Belships Acquires Two Bulk Carriers

Belships said Tuesday it has entered into agreements to acquire two secondhand Ultramax bulk carriers.

The two ships, which were built at Japanese shipyards in 2015 and 2017, are currently financed through time charter lease agreements with purchase options "significantly below current market levels", according to Belships.

The Oslo-based shipowner said it will pay a total of $15.5 million as downpayment upon delivery of the vessels, which is expected within July 2022. The company said it intends to declare purchase options for both bulkers during the next few months and refinancing to cover the purchase option amounts.

Lars Christian Skarsgård, Belships CEO, said, "These agreements are immediately accretive for Belships’ shareholders and displays our ability to source transactions with short lead time and efficient use of capital. We expect the acquisitions will contribute to our earnings capacity and ability to pay dividends, which is the main objective."