Skip to main content

Belships ASA: Purchase Option Declaration and Fleet Expansion

Written by Customer Service on . Posted in Public Companies.

Belships has declared a purchase option for BELMAR, which has been leased since its delivery as a newbuilding in 2021. The purchase price is USD 25.5m and the vessel will be taken over in Q4 2024. The acquisition will be financed from the company’s available cash.

Furthermore, Belships has agreed to acquire a Japanese-built Ultramax of 64 000 dwt built in 2024 from an unrelated party. The purchase price is USD 41.0m and the vessel will be delivered within Q1 2025. The intention is to utilise our available Accordian Tranche which implies financing for 60 per cent of the purchase price and the remaining will be financed from the company’s available cash.

The sale of the two Supramax vessels BELFRIEND and BELTIDE announced previously are expected to be handed over to their new owners within Q3 2024. As the vessels are free of debt the sales proceeds of USD 56.6m will add to Belships’ strong cash position.

Lastly, Belships has expanded its newbuilding program with two new 64 000 dwt Ultramax bulk carriers which will be delivered in 2027 and 2028. The vessels are leased on similar terms as previously announced transactions, and Belships is not required to make any down payments for these vessels. Belships now has a total of 12x newbuildings under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are 100 per cent financed through lease agreements for 7 to 10 years with purchase options. Belships is not using any equity, therefore this will not have any impact on cash and dividend capacity during the construction period.

“These acquisitions add to a pipeline of growth, increasing our company’s fleet and earnings potential by a third over the next few years. Access to the highest-quality vessels and shipyards combined with financing is our competitive advantage, and we firmly believe this will continue to create value for our company and shareholders,” said Lars Christian Skarsgård, CEO of Belships ASA.

Including the announced transactions, and newbuilding program, the Belships fleet will count 41x vessels consisting entirely of Ultramax bulk carriers with an average year of build of 2021.

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.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.