Belships ASA: Divestment of two supramax vessels and period charter contract

01/12/2021

Belships has entered into agreements for the sale of BELSTAR and BELNOR. The 58 000 dwt bulk carriers were built in 2009 and 2010, and are the oldest ships in Belships' fleet.

Delivery is expected to occur between December 2021 and January 2022 and Belships will realise a gain of approximately USD 5.1m in Q4 2021 and USD 5.9m in Q1 2022.

Total net cash flow after delivery of the vessels will be approximately USD 24.5m after repayment of outstanding loans.

Belships has entered into agreement for a period time charter contract for one of our vessels for a period of about 11-13 months at a gross rate of USD 25 000 per day. The contract is expected to commence within end December 2021.

The contract coverage for 2022 stands at about 50 per cent at an average rate of USD 23 000 net per day per vessel meaning that the cash breakeven for remaining open days is now well below zero.

"These transactions solidify Belships' position, with a strong balance sheet and the most modern fleet within our segment. We will continue the strategic approach to develop our company, with the aim of maximising returns for our shareholders," said Belships CEO Lars Christian Skarsgard.

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

This stock exchange announcement was published by Edwin Johansen, Accounting Manager in Belships ASA on 1 December 2021 at 23:05 CET.

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

Belships ASA press release