otto Bryde Steen
Board member
Kristin Hellebust
Board member
Oslo/Verbier, 9 April 2025
The board of directors and Chief Executive Director
Hunter Group ASA
As at 31 December
(Figures in USD 1 000) Note 2024 2023
EQUITY
Share capital 21 508 180
Share premium 15,960 1,897
Other equity -5,753 6,118
TOTAL EQUITY 10,715 8,195
LIABILITIES
Non-current lease liability 5, 9, 10 126 11
Total non-current liabilities 126 11
Trade payables 11, 13 1,632 121
Accrued public charges and indirect taxes 13 191 41
Back-to-back time charters 13, 15 50 0
Current lease liability 9, 10 63 67
Other current liabilities 12, 13 390 77
Total current liabilities 2,325 306
TOTAL LIABILITIES 2,451 317
TOTAL EQUITY AND LIABILITIES 13,166 8,512
Consolidated statement of financial position Consolidated statement of financial position
As at 31 December
(Figures in USD 1 000) Note 2024 2023
NON-CURRENT ASSETS
Other intangible assets 4 12 0
Total intangible assets 12 0
Investment in shares 13 429 492
Other long-term financial assets 7, 13, 15 4,693 2,500
Other tangible assets 4, 5 192 78
TOTAL NON-CURRENT ASSETS 5,326 3,070
CURRENT ASSETS
Back-to-back time charters 13, 15 0 1,782
Other short-term assets 7, 13 45 424
Total current assets other than cash 45 2,206
Cash and cash equivalents 8, 13 7,794 3,236
TOTAL CURRENT ASSETS 7,840 5,442
TOTAL ASSETS 13,166 8,512
Consolidated financial statements – 2024
21
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
Share Own Share Currency Retained Total
(Figures in USD 1 000) Note Capital Shares premium translation earnings equity
Equity as of 01.01.2023 126 -2 0 -2 289 140 603 138 438
Net profit 2023 0 1 299 1 299
Other comprehensive income 0 0 0
Total comprehensive income 2023 0 1 299 1 299
Dividend paid 0 0 -132 243 -132 243
Private placement 6 December 2023 54 0 1 897 0 0 1 951
Exercise of options 0 2 0 0 -1 291 -1 289
Share based payment 0 0 40 40
Equity as of 31.12.2023 180 0 1 897 -2 289 8 407 8 195
Net profit 2024 0 -11 871 -11 871
Other comprehensive income 0 0 0
Total comprehensive income 2024 0 -11 871 -11 871
Private placement 6 February 2024 252 10 986 0 0 11 238
Private placement 13 March 2024 76 3 077 0 0 3 153
Equity as of 31.12.2024 508 0 15 960 -2 289 -3 464 10 715
Consolidated statement of cash flow Consolidated statement of change in equity
Notes to the consolidated financial statements – 2024
22
Note 1 - Accounting principles
Hunter Group ASA (HUNT) is a public limited liability company, incorporated in Norway, headquartered in Oslo and
listed on the Oslo Stock Exchange (Euronext Expand).
The financial statements of Hunter Group ASA for the fiscal year 2024 were approved in the board meeting on 9 April
2025.
The Group’s activities are described in the Board of Director’s report.
1.1 Basis of presentation of the accounts
HUNT’s financial statements have been prepared in accordance with International Financial Reporting Standards®
(IFRS®), and IFRS as adopted by the EU, and are mandatory for the financial year beginning on or after 1 January 2024,
and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2024.
The historical cost basis have been used when preparing the financial statements, except for financial instruments
measured at fair value. These policies have been applied consistently to all periods presented. Some totals may not
equal the sum of the amounts shown due to rounding.
Following the sale of the last remaining VLCC in late November 2022, the group has discontinued its ship owning
business. The settlement was finalized in 2023, resulting in additional discontinued effects in 2023. The wholly-owned
subsidiary Hunter Tankers AS was liquidated in 2023. Please see note 22 in the Annual report of 2023 for the accounting
effects of the discontinued operations.
The Group currently focuses oil tanker chartering and has entered into two back-to-back charterparties for eco
scrubber-fitted VLCCs, which are chartered in on fixed rates and chartered out on floating index-linked rates.
Consolidation
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control,
and continue to be consolidated until the date that such control ceases.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using
consistent accounting policies. All intra-group balances, transactions, unrealized gains and losses resulting from intra-
group transactions and dividends are eliminated in full. The Group consist of the following companies as per 31
December 2024:
• Hunter Group ASA (parent company)
• Hunter Chartering AS (100% owned subsidiary dormant)
• Hunter Maritime Advisors AS (100% owned subsidiary)
1.2 Use of estimates when preparing the annual financial statements
Estimates and their underlying assumptions that affect the application of accounting principles and reported amounts
of assets and liabilities, income and expenses are based on historic experience and other factors considered reasonable
under the circumstances. The estimates constitute the basis for the assessment of the net book value of assets and
liabilities when these values cannot be derived from other sources. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised and in any future periods affected.
The preparation of the Group’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosures.
Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future periods. This applies mainly to the Group’s back-to-back
charterparties, Investment in shares and Receivables, ref. note 1.6. The accounting implications of the charterparties
relies on whether they can fulfil the definition of a lease, based on (1) right to control the use of a (2) identified asset.
While the assets are identified, the nature of the back-to-back contracts is such that the Company does not have any
control over the use of the assets. The charterparties have thus been classified as financial instruments. Initial
recognition and subsequent measurements are therefore as fair value through profit or loss.
1.3 Cash and cash equivalents
Cash includes cash bank deposits. Cash equivalents are short-term liquid investments that can be immediately
converted into a known amount of cash and have a maximum term to maturity of three months.
1.4 Statement of cash flows
The statement of cash flows is prepared in accordance with the indirect method.
1.5 Functional currency and presentation currency
The main transactions for Hunter Group ASA have been in USD, and it has thus been considered to be beneficial to
present the financial statements of the Group in USD.
Notes to the consolidated financial statements – 2024
23
Note 1 - Accounting principles cont.
1.6 Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss at amortized
cost, as appropriate. All financial assets are recognized initially at fair value plus, in the case of financial assets not
recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial
asset. The Group determines the classification of its financial assets at initial recognition. The Group’s financial assets
include back-to-back charterparties, investment in shares, cash and cash equivalents, and other receivables.
Subsequent measurement
The back-to-back charterparties are classified as financial assets measured at fair value through profit or loss.
Receivables are classified as financial assets measured at amortized costs.
The subsequent measurement of financial assets depends on their classification as described below:
Back-to-back time charterparties
Back-to-back time charterparties are derivative financial assets based on a fixed charter-in rate and a floating index-
linked charter-out rate for a fixed period. At initial recognition, the fair value of the charterparty is zero, and after
initial measurement, such financial assets are subsequently measured at the net present value of the charter-out rates
based on reported time charter rates from recognized analysts less the charter-in rates for the applicable period. The
change in the net present value is recognized in the profit or loss statement as Unrealized change in fair value of time
charters.
The charterparties financial assets and liabilities are offset and the net amount is reported in the statement of financial
position as there is an enforceable legal right to offset the recognized amounts and there is an intention to settle on a
net basis, to realize the assets and settle the liabilities simultaneously.
Investment in shares
Investment in shares consist of shares with an ownership without significant influence, typical below 20 per cent.
