Hunter Group appointed Erik Mathiesen as its permanent CEO on October 1, 2023. Mathiesen, who had been serving as interim CEO since the end of April, has taken this position following the board's decision to end its collaboration with Erik Frydendal, who held the role for a long time. This management change aligns with the company's planning for entering a new phase of its operations.
Planning for the Future
During his interim period, Mathiesen was responsible for overseeing Hunter's current operations and also collaborated with the board to develop long-term strategies. These strategies were designed in light of the nearing end of the two VLCC (Very Large Crude Carrier) charter structures of the company. Both of Hunter's tankers will soon be returned to their previous owners on a lease basis.
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Financial Challenges and New Contracts
Hunter Group is currently facing many financial challenges. In September 2023, the claimed amount for unpaid rents reached approximately $55 million, and this case is currently under arbitration in London. Meanwhile, Hunter has two eco-designed VLCCs equipped with scrubber systems that are leased at fixed rates and are being re-leased under floating contracts linked to the Baltic Exchange's TD3C index. This allows the company to have sufficient capacity against the sharp increase in spot VLCC market revenues this year.
Mathiesen, with over 30 years of experience in the energy and transportation sectors, has extensive experience in mergers and acquisitions, capital management, and corporate restructuring. He is also the founder and chairman of Aqualung Carbon Capture and the chairman of Storm Capital Management.
Morten Astrup, chairman of Hunter Group's board, stated that Mathiesen has demonstrated strong leadership during his interim period and will continue to develop the company as Hunter navigates its strategic transition phases.
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