Norwegian bulker owner Belships has divested its stake of 50% in Lighthouse Navigation against a cash consideration which will be paid to Belships over the next 15 months.
As part of the transaction, Belships has acquired 33% of the shares in Lighthouse Navigation Management, increasing Belships’ ownership to 67%. Closing of the transaction has been completed.
Lighthouse Navigation, incorporated in 2009, operates from offices across Asia and Australia while Lighthouse Navigation Management is incorporated in Norway and conducts business from its office in Oslo.
“Ever since incorporation Lighthouse Navigation has been a success story, and this ownership change is to focus and simplify Belships’ involvement within dry bulk operating businesses. The commercial management of the Belships fleet will continue to be handled in the same manner as today, in cooperation between the offices in Bangkok and Oslo”, said Lars Christian Skarsgård, CEO of Belships.
Last week, Belships expanded its newbuilding orderbook with two more ultramaxes in Japan, lifting its fleet to 40 ships. The vessels are financed through time charter lease agreements, each for seven to ten years, with purchase options during the charter.