These investments are valued at fair value in the statement of financial position with net changes in fair value
recognized in the statement of profit or loss.
Receivables
After initial measurement, such financial assets are subsequently measured at amortized cost using the EIR (effective
interest rate) method, less impairment. Amortized cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income
in the statement of profit or loss. The losses arising from impairment are recognized in the statement of profit or loss
in other operating expenses for receivables.
This category includes accounts receivable and other receivables carried at amortized cost or at nominal amount less
provision for bad debt where this can be regarded as a reasonable proxy for fair value.
Other financial assets are cash and cash equivalents and other financial investments, measured at balance sheet date
rate for items in foreign currency.
1.7 Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, or
borrowings at amortized cost, as appropriate.
HUNT’s financial liabilities include trade and other payables and lease liabilities.
1.8 Other tangible assets
Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses.
When fixed assets are sold or disposed of, the gross carrying amount and accumulated depreciation are derecognized,
and any gain or loss on the sale or disposal is recognized in the statement of profit or loss.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
Plant and machinery: 3 - 5 years
The depreciation period, the depreciation method and the residual value of fixed assets are evaluated annually.
Notes to the consolidated financial statements – 2024
24
Note 1 - Accounting principles cont.
1.9 Recognition of income
The Company has entered into two back-to-back time charterparties on for eco scrubber-fitted VLCCs. The Company
charters in the VLCCs on a fixed rate per day, while chartering the VLCCs out on a floating index-linked rate. The
index-linked rate is based on the recognized VLCC benchmark TD3C. The contracts are considered to be financial
assets that are to be measured at fair value through profit or loss. The fair value of the contracts is measured to present
value of the expected floating index-linked rate for the charter periods, less the fixed rates. Both realized and
unrealized gain/loss of the back-to-back charterparties are presented net as Operating profit or loss as this is
considered to be the Group’s main activity. Other income is recognized to reflect the transfer of services, and then at an
amount that reflects the consideration the company expects to be entitled to in exchange for services.
1.10 Equity
Cost of equity transactions
Transaction costs directly related to an equity transaction are recognized directly in equity after deducting tax
expenses.
1.11 Segments
For management purposes, the Group is organized into one business unit based on its products and services, and has
one reportable segment, which consist of vessel chartering activities and other related costs and investments. No
operating segments have been aggregated to form the reportable operating segment.
The management monitors the operating results of its business units separately for the purpose of making decisions
about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and
is measured consistently with profit or loss in the consolidated financial statements.
1.12 Accounting principles for discontinued operations
All owned VLCCs were sold in 2022 and the ship owning segment was as such discontinued with some remaining
effects in 2023.
1.13 Changes in accounting policies and disclosures
The accounting policies adopted are consistent with those of the previous financial year, except for the new and
amended standards and interpretations to IFRS which have been implemented by the Group during the current
financial year. Several other amendments and interpretations apply for the first time in 2024, but do not have an
impact on the consolidated financial statements of the Group. The Group has not early adopted any standards,
interpretations or amendments that have been issued but are not yet effective.
Amendments to standards and interpretations with a future effective date
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces
new requirements for presentation within the statement of profit or loss, including specified totals and subtotals.
Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one
of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three
are new. The Group is currently working to identify all impacts the amendments will have on the primary financial
statements and notes to the financial statements.
None of the other future amendments to standards are expected to have material impact on the group.
Notes to the consolidated financial statements – 2024
25
Note 2 – Significant acquisitions and disposals, and discontinued operations
All of the Group’s owned VLCC were sold within the end of 2022, and it was decided in January 2023 to distribute the
major part of the Group’s cash position to its share holders in the form of dividends.
Note 3 - Segment information
Based on the nature of the vessels, processes and type of customers it was concluded that the Group had one segment
and information on segment performance is found in the consolidated statements of income and financial position. As
the financial statement is consistent with the internal financial reporting, no further disaggregation is provided. The
ship owning segment was discontinued at the end for 2022 and from 2023 the Company’s one segment consists of the
administration of back-to-back charterparties for two VLCCs.
Note 4 - Property, plant and equipment and intangible assets
Note 4 - Property, plant and equipment
Note 5 - Leases
(Figures in USD 1 000 )Right of Other tangible Other intang-Per 31 December 2024use assetsassetsible assetsTotalCost price at 1 January223 18 0 241Additions188 4 12 204Sale0 0 0 0Cost price at 31 December 411 22 12 445Accumulated deprec iations at 31 December-222 -18 0 -239Book value at 31 December189 4 12 205Depreciation (straight-line method)73 0 0 73Estimated useful life3-5 years 3-10 years 5 years
(Figures in USD 1 000)Right of Other tangible Per 31 December 2023use assetsassetsVLCC vessels TotalCost price at 1 January403 18 0 421Additions0 4 0 4Sale0 0 0 0Transfer to VLCC in operation0 0 0 0Cost price at 31 December 403 22 0425Accumulated depreciations at 31 December-329 -18 0 -346Book value at 31 December74 4 0 78Deprec iation (straight-line method)74 0 0 74Estimated useful life3-5 years 3-10 years 25 years
(Figures in USD 1 000) 2024 2023Right of use assets 01.01 70 144Additions 188 0Depreciation -73 -74Right of use assets 31.12 185 70Lease liability 01.01 70 144Additions 188 0Installments -77 -74Foreign currenc y adjustment 7 0Lease liability 31.12 189 70Interest expense 4 6
Notes to the consolidated financial statements – 2024
26
Note 5 – Leases cont.
The right of use assets and interest-bearing debt as of 31 December 2024 relates to the office rent.
Note 6 – Trade and other receivables
The Group has no trade receivables as of 31 December 2024 or 2023.
Note 7 - Other short- and long-term assets
In connection with the three-year back-to-back charterparties, the Company has provided a security deposit of USD
2.5 million in an account at Mercuria and USD 2.0 million in an account at Trafigura.. The security deposits are earning
interests for the three years and are restricted until the end of the charter party as of 30 November 2026.
Note 8 - Cash and cash equivalents
Note 9 – Lease liabilities and borrowings
Less than Between More thanRemaining rental-payments as per 31.12.24 1 year 2 - 5 years 5 years TotalOffice rent 71 131 0 202
(Figures in USD 1 000) 31.12.2024 31.12.2023Cash at bank7 794 3 236Total cash at bank7 794 3 236Restricted bank deposits for employee withholding taxes44 49
(Figures in USD 1 000) 12/31/2024 12/31/2023Current portion of lease liability63 67Current portion of lease liability63 67
Non-cash changesCash Lease FX Fair value202412/31/2023 flows liabilities movement chng. & other 12/31/2024Non-current lease liabilities11 -11 125 0 0 125Short-term liabilities67 -67 63 0 0 63Total liabilities from financing activities78 -78 188 0 0 188
Non-cash changesCash Lease FX Fair value2023 12/31/2022flows liabilities movement chng. & other 12/31/2023Non-current lease liabilities74 0 -63 0 0 11Short-term liabilities78 -78 67 0 0 67Total liabilities from financing activities152 -78 4 0 0 78
Reconciliation of liabilities arising from financing activities:
(Figures in USD 1 000) 12/31/2024 12/31/2023Prepaid expenses0 13Other short term receivables45 411Total other receivables 45 424Other long-term financial assets4,693 2,500Cash and cash equivalents
Notes to the consolidated financial statements – 2024
27
Note 10 - Other interest-bearing debt
Average interest rate was 5 % in 2024 ad 2023 (lease liabilities). Please see note 13 for the maturity analysis for short-
term liabilities.
