Belships Acquires Three New Bulk Carries

Norway-based Belships announced it has entered into agreements for the acquisition of three new Ultramax bulk carriers. The 64,000 dwt vessels are currently being constructed at Japanese shipyards and are scheduled for delivery in Q4 2024,  Q4 2025 and Q1 2026.

The vessels are fully financed through time charter lease agreements, each for a period of 7 up to 10 years, with purchase options at current market levels during the charter. There is no obligation to purchase the vessels. Belships is not required to make any down payment for this transaction. Cash breakeven for the vessels upon delivery will be about $14,000 per day. The agreements are conditional upon certain steps to be completed by the parties involved.

“We are able to increase our fleet without investing any cash, this will therefore not affect our dividend capacity in the near future,” said Belships CEO, Lars Christian Skarsgård. “We also believe the best way for us to approach the green shift is to acquire the most efficient vessels available and pair it with a financing structure which gives us a bridge to the future with optionality and flexibility.”

Belships said it will be taking over new vessels while the orderbook and supply side approaches the lowest levels seen in 30 years.

Including announced transactions, Belships' owned fleet will consist of 34 Supra/Ultramax bulk carriers with an average of about 4 years.