Dry CargoEurope

Belships seals ultramax acquisition and sale and leaseback deal

Norwegian owner Belships has added two ultramax bulk carriers, with one sold straight away in a leaseback deal and another set for delivery in October this year.

Belships has exercised an option to purchase the 2016-built Belisland and subsequently entered into an agreement to sell and leaseback the vessel on bareboat charter for 11 years with options to purchase the vessel again after the third year at below current market levels. Delivery into the new bareboat agreement is expected in September 2021.

The company also sealed a deal to buy a 2015-built ultramax bulker for about $22.9m, of which 60% is intended to be financed with bank financing. The cash breakeven for the vessel will be around $9,500 per day, including operational expenses.

Furthermore, Belships has agreed to a period-time charter contract for one of its ultramaxes for a period of 22-24 months at a gross rate of $23,000 per day. The contract should commence by the end of this month.

The Oslo-listed firm added that two of its five newbuildings will be delivered earlier than expected, with all vessels now scheduled for delivery between August and September this year.

Belships fleet will count 27 supramax/ultramax bulkers, after completion of all outstanding transactions.

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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