Note 11 - Trade payables
Trade payables are generally non-interest bearing and the payment terms are net 30 days. Fair value of the payables
equals the nominal value.
Note 12 - Other current liabilities
Note 13 - Financial instruments risk management objectives and policies
HUNT has been subject to market risks (foreign currency exchange risk and interest rate risk), credit risk and
liquidity risk.
The Group’s management oversees the management of these risks and assures that HUNT’s financial risk-taking
activities are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Group’s policies. Other than the back-to-back time charters, it is the Group’s policy
that no trading in derivatives for speculative purposes shall be undertaken. The Board of Directors reviews and agrees
on policies for managing each of these risks, which are summarized below.
Foreign currency risk
The Group’s cash reserves of USD 7.8 million are deposited in the Norwegian bank DNB, of which 21.3 % are in NOK
and 78.7 % in USD. The main transactions for the Group have been in USD.
Interest rate risk
The Group’s financial income in the statement of profit or loss was influenced by changes in interest rates as the
interest with DNB was on a floating basis. The Group had USD 0 million in interest expense in 2024 and 2023. With the
exception of lease liabilities and related interest expense, no interest-bearing debt exist as of 31 December 2024.
Credit risk
HUNT only trades with recognized, creditworthy third parties. It is the Group’s policy that all customers that wish to
trade on credit terms are subject to credit verification procedures. All cash in the Group is deposited in the
Norwegian bank DNB. Credit risk is managed through a framework that sets out policies and procedures covering the
measurement and management of credit risk.
Liquidity risk
HUNT monitors its liquidity on a regular basis and produces rolling liquidity forecasts on a monthly basis in order to
identify liquidity requirements in future periods. The target for HUNT’s management of liquidity risk is to minimum
maintain a liquidity corresponding to its net liquidity requirements for the next 12 months.
Management will continue to focus on efficient operations, good planning and close monitoring of the liquidity
situation and maintaining a clear business development strategy. The Company expects to retain a level of net
liquidity, which will sufficiently cover operating costs and periods of time charter rates below the fixed rates.
(Figures in USD 1 000)Other current liabilities 31.12.2024 31.12.2023Unpaid vacation pay 80 72Other accrued costs 310 5Total other current liabilities390 77
(Figures in USD 1 000) 12/31/2024 12/31/2023Other non-current lease liabilities126 11Other non-current lease liabilities126 11
Maturity of long-term and short-term interest-bearing debt 12/31/2024 12/31/2023M aturity 0-1 year (classified as short-term debt) 63 67M aturity 2-4 years 126 11M aturity 5 years and after0 0Total lease liabilities189 78
Notes to the consolidated financial statements – 2024
28
Note 13 - Financial instruments risk management objectives and policies cont.
Should the index-linked time charter rates decline and stay at levels below the fixed charter rates, the Company may
need to strengthen its liquidity. In January 2024 the Company raised approx. USD 12 million (NOK 124 million) in gross
proceeds through a private placement strengthen the liquidity in connection with the two three-year back-to-back
charterparties. In March 2024 the Company raised an additional approx. USD 3.3 million (NOK 35 million) in gross
proceeds through subsequent repair offerings. The liquidity is considered to be sufficient as of the publication date of
this report. Based on analyst estimates, the forward market and the longer term time charter market, VLCC spot rates
are expected to strengthen significantly in short and medium term. However, should the floating index-linked rates
significantly underperform expectations, the Company may be required to raise additional capital and/or make efforts
to reduce the Company’s exposure the VLCC spot market.
Climate-related matters
The Group considers climate-related matters in estimates and assumptions, where appropriate. This assessment
includes a wide range of possible impacts on the group due to both physical and transition risks. Even though the
Group believes its business model and products will still be viable after the transition to a low-carbon economy,
climate-related matters increase the uncertainty in estimates and assumptions underpinning several items in the
financial statements. Even though climate-related risks might not currently have a significant impact on measurement,
the Group is closely monitoring relevant changes and developments, such as new climate-related legislation. The items
and considerations that are most directly impacted by climate-related matters are:
Fair value measurement. The Group has currently the back-to-back charterparties valued at fair value in the balance
sheet. When estimating the fair value, the Group considers the effect of physical and transition risks and whether
investors would consider those risks in their valuation. The contracts have a short duration period (3 years), and it is
therefore considered that the transition to renewable energy will not influence the VLCC market during the current
duration period. The group believes it is not currently exposed to severe physical risks, but believes that investors, to
some extent, would consider impacts of transition risks in their valuation, such as increasing requirements for energy
efficiency.
Note 13 - Financial instruments risk management objectives and policies cont.
The table below shows a maturity analysis for HUNT’s total short-term liabilities:
The back-to-back charterparties are settled on a net basis and as such the fixed payment obligations per day is not
defined as a short-term liability, ref. note 1.6. Please see note 10 for the maturity analysis for long-term liabilities.
Capital management
HUNT’s main objective for the management of its capital structure is to maximize value creation for shareholders,
while at the same time maintaining a sound financial position and a good credit rating.
HUNT manages its capital structure and makes adjustments to it in light of changes in economic and financial
conditions.
(Figures in USD 1 000) within within within31.12.2024 3 months 3-9 months 9-12 monthsAccounts payable 1 632 0 0Public duties payables 191 0 0Current portion of interest-bearing debt 16 31 16Other short-term liabilities 310 80 0
within within within31.12.2023 3 months 3-9 months 9-12 monthsAccounts payable 121 0 0Public duties payables 41 0 0Current portion of interest-bearing debt 17 33 17Other short-term liabilities5 72 0
Notes to the consolidated financial statements – 2024
29
Note 13 - Financial instruments risk management objectives and policies cont.
Set out below is a comparison by category of carrying amounts and fair value of all of the Company’s financial
instruments:
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value
measurement as a whole:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
The Investment in shares were acquired at the end of 2023. There has not occurred significant changes in the market
conditions at the end of 2024, which indicates that the acquisition cost in all material aspects equal the fair value less
cost to sell as of 31 December 2024. Back-to-back time charters are subsequently measured at the net present value of
the charter-out rates based on reported time charter rates from recognized analysts less the charter-in rates for the
applicable period. The Group does not use hedge accounting.
Note 14 - Transactions with related parties
The following table provides the total amount of transactions that have been entered into with related parties
controlled by members of executive management of HUNT for the relevant financial year. The purchases from related
parties are made at terms equivalent to those that prevail in arm's length transactions.
The Group has used the services of the law firm Ro Sommernes DA for legal advice in 2023. Ro Sommernes DA has
invoiced the Company USD 7 thousand in 2023. The Company’s previous chairman Henrik Christensen is a partner in
Ro Sommernes DA, and served as the Chariman until March 2023.
The Company rents office space from Dronningen Eiendom AS, a company owned by Sundt AS, a previous
shareholder in the Company. The rental agreement was renewed for 36 months starting from 1 November 2024.
