Oslo Stock Exchange-listed Norwegian shipowner and operator Belships chartered out three ultramax bulk carriers for between 5 and 13 months. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships has fixed three (3) ultramax bulk carriers on term deals to increase the company’s revenue backlog. Two charters will commence in October and the third will commence in November. Belships charters the fleet by commercial arm Lighthouse Navigation. Oslo-listed shipowner and operator Belships’ commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. Currently, Oslo-listed shipowner and operator Belships has a fleet of 31 bulk carriers with a carrying capacity of 1.93 million DWT (Deadweight Tonnage). 28-October-2022
Oslo Stock Exchange-listed Norwegian shipowner and operator Belships reported a net profit of $31.6 million in Q2 2022. In Q2 2021, Belships reported a net profit of $22.5 million. Belships reported an operating income of $190.4 million in Q2 2022. In Q2 2021, Belships reported an operating income of $140.4 million. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships stated that the increase in the quarterly report is predominantly driven by the increased freight market and Belships’ increased fleet. Oslo-listed shipowner and operator Belships’s fleet growth and freight rates boosted Oslo-listed shipowner and operator Belships Belships’ profits. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships benefitted from improved charter rates and ship purchases. Belships has reported an increase in profits and revenue in Q2 2022 after expanding the fleet. Belships charters the fleet by commercial arm Lighthouse Navigation. Oslo-listed shipowner and operator Belships’ commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. 22-August-2022
Oslo-listed shipowner and operator Belships has nominated Yngve Aslaksen Gram as a new CFO (Chief Financial Officer) to succeed Osvald Fossholm, who preferred to retire. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships has a fleet of supramax and ultramax bulk carriers. Previously, Yngve Aslaksen Gram worked at Magseis Fairfield and EY. Osvald Fossholm has been Belships’ CFO (Chief Financial Officer) since 2008. Oslo-listed shipowner and operator Belships’ BOD (Board of Directors) thanked Osvald Fossholm for his long tenure. In late May, Lars Christian Skarsgard-led Norwegian shipowner and operator Belships sold another ultramax bulk carrier for around $29 million. Norwegian shipowner and operator Belships reported a net profit of $59 million for Q1 2022. Belships expressed the result was predominantly driven by the improved freight market. Norwegian shipowner and operator Belships’ commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. 10-June-2022
Lars Christian Skarsgard-led Norwegian shipowner and operator Belships’ stock is downgraded from buy to hold by Fearnley Securities. Fearnley Securities praised the Norwegian shipowner and operator Belships’ fleet and administration for doing almost everything right in recent years. However, the uncertainty of the macro-economic climate has prompted Fearnley Securities to trim. Belships charters the fleet by commercial arm Lighthouse Navigation. Oslo-listed shipowner and operator Belships’ commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. In Q1 2022, Oslo-listed shipowner and operator Belships reported Ebitda of $63 million, including $24 million from Lighthouse Navigation. Fearnley Securities anticipates strong Q2 2022 from Belships once again pushed by Lighthouse Navigation. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships has a stellar fleet and administration has done about everything right over the past years, Fearnley Securities believes that there are too many red flags in the dry bulk segment. The fragile Chinese construction sector and overall lower economic growth as posing concerns, especially in Q2 2022. Nevertheless, in long-term, fleet growth and improved scrutiny of older bulk carriers will assist the dry bulk market and especially those shipowners with modern bulk carriers like Belships. 24-April-2022
Norwegian shipowner and operator Belships’ commercial arm Lighthouse Navigation reported EBITDA of $16 million for January and February 2022. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships’ commercial arm Lighthouse Navigation operated 65 vessels during January and February 2022. Lighthouse Navigation has reported a promising start to 2022. For Q1 2022, Oslo-listed shipowner and operator Belships anticipates approximately $23,900 per day for its fleet. Rest of 2022, Norwegian shipowner and operator Belships chartered coverage of about 55% of the entire fleet at $23,000 per day. Norwegian shipowner and operator Belships has no bulk carriers instantly impacted by the war in Ukraine. Oslo-listed shipowner and operator Belships anticipates yielding substantial free cash flow and want to disburse quarterly dividends to shareholders. In Q4 2021, Belships reported net earnings of $59 million. Belships had a bold fleet expansion and fairly high leverage. Currently, Oslo-listed shipowner and operator Belships has a fleet of 27 bulk carriers. Belships charters the fleet by commercial arm Lighthouse Navigation. Oslo-listed shipowner and operator Belships’ commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. 24-March-2022
