Norway’s Hunter Group is running the rule over three potential investment projects after selling its last VLCCs.

But the Oslo-listed company will not be lured into deals on a hunch.

Its last ship, the 300,000-dwt Hunter Freya (built 2020), was delivered to new owner Ray Car Carriers-linked DAO Shipping in Singapore on Wednesday after completing its final voyage.

The tanker had been due to be delivered at the end of August, but because of “some unexpected headwinds outside of Hunter’s control”, the buyer offered one more trip.

“The final voyage can only be described as smooth sailing, generating profits of $3m,” Hunter said.

Average company daily earnings were $25,200 in the third quarter. But the Hunter Freya achieved $61,500 per day over 41 days in the final three months.

“From the beginning of the VLCC investment project, we have strived to deliver our shareholders no-nonsense, clear and concise communication, and to deliver on our promises,” Hunter said.

Now the company is planning its next move, guided by one golden rule.

“Any investment decision must be made with the calculator, rather than emotions and gut feelings,” Hunter said.

Details soon

“This golden rule has caused us to miss out on some opportunities, but more importantly, it has steered us away from the Kraken.”

Three potential investments are being examined in shipping.

“Depending on the outcome of calculations, valuations and negotiations, we hope to be able to share more details about these projects shortly, so that our shareholders can decide whether we should move forward and, more importantly, if they would like to join us on a new investment voyage,” Hunter said.

The biggest Hunter backer, Arne Fredly’s Apollo Asset, has exercised warrants for 15m shares in the company, building its ownership to 183.5m shares.

The group’s other three remaining VLCCs were handed over in June, July and August.