Fair value31.12.202431.12.2023(Figures in USD 1 000) measurement Carrying Fair Carrying FairFinancial assetshierarchy amount value amount valueCash and cash equivalents Level 1 7 794 7 794 3 236 3 236Investment in shares Level 3 429 429 492 492Other financial assets Level 1 4 693 4 693 2 500 2 500Back-to-back time c harters Level 3 -50 -50 1 782 1 782Other short-term receivables Level 3 45 45 424 424
31.12.202431.12.2023Carrying Fair Carrying FairFinancial liabilitiesamount value amount valueOther interest-bearing debt (long-term) Level 3 126 126 11 11Current interest-bearing loans and borrowings Level 3 63 63 67 67Trade payables Level 3 1 632 1 632 121 121
Transcations with related parties (figures in USD 1 000)2024 2023Purchased services0 13
Notes to the consolidated financial statements – 2024
30
Note 15 – Revenues and other income
Financial assets at fair value through profit or loss consist of two three-year back-to-back charterparty on an eco-
design and scrubber fitted VLCCs. The Company charters in the vessels on average fixed rates of USD 51,750 per day,
while chartering the vessels out on floating index-linked rates. The index-linked spot rates are based on the recognized
VLCC benchmark TD3C. The vessels were delivered in December 2023 and March 2024.
In connection with the TC contracts, the Company has provided a security deposit of USD 2.5 million in an account at
Mercuria, and a security deposit of USD 2.0 million in an account at Trafigura. The security deposits is earning interests
and is restricted until the end of the charter parties.
The fair value of the back-to-back time charterparties is based on the present value of the expected floating index-
linked spot rate less the present value of the fixed rated for the remaining period of the two contracts.
Note 16 – Specification of General and administrative expenses
Note 17 - Finance income and finance expenses
This section provides additional information about individual line items of finance income and finance expense in
the statement of profit or loss by type.
Interest income on cash & cash equivalents consist of earned interest on the Group's cash & cash equivalents
placements.
(Figures in USD 1 000) 2024 2023Realized floating index-linked spot rates 25 812 1 655Paid fixed rates -34 113 -1 603Broker commision (1 % of realized floating index-linked spot rates) -258 -17Net realized result from lease-leaseback -8 560 35Change in fair value of the three-year back-to-back charterparty -1 832 1 782
Financial assets/-liabilities as per 31.12.24 (at fair value through profit or loss) 2024 2023Three-year back-to-back charterparty eco-designed and sc rubber fitted VLCC -50 1 782
Finance income (Figures in USD 1 000) 2024 2023Interest income related to cash, cash equivalents & other financial investments 532 454Other financ ial income 20 0Currency gain 0 3Total finance income 552 457
Finance expenses (Figures in USD 1 000) 2024 2023Interest expense related to debt to financial institutions 4 6Other financ ial expences 68 77Currency losses 265 509Total finance expenses 337 592Total finance income (loss) 215 -134
(Figures in USD 1 000)Year 2024 2023Type of goods or servicesRevenues 0 0Net realized time chartering result -8,302 52Unrealized change in fair value of time charters -1,832 1,782Total revenues -10,134 1,834Other income 10 121Total revenues and other income -10,124 1,955
(Figures in USD 1 000) 2024 2023Payroll expenses 856 795IT and office-related expenses 101 77Audit, audit-related services and accounting fees 153 169Various legal fees 89 232Insurance, car, travel and other expenses 235 67Total general and administrative expenses 1,434 1,341
Notes to the consolidated financial statements – 2024
31
Note 18 - Income tax
The tax loss brought forward is related to Norway, and there exist no restrictions of the possibility to bring forward
these tax losses (no maturity date). The deferred tax asset is not recognized as the Group has limited taxable income.
The tax loss brought forwarded related to Hunter Tankers AS of USD 5.5 million as of 31 December 2022. Hunter
Tankers AS was liquidated in 2024.
Income tax expense (Figures in USD 1 000) 2024 2023Payable tax 0 0Changes in utilized tax asset 0 0Total tax expense 0 0
Calculation of basis for tax (Figures in USD 1 000) 2024 2023Earnings before tax -11 871 406Permanent differences 2 743 -816Dividend received 0 0Currency adjustments due to NOK as tax basis 977 -672Adjustment related to shipping tax rules 0 -366Changes in temporary differences -9 -6Transfer to tax loss brought forward 8 160 1 454Total basis for tax 0 0
Summary of temporary differences: 2024 2023Fixed assets -3 -13Loss c arried forward -31 049 -26 260Total -31 052 -26 273Calculated deferred tax asset (22 %) -6 831 -5 780
Statement of financial positionDeferred tax asset (Figures in USD 1 000)2024 2023Loss c arried forward -6 831 -5 777Fixed assets -1 -3Total deferred tax asset -6 831 -5 780
Not recognized deferred tax asset 6 831 5 780Total deferred tax asset recognised in the statement of financial position 0 0
Loss carried forward as of 31 December 2024 2023Unlimited carrying forward -31 049 -26 260
Effective tax rate 2024 2023Profit / (loss) before tax -11 871 406
22% tax of earnings before tax -2 612 89Permanent differences and other 603 -180Currenc y effect due to NOK as tax basis 3 083 365Adjustment related to shipping tax rules 0 -81Changes in deferred tax asset not recognised in the statement of financial position and other -1 075 -194Calculated tax cost 0 0Effective tax rate 0 % 0 %
Notes to the consolidated financial statements – 2024
32
Note 19 - Earnings per share
Earnings per share is calculated as net profit (loss) for the year attributable to equity holders of the Company divided by
the weighted 'average number of shares outstanding over the year.
Diluted earnings per share is calculated as net profit (loss) for the year attributable to equity holders of the Company
divided by the weighted average number of share outstanding over the year plus the weighted average number of
dilutive potential shares. All options executed in 2023.
Note 20 - Payroll and related expenses
The Company has a defined contribution pension scheme that complies with the Norwegian occupational pension
legislation (called “OTP”). The pension contributions range from 4 % 0 - 7.1 G to 7 % 7.1 -12 G of the employee’s salary
- maximized to a percentage of 12 G (NOK 1,488,336). The National Insurance scheme basic amount for 2024 is NOK
124,028. The retirement age for all employees, including the management, is 67 years.
The Group is obliged to have an occupational pension scheme pursuant to the Act on Occupational Pensions. The
Group's pension plans meet the requirements of this Act.
Remuneration to management (amounts in USD)
The total remuneration for the members of the management was USD 465 thousand in 2024, compared to USD 437
thousand in 2023.
Executive management of HUNT consists of CEO and CFO.
Payroll and related expenses (figures in USD 1 000) 2024 2023Salaries and vacation pay 666 611Social security tax 125 123Pension expense (“OTP”) 30 28Employee share option program expense (incl. national insurance contributions) 0 40Remuneration to the Board of Directors and the Nomination Committee 36 5Other benefits -1 -12Total payroll an related expenses 856 795
2024 2023Average work years 3 3Pension scheme
(Amounts in USD 1 000) 2024 2023Contributions expensed during the year 30 28
Total remuneration to management during the year ended 31 December is as follows: 2024 2023Other OtherSalary remuneration Pension cost Salary remuneration Pension costErik Frydendal, (CEO) 232,279 28,676 7,087 227,457 29,779 6,880Lars M. Brynildsrud (CFO) 162,596 27,085 7,087 151,529 14,411 6,880
(Amounts and shares in 1 000) 2024 2023Net profit (loss) -11,871 1,299
Weighted average number of outstanding ordinary shares during the year 124,586 29,750Treasury shares (held by the issuing entity itself) -19 -18Weighted average number of outstanding ordinary shares during the year 124,567 29,732
Earnings (loss) per share 2024 2023Earnings per share discontinued operations 0.00 0.03Earnings per share diluted discontinued operations 0.00 0.03Earnings per share continuing operations -0.10 0.01Earnings per share diluted continuing operations -0.10 0.01
Effect of dilution - warrents 0 0Effect of dilution - share options 0 0Weighted average diluted shares 124,567 29,732
Notes to the consolidated financial statements – 2024
33
Note 20 - Payroll and related expenses cont.
