Belships sells another bulker newbuilding and leases back

Belships sells another bulker newbuilding and leases back

Norway’s Belships has sold an ultramax bulk carrier newbuilding to Japanese interests, from whom the company will lease the vessel back.

The sale price was not disclosed but online platform estimates Belisland‘s current market value at some $17.15m.

The 61,000-dwt Belisland is under construction at Imabari Shipbuilding in Japan and will be delivered around March 15, Belships said. The vessel will commence a five-year timecharter to Canpotex on delivery.

Upon delivery, the vessel will be leased back to Belships for 15 years at an undisclosed rate, with purchase options from the fifth year onwards.

“Compared to alternative loan financing offer published in earlier reports, the transaction will improve Belships cash balance with about $6m-$8m, depending on market value at time of delivery,” the Oslo-listed company said today.

Belships completed a similar sale and leaseback deal in September last year, when it sold its ultramax Belforest to Japan’s Toko Unyu. The ship has been leased back to Belships for 12 years, with purchase options from year three.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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