Hunter Group (HUNT) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw a realized net time charter (TC) loss of USD 3.62m, driven by a weaker tanker market and non-cash reversal of previous TC gains of USD 7.54m due to lower market rates.

• Total operating expenses were USD 0.36m, with 100% vessel utilization over 184 days.

• Cash and working capital stood at USD 12.49m at quarter-end.

Financial highlights

• Q4 2024 total revenues were negative USD 11.16m, compared to positive USD 1.96m in Q4 2023.

• Adjusted net loss (excluding unrealized non-cash TC position) was USD 3.87m for the quarter.

• Net loss for Q4 2024 was USD 11.41m, compared to net profit of USD 2.06m in Q4 2023.

• Earnings per share from continuing operations was -0.08 in Q4 2024, down from 0.02 in Q4 2023.

• Cash and cash equivalents at quarter-end were USD 7.79m.

Outlook and guidance

• Index-linked TC rates have rebounded in Q1 2025, averaging USD 46,340/d in February, up ~110% from December 2024.

• Robust oil market fundamentals, longer sailing distances, and new sanctions are expected to support higher rates.

• Only 4 VLCCs scheduled for delivery in 2025, with a significant portion of the fleet aging or sanctioned, suggesting potential for negative fleet growth.