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

Norway’s Belships has secured a lower interest rate on a loan. The Oslo-Stock Exchange listed bulker shipowner and operator Belships has agreed to amend a $90m term loan facility for six vessels, according to a statement.

It is the only senior secured bank loan in the company today. As the shipowner revealed in a press release on Friday May 3, four vessels will remain debt free.

The loan facility has an interest rate of SOFR+195 bps which is 55 bps lower than the previous facility.

Meanwhile, the loan matures in May 2029 and the first instalment is due in 2025. Furthermore, a new undrawn Accordion Tranche of $100m will be available.

Lenders for the loan facility are DNB Bank, Nordea and Sparebank 1 SR-Bank.

Last week, as Shipping Telegraph reported, the owner divested its stake of 50% in Lighthouse Navigation Pte Ltd against a cash consideration which will be paid to Belships over the next 15 months.

As part of the transaction, Belships has acquired 33% of the shares in Lighthouse Navigation Management AS, increasing Belships’ ownership to 67%.

As it is revealed by the shipowner, the closing of the transaction has been completed.