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

Norway’s Belships has added more vessels to its fleet portfolio after securing a variety of purchase deals. The owner has agreed to buy two ships and to expand its newbuilding program with delivery time between 2027 and 2028.

Lars Christian Skarsgård, chief of Belships revealed the company’s plan to declare a purchase option for Belmar, which has been leased since its delivery as a newbuilding in 2021, at a prise of $25.5m.

The ship will be taken over in the fourth quarter of 2024.

The owner plans to finance the ship from the company’s available cash.

Meanwhile, it agreed to buy a Japanese-built ultramax of 64000-dwt built in 2024 from an unrelated party at a price of $41.0m.

The ship is expected to be delivered within the first quarter of 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 owner said.

Furthermore, the company revealed that the two supramax ships Belfriend and Beltide are expected to be handed over to their new owners, after the announced sale, within the third quarter of 2024.

“As the vessels are free of debt the sales proceeds of $56.6m will add to Belships’ strong cash position,” Belships said.

As far as the company’s newbuilding program, the shipowner disclosed that has expanded its newbuilding program with two new 64000-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.

The company has a total fleet portfolio of 12x newbuildings under construction at Japanese shipyards, with delivery between 2024 and 2028.

Belships said that all vessels are 100% financed through lease agreements for seven to ten 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,” it added.

“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,” noted chief Lars Christian Skarsgård.