Fleet Financing

BELCO) fleet extension and time charter

Belships has entered into agreements for the acquisition of two bulk carriers of around 58,000 dwt built in 2016 by a Japanese shipyard. Both vessels successfully passed dry dock surveys in 2021. Delivery is scheduled for late November 2021. The agreed purchase price is USD 28.0 million for each vessel. The intention is to use bank financing up to 60 percent of the purchase price. The estimated break-even point for each ship upon delivery is approximately $ 9,000 per day, including operating costs. The agreement is conditional on the usual closing steps to be completed by the parties concerned.

BELMAR delivered the Imabari shipbuilding in September and subsequently entered into a time charter contract of approximately 5-7 months at a gross rate of USD 41,000 per day.

“The vessel acquisitions add to the company’s increasingly attractive earnings outlook and show Belships’ ability to seek accretive transactions with short lead times and efficient use of capital,” said Lars Christian SkarsgÃ¥rd, CEO of Belships .

Belships has a uniform and modern fleet of bulk carriers well positioned to capitalize on a strong dry bulk market. After the completion of all announced transactions, Belships’ fleet will consist of 29 Supramax / Ultramax bulk carriers, with an average age of 4 years and an average breakeven point of approximately USD 10,500. Our strategy is to develop Belships as an owner and operator of gear bulk. carriers, through the quality of operations and seek profitable growth opportunities with the aim of maximizing shareholder value. Based on current market expectations, we expect to generate significant free cash flow and aim to pay quarterly dividends as announced with our dividend policy.

For more information, please contact Lars Christian SkarsgÃ¥rd, CEO of Belships, phone +47 977 68 061 or e-mail [email protected]

This stock market announcement was published by Edwin Johansen, Head of Accountancy at Belships ASA on October 4, 2021 at 07:00 CET.

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.

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