Dry CargoEurope

Belships fleet hits 20 with addition of newbuild ultramax

Norwegian supramax and ultramax owner Belships continues to expand at rapid pace with the 10-year bareboat charter of an ultramax newbuilding, growing its fleet to 20 vessels.

The vessel will be delivered by an unnamed Japanese shipyard in the second half of 2021, and Belships estimates the vessel will have a cash breakeven of around $11,250 per day including operational expenses. The charter agreement also includes purchase options, available from the fourth year onwards.

Lars Christian Skarsgård, CEO of Belships, commented: “In addition to signalling the superior ship financing available to Belships, we see this transaction as an option to buy a vessel at today’s market levels without deploying any of the of the company’s cash until delivery.”

Belships has been expanding its fleet since appointing Skarsgård in late February, having raised funds via both new loans and share placements for fleet expansion.

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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