Shares and options held directly or indirectly by the management group as of 31 December 2024 are as follows:
No share options were held directly or indirectly by the management group as of 31 December 2023 or 2024.
Remuneration to the Board of Directors and the Nomination Committee
The allocation of remuneration to the members of the Board and Nomination Committee is paid as follows in 2024 and
2023:
Employee share option program
All employees share options were exercised in 2023.
Implemented remuneration policy for members of executive management for 2024:
The fixed salary for each member of the management shall be competitive and based on the individual’s experience,
responsibilities as well as the results achieved during the previous year. Salaries as well as other benefits shall be
reviewed annually and adjusted as appropriate.
In addition to their base salary, the Company’s management may be granted additional remuneration in the form of a
bonus. The assessment criteria of such bonus will be based on both the Company’s performance and the individual’s
performance. The targets to be reached by the CEO are to be determined by the Company’s Board of Directors. The
CEO will set relevant targets for the other members of the management, based on principles defined by HUNT’s Board
of Directors. No provision for bonus has been recognized for 2024 or 2023.
Note 20 - Payroll and related expenses cont.
The Company’s management will receive payment in kind such as cell phone expenses and payment of IT and
telecommunication expenses.
The CEO and CFO have 6-month notice periods with salaries.
Remuneration policy for members of executive management - Guidelines for 2025:
The main principle of the Company’s remuneration policy for HUNT’s management is to offer competitive terms in an
overall perspective taking into account salary, payments in kind, bonuses, pension plans and other benefits, to retain
key staff.
In addition to their base salary, the Company’s management may be granted additional remuneration in the form of
bonuses. The assessment criteria of such bonus will be based on both the Company’s performance and the
individual’s performance. The targets to be reached by the CEO are to be determined by the Company’s Board of
Directors. The CEO will set relevant targets for the other members of the management, based on principles defined
by HUNT’s Board of Directors.
Auditor's fee
The following table shows remuneration related to professional services rendered by the Company’s principal
auditor, Ernst & Young AS, for fiscal year 2024 and 2023. The amounts shown are exclusive of value added tax.
(amounts in USD) 2024 2023Kristin Hellebust - Board member from April 2018 13 937 11 800Morten Eivindssøn Astrup - Chairman of the Board from M arch 2023 23 228 0Henrik A. Christensen - Chairman of the Board from April 2018 to M arch 2023 0 17 700Total remuneration 37 165 29 500
(Amounts in USD 1 000) 2024 2023Audit fee 86 102Assurance services 0 0Other assistance 0 0Total 86 102
Number of Exercise price shares % shares Options (USD)Lars M. Brynildsrud, CFO 2,004,937 1.49% 0 -Erik Frydendal, CEO 3,052,573 2.26% 0 -Total 5,057,510 0 -
Notes to the consolidated financial statements – 2024
34
Note 21 - Share capital and shareholder information
Share capital as of 31 December 2024 was USD 508 thousand, being 134,825,243 ordinary shares at a nominal value of
USD 0.004 each (NOK 0.038). All shares carry equal voting rights.
On 19 January 2023, the General Assembly approved the proposal from the Board of Directors of 29 December 2022 to
distribute a total dividend NOK 2.31 per share of which NOK 0.51 was conducted as a reduction of the Company’s equity
capital, while the NOK 1.80 per share dividend was distributed as earned capital.
On 14 February 2023, leading employees of the Company exercised all of their options for 7,850,000 shares in the
Company. The exercising of the options for the primary insiders in February 2023 resulted in a negative equity effect of
USD 0.12m (NOK 1.25 million).
On 4 July 2023 a reverse share split of 20:1 ratio was registered with the Norwegian Register of Business Enterprises
according to the General Assembly decision, each share with a nominal value of NOK 0.038 (rounded) after the
registration. The corresponding figures for 2022 have been adjusted accordingly.
On 6 December 2023, the private placement of 14,333,333 new shares as a subscription price of NOK 1.50 was registered.
The Company's new share capital was NOK 1,648,061 (rounded), divided into 43,101,434 shares, each with a nominal
value of NOK 0.038 (rounded).
On 10 January 2024 Hunter Group ASA raised approx. USD 12 million (NOK 124 million) in gross proceeds through a
private placement of 70,857,143 new shares, registered on 6 February 2024, each at a subscription price per share of
NOK 1.75.
Hunter Group ASA registered on 13 March 2024 a private placement of 6,666,666 new shares, each at an offer price of
NOK 1.50, and 14,200,000 new shares, each at an offer price of NOK 1.75. The Company's new share capital is NOK
5,155,285.33, divided into 134,825,243 shares, each with a nominal value of NOK 0.038 (rounded).
The 20 largest shareholders held 60.9 % of the outstanding shares. As at 31 December 2024, the 20 largest
Number of ordinary shares 2024 2023Ordinary shares issued at 31 December 134,825,243 43,101,434Treasury shares (held by the issuing entity itself) -19,428 -19,428Ordinary shares at 31 December 134,805,815 43,082,006
Total shares for top 20 shareholders
shareholders were as follows: Shareholders Number of shares % shares1 Surfside Holding AS 16 485 422 12,2 %2 B.O. Steen Shipping AS 12 000 000 8,9 %3 Clearstream Banking S.A. 7 188 024 5,3 %4 M asira Inversion Sil 6 741 261 5,0 %5 Kontrari AS 5 000 000 3,7 %6 Skarris Kapital AS 4 500 000 3,3 %7 Six Sis Ag 3 550 162 2,6 %8 Ubs Switzerland AG 3 081 353 2,3 %9 Sagittarius Capital Ltd 3 041 666 2,3 %10 Avanza Bank AB 3 015 250 2,2 %11 Nordnet Livsforsikring AS 2 457 528 1,8 %12 Seal Invest AS 2 016 666 1,5 %13 Lama Global AS 2 004 167 1,5 %14 Tigerstaden M arine AS 1 935 974 1,4 %15 Green Highlander Holding AS 1 666 666 1,2 %16 Universal Exports AS 1 600 000 1,2 %17 Pirol AS 1 500 000 1,1 %18 Skandinaviska Enskilda Banken AB 1 500 000 1,1 %19 Nordnet Bank AB 1 452 363 1,1 %20 Tinden Holding AS 1 428 571 1,1 %Total shares for top 20 shareholders 82 165 07360,94 %Total shares for other shareholders 52 660 17039,06 %Total shares 134 825 243100,0 %
Notes to the consolidated financial statements – 2024
35
Note 21 - Share capital and shareholder information cont.
The following members of the Board of Directors and member of executive management held shares as of 31 December
2024:
Note 22 - Events after the reporting date
Transferred the approx. NOK 100 million Enova grant to HG ProjectCo 1 AS, a wholly owned subsidiary of the Company.
Hunter Maritime Advisors AS, a wholly owned subsidiary of the Company, was contracted as consultant for a publicly
listed drilling company.
