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Belships ASA acquires two bulk carriers and announces time charter contract for newbuilding

Photo of eBlue Economy eBlue Economy Send an email 04/10/2021Last Updated: 03/02/2023
1 minute read
eBlue_economy_Belships ASA acquires two bulk carriers
eBlue_economy_Belships ASA acquires two bulk carriers
Belships has entered into agreements for the acquisition of two bulk carriers of about 58,000 dwt built-in 2016 by a Japanese shipyard. Both vessels have passed dry docking surveys during 2021. Delivery is expected by end of November 2021. The agreed purchase price is USD 28.0m for each vessel. The intention is to utilize bank financing for up to 60 percent of the purchase price.
The estimated cash breakeven for each vessel upon delivery is about USD 9,000 per day including operational expenses. The agreement is conditional upon customary closing steps to be completed by the parties involved.
BELMAR delivered from Imabari Shipbuilding in September and subsequently entered into a time charter contract for about 5-7 months at a gross rate of USD 41,000 per day.

Lars Christian Skarsgård

“The vessel acquisitions add to the company’s increasingly compelling earnings prospects and display Belships’ ability to source accretive transactions with short lead time and efficient use of capital,” said Belships CEO, Lars Christian Skarsgård.

Belships has a uniform and modern fleet of bulk carriers well-positioned to capitalize on a strong dry bulk market. Following completion of all announced transactions, the Belships fleet will count 29 Supramax/Ultramax bulk carriers, with an average age of 4 years and average cash breakeven of about USD 10 500. 

imabari Archives – gCaptain

Belships ASA provides shipping transportation services in a global market with customers and partners from all parts of the world.

Belships’ strategy going forward is to grow accretively. The recent acquisitions and share issues will, in accordance with the Group`s shareholder strategy, expand Belships` shareholder base and improve share liquidity.

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Photo of eBlue Economy eBlue Economy Send an email 04/10/2021Last Updated: 03/02/2023
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