Belships Back in Japan For More Ultramax Bulker Tonnage by Shipping Telegraph

Norway’s Belships will become a pure-play owner of ultramax bulk carriers following its latest vessel sales.

The company said it had agreed to offload the 2016-built, 58,000-dwt supramax bulk carriers Belfriend and Beltide, to an undisclosed buyer, for $28.3m per vessel.

The delivery is set for the third quarter of 2024, and the shipowner will realise a gain of approximately $3m per vessel.

As it is revealed by the owner, both vessels are free of debt, therefore total cash proceeds to the company will be $56.6m.

Lars Christian Skarsgård, chief executive of Belships ASA, said: “Belships acquired these two vessels in 2021 and the investment has yielded a return on equity of more than 100 per cent, displaying our ability to source accretive transactions and efficient use of capital.

“The extraordinary return is mainly due to prudent contract coverage ensuring higher earnings compared to the spot market.”

The Belships fleet will count 38x vessels, and consist purely of ultramax bulk carriers, including the 10x newbuildings to be delivered between 2024-2028.

Source: Belships