HUNT.OL Hunter Group ASA
Tankers Crude · VLCC · 56 documents
Hunter Group ASA's 2-vessel crude tanker fleet should earn about $224,650 a day in 2026Q3. Hunter Group ASA has declared NOK 1.50 a share for 2026Q3. Three fifths of those vessel-days are already fixed at rates Hunter Group ASA has disclosed.
Yields annualise each quarter ×4 at the last close, $1.79 (2026-10-19). Our model is not company guidance.
What will Hunter Group ASA pay for 2026Q3?
Booked vs market $/day
| Class | Booked | At | Spot now |
|---|---|---|---|
| VLCC | 61% | $460,000 | $720,196 |
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| VLCC · 2 | $452,9222026Q2 · fleet avg | $460,00061% of days | $720,1962026-10 median · 4 routes | +264% |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates open days only — booked days stay at the booked rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for VLCC: no off-hire or drydock days are deducted there. |
184 | 184 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day modelled | 224,650 | 224,650 | |||||||||
Revenue (TCE basis), $m modelledVessel-days × fleet TCE. |
41.3 | 41.3 | |||||||||
Vessel opex, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||
Charter-in hire, $m assumed2026Q2: $51,750/day charter-in rate. |
(9.5) | (9.5) | |||||||||
G&A, $m assumed2026Q2: $1.7m over 184 vessel-days, held per day. |
(1.7) | (1.7) | |||||||||
| EBITDA, $m assumed | 30.1 | 30.1 | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||
Interest expense, $m assumed2026Q2: $0.0m over 184 vessel-days, held per day. |
0.0 | 0.0 | |||||||||
Scheduled debt amortisation, $m stated2026Q4: $0.0m over 184 vessel-days, held per day (the issuer’s scheduled principal). |
0.0 | 0.0 | |||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
61,037 | 61,037 | |||||||||
| Cushion vs fleet TCE, $/day | 163,613 | 163,613 | |||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
30.1 | 30.1 | |||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||
Dividend policy stated
No stated payout policy on file.
The company’s own word sets this dividend; it does not move with the rate.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, NOK /share stated | NOK 1.50 | ||
| Forward yield, run-rate % | 35.6% |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the NOK 16.83 close on 2026-10-19.
This dividend is set by the company's own announcement, not by the rate — your scenario moves the cash line, not the DPS.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Market context — rates, the dividend, and the price
Rates and dividend — benchmark, realized and declared
A settled quarter carries two bars: the lighter one is the fleet-weighted benchmark — what the market paid for a fleet of this class mix — and the solid one is what this fleet actually earned. The gap between them is the share of the index this issuer captured. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share, with specials added into the quarter they were declared. Model estimate — not issuer guidance.
Forward (our model — model quarter ×4): NOK 6.00/yr · @ $1.79 (as of 2026-10-19) = 35.6% yield (forward, model)
Fleet rate — what the market pays a fleet like this one
Fleet-weighted market rate with the class benchmarks behind it: 91 points, 2025-01-03 to 2026-10-16; HUNT.OL fleet-weighted latest 711,081.00; VLCC benchmark latest 711,081.00.
Latest $711,081/day at 2026-10-16 (-2.5% on the prior print), weighted 2×VLCC.
This fleet is one class, so its fleet-weighted rate and its class benchmark are the same series — the line is that class's blend. Each class benchmark is a median across every route mapped to that class, not a single assessment. A laden-leg benchmark runs hotter than a fleet earns — ballast days, waiting time, TC-out legs and off-hire all dilute it — so this is market direction, not revenue. What this fleet actually captured is the panel above.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where HUNT.OL departs from that
- Dividends are declared in NOK while the share price is converted to USD, so a yield is only shown where both sides can be put on the same currency.
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Dividend history & forecast accuracy
Upcoming
| Quarter | Ex-date (est.) | Forecast DPS | Actual DPS |
|---|---|---|---|
| 2026Q3 E | — | NOK 1.50 | — |
| Period | DPS | Kind | Ex-date | Pay date | Source |
|---|---|---|---|---|---|
| 2026-08-27 | NOK 1.50/share | special-proposed | — | — | — quoted from the release |
| 2026-06-30 | NOK 1.25/share | special | — | — | — quoted from the release |
| 2026-04-14 | NOK 0.58/share | special | — | — | — quoted from the release |
| 2026-03-31 | NOK 0.40/share | special | — | — | — quoted from the release |
| 2025-12-16 | NOK 0.30/share | special | — | — | — quoted from the release |
DPS method: the company's own announcement.
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
2× vlcc current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| VLCC | 2 | — | — | 61% | 460,000 | 298,164 | 224,650 | — | 41.3 |
| Total | 2 | 224,650 | — | 41.3 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians for the open days.
Bear, Base and Bull use booked coverage only for open vessels on a market index — this issuer has no realized-TCE history to anchor the index to what its fleet earns.