2024 2023Surfside Holding AS (Morten Eivindssøn Astrup - Chairman from March 2023)16,485,422 5,410,835B.O. Steen Shipping AS & Skarris Kapital AS (Bertel Steen - Board member from February 2024)16,500,000 4,616,667Lama Global AS (Lars Brynildsrud - CFO)2,004,937 1,754,937Sagittarius Capital Ltd (Erik Frydendal - CEO)3,052,573 2,049,166Ordinary shares38,042,932 13,831,605% of total shares28.2 % 32.1 %
Parent company financial statements – 2024
36
STATEMENTS OF PROFIT OR LOSS - HUNTER GROUP ASA
(Figures in USD 1 000) Note 2024 2023
Revenues and other income
Net realized time chartering result 10, 19 -8 302 35
Unrealized change in fair value of time charters 19 -1 832 1 782
Other income 10 10 134
Total Revenues and other income -10 124 1 951
Operating expenses
Other operating expenses 456 0
Depreciation and amortisation expense 2, 3 73 74
General and administrative expenses 11, 14 1 434 1 330
Total operating expenses 1 962 1 405
Operating profit (loss) -12 086 547
Net financial income (loss) 12 219 1 846
Profit (loss) before taxes -11 867 2 393
Tax on ordinary result 13 0 0
Net profit (loss) -11 867 2 393
(Figures in USD 1 000) 2024 2023
Total comprehensive income
Profit (loss) for the period -11 867 2 393
Comprehensive income for the period -11 867 2 393
Total comprehensive income attributable to:
Equity holders of the parent -11 867 2 393
Total comprehensive income -11 867 2 393
Parent company statement of profit and loss
Parent company financial statements – 2024
37
(Figures in USD 1 000) Note 31.12.2024 31.12.2023
EQUITY
Share capital 15 508 180
Share premium 15 960 1 897
Other equity -5 703 6 163
TOTAL EQUITY 10 764 8 240
LIABILITIES
Long-term lease liabilities 3 126 3
Total non-current liabilities 126 3
Trade creditors 1 632 121
Back-to-back time charters 50 0
Accrued public charges and indirect taxes 191 41
Short-term lease liabilities 3, 6 63 67
Other current liabilities 7 390 118
Total current liabilities 2 325 348
TOTAL LIABILITIES 2 451 351
TOTAL EQUITY AND LIABILITIES 13 216 8 591
(Figures in USD 1 000) Note 31.12.2024 31.12.2023
NON-CURRENT ASSETS
Other intangible assets 2 12 0
Total intangible assets 12 0
PPE and other tangible assets 2, 3 192 74
Total tangible assets 192 74
Investment in subsidiaries 2, 17 0 8
Investment in shares 17 429 492
Other long-terrm financial assets 19 4 708 2 500
Long-term receivable subsidiaries 18 0 40
Total finacial long-term assets 5 137 3 040
TOTAL NON-CURRENT ASSETS 5 342 3 114
CURRENT ASSETS
Back-to-back time charters 8 0 1 782
Other short-term assets 4 79 464
Total current receivables 79 2 247
Cash and cash equivalents 5 7 794 3 230
TOTAL CURRENT ASSETS 7 874 5 477
TOTAL ASSETS 13 216 8 591
Parent company statement of financial position Parent company statement of financial position
Parent company financial statements – 2024
38
STATEMENT OF CASH FLOW - HUNTER GROUP ASA
(Figures in USD 1 000) Note 2024 2023
Profit (loss) attributable to equity holders -11 867 2 393
Depreciation 73 74
Financial income -532 -454
Financial expenses 4 6
Change in accounts receivables and accounts payables 1 511 19
Change in other receivables and payables and other 2 691 -3 198
Net cash flow from operating activities -8 120 -1 160
Investments in PP & E -15 -4
Interest received 12 532 454
Investments in other financial investments 15 -2 145 -3 000
Divestment of subsidiary 0 1 707
Repayment of long-term interest bearing receivable subsidiaries 0 1 305
Net cash flow from investment activities -1 628 463
Interest paid 12 -4 -6
Installment leasing-debt 3 -75 -74
Capital contribution Equity 14 391 1 951
Dividend paid Equity 0 -132 243
Net cash flow from financing activities 14 313 -130 372
Total net changes in cash flow 4 564 -131 068
Currency effect on cash 0 0
Cash and cash equivalents beginning of period 3 230 134 299
Cash and cash equivalents end of period 5 7 794 3 230
STATEMENT OF CHANGE IN EQUITY - HUNTER GROUP ASA
Share Own Share Currency Retained Total
(Figures in USD 1 000) Note Capital shares premium transl. adj. earnings equity
Equity as of 01.01.2023 126 -2 0 -2 289 7 311 5 146
Net profit (loss) 0 0 2 393 2 393
Total comprehensive income 2023 0 0 2 393 2 393
Private placement 6 December 2023 54 1 897 0 0 1 951
Share based payment 0 0 40 40
Exercise of options 2 0 -1 291 -1 289
Equity as of 31.12.2023 180 0 1 897 -2 289 8 454 8 241
Net profit (loss) 0 0 -11 867 -11 867
Total comprehensive income 2024 0 0 -11 867 -11 867
Private placement 6 February 2024 252 10 986 0 0 11 238
Private placement 13 March 2024 76 3 077 0 0 3 153
Equity as of 31.12.2024 508 0 15 960 -2 289 -3 413 10 765
Parent company statement of cash flow Parent company statement of changes in equity
Notes to the parent financial statements – 2024
39
Note 1 - Accounting principles
Hunter Group ASA (HUNT) is the parent company of the Hunter Group, consisting of Hunter Group ASA and its
subsidiaries Hunter Maritime Advisors AS and Hunter Chartering AS. Hunter Group ASA's main activities are
shareholding in group companies, corporate functions and the administration of two back-to-back charterparties for
VLCCs.
The financial statements of Hunter Group ASA are prepared in accordance with simplified IFRS pursuant to the
Norwegian Accounting Act § 3-9 and regulations regarding simplified application of IFRS issued by the Norwegian
Ministry of Finance and last updated on 16 December 2024.
These parent company financial statements should be read in connection with the Consolidated financial statements of
Hunter Group, published together with these financial statements. With the exceptions described below, Hunter Group
ASA applies the accounting policies of the group, as described in Hunter Group’s disclosure note 2 Significant
Accounting Policies, and reference is made to the Hunter Group note for further details.
Subsidiaries
Shareholdings in subsidiaries are accounted for using the cost method. It is annually evaluated if there exist indicators
for impairment.
Dividends and group contributions
Dividends will be reflected as Dividends payable within current liabilities. Group contributions to other entities within
Hunter Group are reflected in the balance sheet as current liabilities within Liabilities to group companies. Under
simplified IFRS the presentation of dividends payable and payable group contributions would differ from the
presentation under full IFRS, as it would also include dividend and group contributions payable which at the date of the
balance sheet would be subject to a future general assembly approval before distribution.
Note 2 - Property, plant and equipment and intangible assets
The Company has recognized the following assets in the statement of financial position (including internal built-up
assets such as development costs).
Other intang- Property, Property,
ible assets plant & equip. plant & equip.
