Driven by high spot rates in the tanker market, Hunter Group reported a record net profit of $53 million for the first quarter of 2026.
The Norway-based tanker charterer achieved an operating cash flow of $11.4 million and grew its equity to $60.2 million as of March 31, 2026.
Average spot-linked time-charter out rates reached $232,832 per day during the three-month period, while average fixed time-charter in rates stood at $51,750 per day. This generated an average daily time-charter margin of $181,082, with the fleet operating at 100 per cent utilisation across all available days.
According to Hunter Group, a strong tanker market is expected even when the Middle East conflict is resolved.
Regarding operational challenges, the shipping firm reported an ongoing contract dispute, disclosing on April 15 that a long-term counterparty paid about $8.3 million less than the amount due for March.
The counterparty continued to contest its obligations, with Hunter Group announcing on May 18 that the firm was underpaid by approximately $9.2 million for April, which raised the total outstanding amount to about $17.8 million.
Hunter Group described the underpayment as a breach of contract and stated that its legal advisers are confident the counterparty has no merit for the reductions. To protect its contractual rights, the company declared that it will take all necessary steps.
