Norwegian owner Belships has sealed a deal to sell and lease back its ultramax newbuilding, Belyamoto, which is scheduled for delivery in November 2022. The Oslo-listed firm said the bareboat charter is for 10 years with options to repurchase the vessel at below current market levels.
The lease deal has a fixed interest rate with an average cost of 4.6%, and there are no purchase obligations at the end of the charter. Belships added it will pay $4m as a downpayment upon signing the agreement, which is expected to close in Q1 2022.
Earlier this year, Belships entered into a sale and leaseback deal for another two ultramax bulkers, with a net cash effect of about $14m. The company has a fleet of 27 supramax and ultramax bulkers with an average age of less than 4 years and an average cash breakeven of about $10,000.