(Figures in USD 1 000)
2024 2024 2023
Cost price at 1 January
0 25 21
Additions
12 0 4
Cost price at 31 Dec ember
12 25 25
Acc umulated deprec iations at 31 December
0 -21 -21
Booked value at 31 December
12 4 4
Depreciation
0 73 0
Impairment c harges
0 0 0
Estimated useful life
5 years 3-5 years 3-5 years
Depreciation method
straight-line straight-line straight-line
Notes to the parent financial statements – 2024
40
Note 3 – Lease liabilities
IFRS ® 16 requires that all leases, except for short-term and low-value leases are reflected in the balance sheet as a
lease liability and a Right of Use (RoU) asset. The weighted average discount rate used to calculate the IFRS 16 opening
balance lease liability was 5 %.
Note 4 - Other receivables
Note 5 - Cash and cash equivalents
Note 6 - Short-term liabilities
Note 7 – Other current liabilities
Operating leasing costs (figures in USD 1000)
2024 2023
Operational leasing costs
5 2
Total operating leasing costs
5 2
The future minimum rents related to non-cancellable leases fall due as follows:
Within 1 year 2-5 years After 5 years
Operational leasing costs
5 0 0
(Figures in USD 1 000)
2024 2023
Prepaid expenses
0 241
Other short term receivables
79 223
Total other receivables 79 464
(Figures in USD 1 000)
2024 2023
Cash at bank
7 794 3 230
Total cash at bank
7 794 3 230
Restricted bank deposits for employee withholding taxes
44 49
(Figures in USD 1 000)
2024 2023
Short-term lease liabilities
63 67
Short-term liabilities
63 67
(Figures in USD 1 000)
2024 2023
Unpaid vacation pay 80 72
Other accrued costs 310 46
Total other short-term liabilities
390 118
Lease liabilites
(Figures in USD 1 000) 2024 2023
Right of use assets 01.01 70 144
Additions 188 0
Depreciation -73 -74
Right of use assets 31.12 185 70
Lease liabilities 01.01 70 144
Additions 188 0
Installments -77 -74
Foreign currency adjustment 7 0
Lease liabilities 31.12 189 70
Interest expense 4 6
Notes to the parent financial statements – 2024
41
Note 8 - Financial instruments risk management objectives and policies
HUNT has been subject to market risks (foreign currency exchange risk and interest rate risk), credit risk and liquidity
risk.
The Company’s management oversees the management of these risks and assures that HUNT’s financial risk-taking
activities are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Company’s policies. Other than the back-to-back time charters, it is the Group’s
policy that no trading in derivatives for speculative purposes shall be undertaken. The Board of Directors reviews and
agrees on policies for managing each of these risks, which are summarized below.
Foreign currency risk
The Company’s cash reserves of USD 7,794 thousand are deposited in the Norwegian bank DNB. The main transactions
for the Company has been in USD. As commercial operations were in a large scale, a foreign currency exchange risk
policy has been introduced.
Interest rate risk
The Company’s financial income and financial costs in the statement of profit or loss are influenced by changes in
interest rates as the interest on debit facility with DNB is on a floating basis. The Company had USD 532 thousand in
interest income in 2024 related to cash and cash equivalents.
Credit risk
HUNT only trades with recognized, creditworthy third parties. It is the Company’s policy that all customers that wish
to trade on credit terms are subject to credit verification procedures. All cash in the Company is deposited in the
Norwegian bank DNB. Credit risk is managed through a framework that sets out policies and procedures covering the
measurement and management of credit risk.
Liquidity risk
HUNT monitors its liquidity on a regular basis and produces rolling liquidity forecasts on a monthly basis in order to
identify liquidity requirements in future periods. The target for HUNT’s management of liquidity risk is to maintain a
liquidity corresponding to its net liquidity requirements for the next 12 months. The cash position of HUNT at year end
2024 was USD 7,794 thousand, compared to USD 3,230 thousand in 2023. The Company expects to retain a level of net
liquidity, which will sufficiently cover operating costs and periods of time charter rates below the fixed rates. Should
the index-linked rates decline and stay at levels below the fixed charter rates, the Company may need to strengthen its
liquidity. In January 2024 the Company raised approx. USD 12 million (NOK 124 million) in gross proceeds through a
private placement strengthen the liquidity in connection with the two three-year back-to-back charterparties. The
liquidity is considered to be sufficient the date of this annual report.
The management has focused on efficient operations, good planning and close monitoring of the liquidity situation
and maintaining a clear business development strategy.
The table below shows a maturity analysis for HUNT’s total short-term liabilities:
Capital management
HUNT’s main objective for the management of its capital structure is to maximize value creation for shareholders,
while at the same time maintaining a sound financial position and a good credit rating. The increase in equity as of 31
December 2024 is in all material aspects due to a private placement of approximately USD 14.4 million.
HUNT manages its capital structure and makes adjustments to it in light of changes in economic and financial
conditions. To maintain or adjust the capital structure, the Company may issue new shares. No changes were made in
the objectives policies or processes during the financial year.
Furthermore, Hunter Group ASA previously guaranteed for the continued operation of the wholly-owned subsidiary
Indicator AS, which was an empty company with negligible debt to Hunter Group ASA. Indicator AS was liquidated in
2024.
within within within
2024 (figures in USD 1 000) 3 months 3-9 months 9-12 months
Accounts payable 1 632 0 0
Public duties payables 191 0 0
Other short-term liabilities (including dividend payable) 390 0 0
within within within
2023 (figures in USD 1 000) 3 months 3-9 months 9-12 months
Accounts payable 121 0 0
Public duties payables 41 0 0
Other short-term liabilities (including dividend payable) 118 0 0
Notes to the parent financial statements – 2024
42
Note 8 - Financial instruments risk management objectives and policies cont.
The Investment in shares were acquired at the end of 2023. There has not occurred significant changes in the market
conditions up until the end of 2024, which indicates that the acquisition cost in all material aspects equal the fair
value less cost to sell as of 31 December 2024. Back-to-back time charters are measured at the net present value of the
charter-out rates based on reported time charter rates from recognized analysts less the charter-in rates for the
applicable period. The Group does not use hedge accounting.
Note 9 - Transactions with related parties
Please see note 18 below and note 14 in the consolidated financial statements for further information. Hunter Group
ASA invoiced Hunter Tankers USD 12 thousand for management services in 2023.
Note 10 – Revenue and other income
(Figures in USD 1 000)
2024 2023
Trade and other payables 2 212 281
Bank deposits -7 794 -3 230
Net debt
-5 582 -2 949
Equity
10 764 8 240
Capital and net debt
5 182 5 290
Gearing ratio
-107,7 % -55,7 %
Equity ratio
81,8 % 95,9 %
Carrying Fair Carrying Fair
Financial assets (figures in USD 1 000)
amount value amount value
Investment in shares 429 429 492 492
Other financial assets 4 708 4 708 2 500 2 500
Back-to-back time charters -50 -50 1 782 1 782
Current receivables 79 79 464 464
Cash and cash equivalents 7 794 7 794 3 230 3 230
Carrying Fair Carrying Fair
Financial liabilities (figures in USD 1 000)
amount value amount value
Long-term lease liabilities 126 126 3 3
Short-term lease liabilities 63 63 67 67
Trade and other payables 2 212 2 212 281 281
2023
2024
2024
2023
Type of goods or service (figures in USD 1 000) 2024 2023
Net realized time chartering result -8,302 35
Unrealized change in fair value of time charters -1,832 1,782
Other income 10 134
Total revenues and other income -10,124 1,951
Geographical market (figures in USD 1 000) 2024 2023
Sales in Norway 10 134
Sales abroad -10,134 1,817
Total revenues and other income -10,124 1,951
Timing of revenue recognition 2024 2023
Goods transferred at a point in time 0 0
Services transferred over time -10,124 1,951
Total revenues and other income -10,124 1,951
Notes to the parent financial statements – 2024
43
Note 11 – General and administrative expenses
Note 12 - Finance income and finance expenses
This section provides additional information about individual line items of finance income and finance expense in the
statement of profit and loss by type.
