Norway’s Belships, which merged with Lighthouse Group late last year, has secured a $140m loan facility.
Belships says that $110m will be used to replace an existing $105m loan and strengthen its working capital. The other $30m will be used for fleet expansion.
Belships currently owns twelve drybulk vessels, all supramaxes and ultramaxes, and has three ultramaxes on charter with purchase options. It also has a newbuild ultramax set to deliver next year.
The company says it is “actively pursuing an expansion strategy and expects to acquire additional supramax and/or ultramax vessels going forward”.
With the new facility in place, Belships says it can stay cash positive at a day rate of around $7,000 for the remaining open ship days in the coming two years.