Dry CargoEurope

Belships brings in two more ultramaxes

Norway’s Belships continues to expand at a rapid pace with two new agreements signed for ultramax bulk carriers.

The company has signed an LOI on a 10-year bareboat charter for a Japanese newbuild 64,000 dwt ultramax bulk carrier. The contract signing is scheduled for the first quarter of 2020, and the vessel will be delivered during the second half of 2020. The charter agreement comes with purchase options, and can be exercised after the fourth year until the end of the charter.

Additionally, Belships has acquired a secondhand 2017-built ultramax for $24.5m. Delivery of the vessel is expected in the first quarter of 2020, following an intermediate drydocking survey. Further details of the transaction, including the seller, were not revealed. The deal will be funded 60% via an existing facility and the remainder from a share issue.

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

Once completed, the additions will grow the Belships fleet to 24 bulkers, made up entirely of supramaxes and ultramaxes.

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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