Dry CargoEurope

Belships adds another ultramax to take fleet to 25

Norway’s Belships has added to its fleet again with the acquisition of an ultramax bulk carrier, this time from the secondhand market.

Belships has picked up a Chinese-built (2017) ultramax for $21.75m in a cash plus shares deal, with delivery scheduled during the second quarter of 2021. The company did not reveal the identity of the ship or the seller, and the sale has yet to show in broking reports.

The cash portion of the acquisition (80%) will be financed with bank financing for around 60% of the purchase price, giving an estimated cash breakeven for $9,500 per day on the vessel.

“This is another milestone for Belships. We expand our fleet whilst maintaining capital discipline in our quest to grow the company further. The goal remains focused on creating value for our shareholders and increase the attractiveness of trading our shares,” said Belships CEO, Lars Christian Skarsgård.

Last month, Belships acquired two resale ultramaxes in two separate deals financed via long-term bareboat charters. Once all deliveries are complete, Belships will have a fleet of 25 supramax/ultramax bulkers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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