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Belships adds ultramax as oldest bulker ships out

Norwegian owner Belships is further rejuvenating its fleet with the sale of its oldest ship and the addition of a five-year younger unit.

The Oslo-listed firm has struck a deal to sell its 2015-built ultramax bulker Belpareil to an undisclosed Norwegian buyer. The 63,000 dwt vessel is expected to deliver in July and Belships said it would book a profit of around $10m in the third quarter of 2022. The total net cash flow after delivery of the vessel will be approximately $28.1m, the company added.

Meanwhile, Belships has agreed to acquire a 2020-built ultramax. The 64,000 dwt Japanese-built vessel is financed through a time charter lease agreement for a fixed period of about five years, with options to extend for a further three years.

Belships said it will pay $6m before delivery, which is expected in the second quarter of this year. The vessel comes with a time charter contract for about 10 to 12 months at 30,000 per day and with a purchase option at the end of the charter significantly below current market levels. The company, which has a fleet of 29 ships, stated in a filing that the cash breakeven for the vessel upon delivery will be around $11,600 per day and that there is no obligation to purchase the vessel.

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.
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