Belships bought two ultramaxes

Oslo listed shipowner and operator Belships has added another two (2) ultramax dry bulk carriers to its fleet. Both ultramax dry bulk carriers will enter the Belships’s fleet in 2020. Since July 2019, Belships has ordered a total of six (6) Japan-built ultramax dry bulk carriers to its fleet. Lars Christian Skarsgard led Belships also has signed letters of intent (LOI) to buy a 2017 built ultramax bulk carrier for $24.5 million. Belships plans to finance up to 60% of newbuilding orders’ purchase price using the accordion tranche of a $140 million loan it secured in March 2019. Belships has expanded the business with Lighthouse Navigation merger which has proven to be a great platform for commercial activities. Besides newbuilding orders, Belships take another ultramax dry bulk carrier on a 10-year bareboat charter for $3 million. Bareboat charter deal comes with purchase options at below current market values, which can be exercised after the fourth year until the end of the charter. Bareboat chartered ultramax dry bulk carrier will be delivered from a Japanese shipyard during the second half of 2020. Belships explained that the estimated cash breakeven for the bareboat chartered ultramax dry bulk carrier upon delivery will be about $10,750 per day including operational expenses. According to CEO Lars Christian Skarsgard, Belships will continue to expand and renew its fleet whilst maintaining capital discipline.
In another deal, Belships delivered 2006 built supramax bulk carrier 50K DWT MV Beleast as bareboat charter to Istanbul based shipowner and operator Marti Shipping & Ship Management. According to bareboat charter agreement, Marti Shipping & Ship Management has an obligation to purchase the MV Beleast within two years. Belships make a net gain of around $3.5 million, after outstanding debt on the MV Beleast has been repaid