Model gaps & assumptions
vlcc: using issuer guidance 61% fixed @ $460,000/day · index realization not applied: fewer than 2 closed quarters with both a reported spot (or fleet) TCE and an index rate for this fleet — the open share is priced at the full index, which this issuer has not been shown to capture · net of hire withheld by a charterer: $31.7m in 2026Q3 ($172,234/day over 184 days) — the counterparty's July, August and September shortfalls (USD 7.192m, 11.752m, 12.747m), disputed total USD 67.785m · vlcc: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $298,164/day, not the newest month (owner 2026-10-19) · the company has declared NOK 1.5 a share for 2026Q3 — extraordinary dividend, approved by the EGM of 28 September 2026; ex-date 29 September
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $61.6M | $62.5M | > +500% |
| Opex | — | — | — |
| Net income | $47.0M | $53.0M | > +500% |
Full P&L grid — 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 61.6 | 62.5 | 10.2 | 2.1 | 4.0 | −1.0 |
| Voyage expenses $M | — | — | — | — | — | — |
| Vessel opex $M | — | — | — | — | — | — |
| G&A $M | 1.7 | 0.5 | 0.3 | 0.3 | 0.4 | 0.3 |
| Depreciation $M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest expense, gross $M | — | — | — | 0.0 | — | — |
| Net income $M | 47.0 | 53.0 | 10.1 | 1.6 | 3.6 | −1.3 |
| Declared DPS | — | — | — | — | — | — |
TC position scenarios — HUNT.OL estimate
Back-to-back TC model: 2 VLCCs chartered in at fixed $51,750/day (fleet avg), chartered out on floating TD3C index. Redeliveries Dec '26 / Mar '27 (+/- 30 days) — per Q1/Q2-2026 reports.
| Scenario | Contract earnings (2 vessels) | NOK/share | NAV NOK/share¹ | vs price |
|---|---|---|---|---|
| 1yr TC reversion now ($121k) | $21m | $0.16 | NOK 11.0 | -4% |
| FFA through Q4 then 1yr TC | $110m | $0.81 | NOK 17.1 | +49% |
| FFA Q4-26 flat ($589.1k) | $166m | $1.23 | NOK 20.9 | +83% |
| spot holds ($666k Hunter avg) | $189m | $1.40 | NOK 22.5 | +97% |
| FFA Sep holds ($712k) | $203m | $1.51 | NOK 23.5 | +106% |
¹ NAV = scenario contract earnings + cash & Q3-to-date ($116m ≈ $0.86/sh) + disputed receivable at 50% recovery. Shares: 134,825,243. Price NOK 11.44 (2026-08-27). USDNOK 9.3.
Guidance & sources
Issuer guidance — forward-looking
No current-quarter guidance on file.
Historical guidance (1 rows)
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026Q3 | VLCC Q3 vessel days booked | $460,000 | 61% | 2026-08-27 |
Sources — press, filings & documents
Interim updates since 2026Q3
- other low 2026-10-09T05:19:00Z For the month of September, the Company recorded net time charter earnings of approximately USD 60,879,000, of which approximately USD 12,74… source
- other low 2026-10-09T05:19:00Z The counterparty continues to dispute its contractual obligation and has paid approximately USD 12,747,000 less than the amount due for Sept… source
- other low 2026-10-09T05:19:00Z The Company and its legal advisors remain confident that the counterparty has no merit for the reduced payments. source
- other low 2026-10-09T05:19:00Z The Company considers the counterparty to be in continued breach of contract and will continue to take all necessary steps to protect its co… source
Market: VLCC FFA curve $1,257,500/day
Press & filings by quarter
Recent documents
- newsweb 2026-10-09T05:19:00Z Hunter Group ASA - Business Update on reduced charter hire from one of the counterparties. (2026-10-09)
- newsweb 2026-09-29T05:00:15Z Hunter Group ASA - Ex dividend (2026-09-29)
- newsweb 2026-09-28T11:38:01Z Hunter Group ASA – Extraordinary General Meeting held on 28 September 2026 (2026-09-28)
- newsweb 2026-09-25T15:13:25Z The Goldman Sachs Group, Inc. Disclosure in HUNTER GROUP ASA (2026-09-25)
- newsweb 2026-09-25T06:07:34Z The Goldman Sachs Group, Inc. Disclosure in HUNTER GROUP ASA - COB 23 September 2026 (2026-09-25)
- newsweb 2026-09-25T05:00:02Z Hunter Group ASA appoints Erik M Mathiesen as permanent CEO (2026-09-25)
- newsweb 2026-09-20T19:22:53Z Hunter Group ASA - Correction to second quarter results 2026 (2026-09-20)
- newsweb 2026-09-16T06:19:31Z The Goldman Sachs Group, Inc. Disclosure in HUNTER GROUP ASA (2026-09-16)
- newsweb 2026-09-15T06:11:15Z The Goldman Sachs Group, Inc. Disclosure in HUNTER GROUP ASA (2026-09-15)
- newsweb 2026-09-08T04:58:08Z Hunter Group ASA - Business Update on reduced charter hire from one of the counterparties (2026-09-08)
- newsweb 2026-09-02T04:57:08Z Hunter Group ASA - Key information relating to proposed cash dividend (2026-09-02)
- newsweb 2026-09-02T04:55:18Z Hunter Group ASA - Notice of Extraordinary General Meeting 28 September 2026 (2026-09-02)