Norway’s Hunter Group has increased spot exposure for its fleet of VLCCs as it prepares for a tanker recovery.

“We have been in the doldrums much longer than we anticipated, but it is not difficult to find positive signs,” the Oslo-listed shipowner said.

The company expects oil demand approaching all-time highs to boost tonne-miles for Asian imports.

“On this basis, we believe that the path of least resistance for the tanker market should be up,” Hunter added.

The 300,000-dwt Hunter Frigg and Hunter Idun (both built 2020) have been fixed for a year each on rates linked to the Baltic Exchange’s Saudi Arabia to China index, plus a small premium.