Hunter Group is putting its faith in a long-term boom for VLCC rates after chartering in two scrubber-fitted vessels on three-year terms.

In a management update, the Oslo-listed operator said spot earnings in most tanker segments are at or near all-time highs, but VLCCs are the exception.

“We believe it is only a matter of time before VLCC rates will advance as well, initiating what we believe to be a multi-year bull cycle,” it added.