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Msg  5326 of 5334  at  6/26/2020 9:07:45 PM  by

keebon


 In response to msg 5325 by  bulkrzzz
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Re: hunter ships

So, essentially, SFL provided a bridge while Hunter arranged bank financing (thanks to the rate bonanza).
From Hunters quarterly report in late May....
 
Secured a USD 220m loan facility from a syndicate of banks consisting of Danske Bank, DNB, Nordea and SEB (the “Syndicate”). The proceeds will be used to fund the final yard instalments for the Company's four final newbuild VLCCs, as well as general corporate purposes, and will be drawn on delivery of each vessel. The facility carries a 275bps margin over LIBOR and has a 16 year repayment profile. USD 55m was drawn in connection with the delivery of Hunter FreyaFixed a substantial portion of our fleet on 5-9 month time charters (“TC”) with dayrates ranging from USD 72,500 to USD 85,000, adding a total TC backlog of close to USD 60m. Hunter Atla and Hunter Laga commenced their TCs in late March and early April, respectively. Hunter Disen and Hunter Idun will commence their TCs immediately following delivery from the yard. Hunter Freya missed her TC delivery window due to port delays and is still in the Tankers International Scrubber pool

Subsequent events

The Company and the Syndicate has agreed on indicative terms relating to a loan facility for Hunter Atla, Hunter Saga and Hunter Laga, which are currently financed through a sale-and-leaseback with SFL Corporation Ltd. Upon completion, will Hunter Tankers AS will become the registered owner of all seven vessels. The facility is an accordion feature of the USD 220m loan facility, and is subject to the Syndicate members’ respective credit approvals

- On a fully delivered basis following the refinancing, we expect run rate cash breakeven to come in at USD approx. 20,500[\2\] per day

As of the date of this report, 89% of days in the second quarter have been booked at an average est. dayrate of USD 85,850−76% of spot days booked at an avg. est. dayrate of USD 97,630[\1\]

- Average Q2 TC dayrates of USD 78,000 


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