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

Oslo Stock Exchange listed bulker shipowner and operator Belships has 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.

Lars Christian Skarsgård, chief executive officer of Belships ASA, said: “Ever since incorporation Lighthouse Navigation has been a success story, and this ownership change is to focus and simplify Belships’ involvement within dry bulk operating businesses.

“This is a transaction conducted in good spirit, and the commercial management of the Belships fleet will continue to be handled in the same manner as today, in co-operation between the offices in Bangkok and Oslo.”

Last week the shipowner has expanded its newbuilding program with two new 64 000 dwt ultramax bulk carriers, which will be delivered in 2028.

As the top management of the company says, “the vessels are leased on similar terms as previously announced transactions, and Belships is not required to make any down payments for these vessels.”

The agreements are conditional upon certain steps to be completed by the parties involved.

Belships now has a total of 10x newbuildings under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are leased on time charter for a period of seven to ten years from delivery, with purchase options around current market levels.

Furthermore, there is no obligation to purchase any of the vessels.