New loan sees Belships earmark $30m for fleet expansion

New loan sees Belships earmark $30m for fleet expansion

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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