Belships Adds 20th Vessel to its Fleet

Norwegian shipping company Belships has agreed a 10-year bareboat charter for a newbuilding  64,000 dwt ultramax as it seeks to expand.

The vessel, that would be the company’s 20th unit, is scheduled for delivery by a Japanese shipyard during the second half of 2021.

The Oslo-based owner of geared bulkers said in a press statement that the estimated cash breakeven for the Vessel upon delivery is about Usd 11,250 per day including operational expenses. The agreement comes with attractive purchase options which can be exercised as from the fourth year till the end of the charter.

"In addition to signalling the superior ship financing available to Belships, we see this transaction as an option to buy a vessel at today’s market levels without deploying any of the of the company’s cash until delivery," said Belships CEO, Lars Christian Skarsgård.

Following the transaction, the Belships fleet will count 20 Supramax/Ultramax bulk carriers, including a newbuilding being delivered from Imabari Shipbuilding, Japan in the first half of 2020.

Belships strategy going forward is to grow accretively as a fully integrated shipowner and operator of geared bulk carriers.