Hunter proposes to build 2 CSOVs

Following the return to the tanker business at the end of 2023, Oslo-listed investment company Hunter Group of Norway has set its sights on the booming offshore wind sector.

On May 23, Hunter Group announced that it has received a NOK 100 million ( about $9.4 million) grant from Enova, a Norwegian government enterprise, for the construction of two next-generation commissioning service operating vessels (CSOVs).

The potential project is being developed by Hunter Maritime Advisors and the new CSOVs will be equipped with cutting-edge technology to ensure efficient operations with virtually zero emissions. If market conditions are favorable, Hunter Maritime Advisors will develop the CSOV project independently and completely separate from Hunter Group’s current tanker chartering business.

The Hunter Group currently owns two very large crude carriers (VLCCs), both of which were built in 2016, and are of an environmentally friendly design equipped with scrubbers. Both VLCCs have signed charter agreements with an “internationally recognized counterparty” in 2023. This is another transaction in the tanker industry, following the sale of Hunter’s entire VLCC fleet in 2022, and marks the group’s return to the tanker market.

In June 2022, Hunter Group sold four VLCCs for $383 million and subsequently focused on developing liquefied carbon dioxide carriers in partnership with Det Norske Veritas (DNV) and Vedam Design.

However, in its November 2023 market update, the company said that “given the recent headwinds and high vessel prices in the carbon capture, transportation and sequestration value chain, a firm fixed long-term contract is required before placing an order for any new shipbuilding.”

Yangzijiang Shipbuilding

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