Skip to main content

Belships ASA: Commercial update

Written by Customer Service on . Posted in Public Companies.

Belships has entered into an agreement for the sale of BELVEDERE, an Ultramax bulk carrier built in 2015. Delivery is expected to occur within Q3 2023 and the sales price is slightly above the book value. Net cash proceeds will be about USD 10.0m after repayment of outstanding loan.

BELISLAND has commenced an index-linked charter for a period of about one year with a rate equal to 115 per cent of the Baltic Supramax Index. Belships has the option to convert any part of the firm period to a fixed rate based on the prevailing FFA curve from time to time.

“Belships acquired BELVEDERE one year ago and the investment has yielded a return on equity of about 20 per cent, displaying our ability to source accretive transactions with efficient use of capital. The current freight market is relatively low, and we have therefore chartered out one of our vessels on a variable rate structure as we expect improved market conditions during the contract period. We are comfortably positioned with significant fixed-rate contract coverage for the fleet in the meantime,” said Lars Christian Skarsgård, CEO of Belships ASA.

Belships’ fixed-rate contract coverage for the next four quarters stands at 78 per cent at a gross rate of USD 18 300 per day per vessel.

Including four newbuildings to be delivered between 2024-2026, the fleet consists of 34x modern Supra/Ultramax bulk carriers with cash breakeven for 2023 of about USD 10 900 per day per vessel.

For further information, please contact Lars Christian Skarsgård, CEO, Belships ASA, phone +47 977 68 061 or e-mail LCS@belships.no

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.