Dry CargoEurope

Belships adds two ultramaxes and seals fixtures for another bulker pair

Norwegian owner Belships has sealed a deal for the acquisition of two ultramax bulk carriers and entered into agreements to charter out two of its existing vessels.

The 64,000 dwt vessels, built at Japanese shipyards in 2019 and 2020, are financed through time charter lease agreements for a fixed period of about five years, with options to extend for a further two years. The Oslo-listed firm said it will pay a $12m downpayment upon delivery of the vessels, which come with repurchase options significantly below current market levels.

The delivery should take place in the second quarter of 2022, and there are no obligations attached to purchase the vessels at the end of the agreements, the company added. The bulkers come with charter employment attached; one for around two-and-a-half years at 21,000 per day, with an option for two additional years, and one for about six months remaining on a legacy time charter contract at 13,600 per day.

As for the employment of the company’s existing bulkers, an unltramax has been chartered out in April between 21 and 24 months at $22,250 per day, while a supramax will fetch $29,500 per day for 11 and up to 13 months, starting by the end of April. 

“We believe these agreements are immediately accretive for Belships’ shareholders and displays our ability to source transactions with short lead time and efficient use of capital. The acquisitions and additional contract employment contribute to the company’s earnings prospects whilst maintaining our position with the most modern fleet within our segment,” said Belships CEO, Lars Christian Skarsgård.

Belships has a fleet of 29 ships consisting of supramaxes and ultramaxes with an average age of less than four years and a daily cash breakeven for 2022 of about $10,000 per ship. 

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
Back to top button