Note 13 - Income tax
The company has not recognized a deferred tax asset in the statement of financial position for 2024 and 2023 as the
Company has limited taxable income.
Finance income (figures in USD 1 000) 2024 2023
Interest income 532 454
Dividend reveived from subsidiaries 0 1 614
Repayment of capital contribution in subsidiaries 0 -192
Other financial income 0 485
Currency gain 0 0
Total finance income 532 2 361
Finance expenses (figures in USD 1 000) 2024 2023
Interest expense -4 -6
Other financial expenses 0 0
Currency losses -309 -510
Total finance expenses -313 -515
Total finance income (loss) 219 1 846
Income tax expense (figures in USD 1 000) 2024 2023
Payable tax 0 0
Change in utilized tax asset 0 0
Total tax expense 0 0
Calculation of basis for tax 2024 2023
Earnings before tax -11 867 2 393
Permanent differences 2 739 -1 782
Dividend received 0 -1 422
Currency adjustments due to NOK as tax basis 977 -654
Changes in temporary differences -9 -6
Transfer to tax loss brought forward 8 160 1 472
Total basis for tax 0 0
Summary of temporary differences: 2024 2023
Fixed assets -3 -13
Acc ruals 0 0
Loss carried forward -31 049 -26 155
Total -31 052 -26 167
Calculated deferred tax asset (22 %) -6 832 -5 757
(Figures in USD 1 000)
2024 2023
Payroll expenses 856 755
IT and office-related expenses 101 77
Audit, audit-related services and accounting fees 153 166
Various legal fees 89 232
Insurance, car, travel and other expenses 235 100
Total general and administrative expenses 1,434 1,330
Notes to the parent financial statements – 2024
44
Note 13 - Income tax cont. Note 14 - Payroll and related expenses
Pension scheme
The Company has a defined contribution pension scheme that complies with the Norwegian occupational pension
legislation (called “OTP”). The pension contributions range from 4 % 0 - 7.1 G to 7 % 7.1 -12 G of the employee’s salary
- maximized to a percentage of 12 G (NOK 1,488,336). The National Insurance scheme basic amount for 2024 is NOK
124,028. The retirement age for all employees, including the management, is 67 years.
Please refer to note 20 in the consolidated financial statements for further information about remuneration and
option program for the management and board of directors.
Auditor's fee
The following table shows remuneration related to professional services rendered by the Company’s principal
auditor, EY, for fiscal year 2024 and 2023. The amounts shown are exclusive of value added tax.
Statement of financial position
Deferred tax asset (figures in USD 1 000) 2024 2023
Loss carried forward -6 831 -5 754
Acc ruals 0 0
Fixed assets -1 -3
Total deferred tax asset -6 832 -5 757
Not recognized deferred tax asset 6 832 5 757
Total deferred tax asset recognised in the statement of financ ial position 0 0
Loss carried forward as of 31 December 2024 2023
Unlimited carrying forward 31 049 26 155
Effective tax rate 2024 2023
Profit / (loss) before tax -11 867 2 393
22% tax of earnings before tax -2 611 527
Permanent differences and other 602 -705
Changes in deferred tax asset not recognised in the statement of financial position -1 075 -190
Currency effect due to NOK as tax basis 3 083 369
Calculated tax cost 0 0
Effective tax rate 0 % 0 %
Payroll and related expenses (figures in USD 1 000) 2024 2023
Salaries and vacation pay 666 611
Social security tax 125 123
Pension expense (“OTP”) 30 28
Employee share option program expense (incl. national insurance contributions) 0 40
Other benefits 35 -47
Total payroll an related expenses 856 755
2024 2023
Number of employees (average work years) 3 3
(Figures in USD 1 000) 2024 2023
Contributions expensed during the year 30 28
(Figures in USD 1 000)
2024 2023
Audit fee 86 102
Assurance services 0 0
Other assistance 0 0
Total 86 102
Notes to the parent financial statements – 2024
45
Note 15 - Share capital and shareholder information
Please see note 21 in the consolidated financial statements.
Note 16 - Provisions, commitments and contingent liabilities/assets
There do not exist any material provisions or contingent liabilities/assets for Hunter Group ASA.
Note 17 - Investment in subsidiaries and other investments
The Company also have an investment of USD 429 thousand for 4 % in Njord Bay AS. Njord Bay AS owns the vessel MV
Baltic Bay.
Note 18 - Intercompany receivables/payables
Note 19 - Financial assets/liabilities
Financial assets at fair value through profit or loss consist of two three-year back-to-back charterparty on eco-
designed and scrubber fitted VLCCs. The Company charters in the vessels on average fixed rates of USD 51,750 per
day, while chartering the vessels out on floating index-linked rates. The index-linked rates are based on the
recognized VLCC benchmark TD3C. The vessels were delivered in December 2023 and March 2024.
In connection with these contracts, the Company has provided security deposits of USD 2.5 million in an account at
Mercuria and USD 2.0 million in an account at Trafigura. The security deposits are earning interests for the three
years and are restricted until the end of the charter parties.
The fair values of the back-to-back charterparties is based on the present value of the expected floating index-linked
spot rates less the present value of the fixed rates for the remaining period of the two contracts.
Note 20 - Events after the reporting date
Transferred the approx. NOK 100 million Enova grant to HG ProjectCo 1 AS, a wholly owned subsidiary of the
Company.
Hunter Maritime Advisors AS, a wholly owned subsidiary of the Company, was contracted as consultant for a publicly
listed drilling company.
Receivables (figures in USD 1 000) 2024 2023
Long-term receivable subsidiaries 0 40
Short-term rec eivable subsidiaries 0 0
Payables (figures in USD 1 000) 2024 2023
Other current liabilities subsidiaries 0 0
Dividend payable 0 0
(Figures in USD 1000) Voting Book value Equity at Net
Company Location Share rights Cost 31.12.2024 12/31/2024 income 2024
Indicator AS (liquidated 2024) Stavanger 100% 100% 91 0 0 -3
Hunter Maritime Advisors AS Oslo 100% 100% 8 8 6 0
Hunter Chartering AS Oslo 100% 100% 8 8 6 0
Intercompany receivables/payables
Financial asset/liabiliy at fair value through profit or loss 2024 2023
Three-year back-to-back charterparty eco-designed and scrubber fitted VLCC -50 1,782
2024 2023
Realized floating index-linked spot rates 25,812 1,655
Paid fixed rates -34,113 -1,603
Broker commision (1 % of realized floating index-linked spot rates) -258 -17
Net realized result from lease-leaseback -8,560 35
Change in fair value of the three-year back-to-back charterparty -1,832 1,782
Net result from lease-leaseback -10,392 1,817
Hunter Group ASA
Org. nr. 985 955 107
Dronningen 1
0287 Oslo, Norway
+47 975 31 227
Info@huntergroup.no
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