Dry CargoEurope

Belships buying two more ultramaxes

Norway’s Belships is expanding its fleet with the addition of two more Japanese-built ultramax bulk carriers. The Oslo-listed shipowner will pay a total of $15.5m as a downpayment upon delivery of the vessels, expected in July this year.

The vessels, built in 2015 and 2017, are currently financed through time charter lease agreements with purchase options said to be significantly below current market levels, which Belships intends to exercise during the next few months. 

The Lars Christian Skarsgård-led company has a fleet of 31 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. It recently agreed to sell its 2015-built ultramax bulker Belpareil, which will be replaced by a five-year younger unit.

“These agreements are immediately accretive for Belships’ shareholders and displays our ability to source transactions with short lead time and efficient use of capital. We expect the acquisitions will contribute to our earnings capacity and ability to pay dividends, which is the main objective,” said Skarsgård.

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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