Hunter Group faces growing charter payment dispute as outstanding claims increase
Norwegian shipping investment company Hunter Group ASA has reported a further increase in disputed charter hire payments, as a contractual disagreement involving one of its long-term counterparties continued through October 2026.
According to a stock exchange announcement issued on November 9, the counterparty paid approximately USD 18.62 million less than the amount Hunter Group considers contractually due for October. The latest shortfall brings the total disputed amount accumulated since March to approximately USD 86.41 million, excluding accrued interest.
The company reported net time charter earnings of approximately USD 82.89 million for October, of which USD 18.62 million remains outstanding pending resolution of the dispute. The figures represent earnings recorded by Hunter Group and should not be interpreted as cash fully received during the period.
Contractual dispute remains unresolved
The disagreement first emerged in March 2026 and has continued through subsequent monthly charter payments. Hunter Group has issued regular market updates concerning the reduced payments, maintaining that the counterparty is not meeting its obligations under the existing charter agreements.
In its September update, the company reported a cumulative disputed amount of approximately USD 67.79 million, including a shortfall of USD 12.75 million for that month. The latest October development represents a further increase of USD 18.62 million.
Hunter Group and its legal advisers maintain that the counterparty has no contractual basis for reducing the payments. The company considers the conduct a continuing breach of contract and has stated that it will pursue the measures necessary to protect its contractual rights.
The dispute has already progressed to formal proceedings, with Hunter Group announcing the commencement of arbitration in June 2026. The latest disclosure does not provide an outcome or timetable for resolution.
Exposure to the VLCC charter market
Hunter Group’s shipping activities include back-to-back charter arrangements involving very large crude carriers (VLCCs). Under these structures, the company charters vessels at fixed rates and employs them through contracts linked to market indices, creating exposure to movements in tanker freight rates.
The company’s previously disclosed arrangements involve two VLCCs chartered in at an average fixed rate of USD 51,750 per day, with charter-out earnings linked to the TD3C tanker freight benchmark.
The continuing payment dispute introduces uncertainty over the collection of amounts Hunter Group believes are due under its contractual arrangements. However, the company has not disclosed a final settlement, an arbitration decision or a confirmed financial loss corresponding to the outstanding amount.
Hunter Group said it would provide further market updates when appropriate. The identity of the counterparty involved in the dispute was not disclosed in the latest announcement.
