Norwegian shipowner Belships strikes a deal to sell the Ultramax bulk carrier “Belvedere” a ship that has been bought one year ago.
The 2015-built vessel is expected to be delivered to an unnamed buyer in the third quarter of 2023.
The price was not given, but is slightly above book value, Belships added, and net cash proceeds will be about $10.0m after repayment of the outstanding loan.
The shipowner also reveals an index-linked new charter for a period of about one year with a rate equal to 115 per cent of the Baltic Supramax Index.
“Belships acquired Belvedere one year ago and the investment has yielded a return on equity of about 20 per cent, displaying our ability to source accretive transactions with efficient use of capital. The current freight market is relatively low, and we have therefore chartered out one of our vessels on a variable rate structure as we expect improved market conditions during the contract period,” said Lars Christian Skarsgård, CEO of Belships ASA.
Skarsgård added that ”we are comfortably positioned with significant fixed-rate contract coverage for the fleet in the meantime”.
Belships’ fixed-rate contract coverage for the next four quarters stands at 78 per cent, at a gross rate of $18 300 per day per vessel.
Including four newbuild vessels to be delivered between 2024-2026, Belships’ fleet consists of 34 modern Supra/Ultramax bulk carriers, with cash breakeven for 2023 of about $10 900 per day per vessel.
