Belships expands fleet with ultramax newbuild

Belships expands fleet with ultramax newbuild

Norwegian bulk operator Belships has entered into a seven-year bareboat charter for a 61,000 dwt ultramax bulk carrier newbuilding.

The vessel will be delivered by a Japanese shipyard during the first quarter of 2020, and the agreement comes with purchase options below current market values. The purchase option can be exercised after the fourth year until the end of the charter.

The estimated cash breakeven for the vessel upon delivery is about $11,000 per day including operational expenses. The company will pay $3m prior to delivery.

“We are very pleased to continue the growth of the company with another Japanese ultramax resale representing the highest quality and lowest fuel consumption in the market today. Belships have a competitve advantage in terms of ship financing enhancing the returns for our shareholders,” said Lars Christian Skarsgård, CEO of Belships.

This month, Belships sold 2006-built bulker Beleast to Turkey’s Marti Shipping.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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