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Belships offloads oldest supramax pair and seals another charter

Belships continues to offload older tonnage and secure fixtures for its bulker fleet. The Norwegian owner has agreed to sell two of its oldest supramaxes, the 2009-built Belstar and the 2010-built Belnor, to undisclosed buyers.

Delivery of the 58 000 dwt bulkers is expected between this month and January next year and Belships estimated a gain of around $5.1m in Q4 2021 and $5.9m in Q1 2022. The total net cash flow after delivery of the vessels will be some $24.5m after repayment of outstanding loans. Following the transactions, Belships will operate a fleet of 28 ultramax and supramax vessels.

Meanwhile, the Oslo-listed company landed another period time charter deal for one of its ships at $25,000 per day. The charter is for about 11-13 months and should commence at the end of December 2021. Earlier this week, Belships sealed three period time charters, which are also expected to commence this month. The company’s contract coverage for 2022 now stands at about 50% at an average rate of $23,000 net per day per vessel.

“These transactions solidify Belships’ position, with a strong balance sheet and the most modern fleet within our segment. We will continue the strategic approach to develop our company, with the aim of maximising returns for our shareholders,” said Belships CEO Lars Christian Skarsgård.

Adis Ajdin

Adis is an experienced news reporter with a backgroud 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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