Hunter Group (HUNT) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw a negative net time charter (TC) result of USD 1.1m, offset by a USD 5.0m unrealized non-cash gain from TC positions due to strengthening market rates.

• 100% vessel utilization was achieved, with all available days operated.

• Hunter Maritime Advisors secured a project advisory contract with a listed drilling rig company.

Financial highlights

• Adjusted net loss for Q2 2025 was USD 1.4m, excluding unrealized non-cash TC gains.

• Total operating expenses for the quarter were USD 0.4m, mainly G&A and broker costs.

• Cash and working capital stood at USD 8m at quarter-end.

• Revenues for Q2 2025 were driven by floating index-linked spot rates averaging USD 45,935/day, below the fixed TC-in rate of USD 51,750/day.

• Net profit for Q2 2025 was USD 3.6m, compared to a loss of USD 0.4m in Q2 2024.

Outlook and guidance

• Index-linked TC rates are currently at approximately USD 54,600/day, indicating a potential early start to the high season.

• Strong market fundamentals expected through 2026, with oil production surpluses, rising inventories, and low fleet growth.

• OPEC+ cut reversals and robust oil demand are expected to support tanker market strength in the coming quarters.