Oslo-listed shipowner and operator Belships considers the conflict in Ukraine would be harmful to the shipping business. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships wishes for a peaceful and pleasant solution to the situation in Ukraine. Norwegian shipowner and operator Belships can not estimate the short-term effects of the conflict in Ukraine, however, in general, the situation seems negative. Norwegian shipowner and operator Belships controlled bulk carriers trade a lot of freight out of the Black Sea, especially Russia and Ukraine. Norwegian shipowner and operator Belships has been very active in the Black Sea trades. Norwegian shipowner and operator Belships does not have long-term freight arrangements. Therefore, the conflict in Ukraine doesn’t pose a major threat to Belships. In 2021, Belships declared the dividend policy and organized to develop the company. Oslo-listed shipowner and operator Belships has chartered out two-thirds of the company’s fleet in 2022. Belships has been de-risking the company’s earnings for 2022. Shipping market veterans believe Oslo-listed shipowner and operator Belships’ shares are undervalued, based on the company’s cash flows and forward charter agreements. According to Norwegian shipowner and operator Belships, modern secondhand bulk carriers are undervalued. 22-February-2022
Norwegian shipowner and operator Belships sold built ultramax bulk carrier 64K DWT MV Belyamato in the sale and leaseback deal. Ultramax bulk carrier 64K DWT MV Belyamato will be bareboat chartered back to Norwegian shipowner and operator Belships for 10 years. Belships has options to repurchase the 4K DWT MV Belyamato at below present dry bulk market levels but no commitment to do so. Norwegian shipowner and operator Belships will pay a $4 million down payment upon signing the contract with a 4.6% interest rate. The same shipyard will take delivery of 64K DWT MV Belyamato’s sistership MV Belmondo in 2023. In January 2021, Norwegian shipowner and operator Belships decided to sell and lease back 2015 built ultramax bulk carrier 63K DWT MV Belforest and 2016 built ultramax bulk carrier 63K DWT MV Bellight. Currently, Oslo-based shipowner and operator Belships has a fleet of 27 bulk carriers. 14-February-2022
Norwegian shipowner and operator Belships chartered out two bulk carriers on long-term agreements. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships chartered out one supramax bulk carrier for around $21,400 per day for a year. Furthermore, Belships chartered out one ultramax bulk carrier for around $24,800 per day for a year. Olso-listed shipowner and operator Belships did not disclose the name of the two bulk carriers. Norwegian shipowner and operator Belships pursued to secure contract coverage for a long period. Olso-listed shipowner and operator Belships believe the company’s stock is undervalued and these cash flows de-risk Belships’ earnings proposition and ensure to pay out dividends to shareholders. Norwegian shipowner and operator Belships has achieved the crucial fleet modernization ahead of upcoming IMO (International Maritime Organization) regulations. In 2022, Norwegian shipowner and operator Belships covered 62% of the total fleet at an average daily rate of $22,900 net per ship. Belships has a daily cash breakeven of approximately $10,500 per ship. Currently, Belships owns and operates 27 bulk carriers. 23-January-2022
Norwegian shipowner and operator Belships chartered out three (3) ultramax bulk carriers for around one year. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships will earn an average net daily rate of $22,900 per ultramax bulk carrier. Currently, Oslo-listed shipowner and operator Belships has a fleet of 30 bulk carriers that have an average cash breakeven of about $10,500 per day. In Q3 2021, Norwegian shipowner and operator Belships has around 77% of its available ship days booked at about $29,000 per day net. In Q3 2021, shipowner and operator Belships reported a net profit of $35 million. In Q3 2021, freight markets for supramax and ultramax bulk carriers reached the highest freight rates since 2008. Belships anticipates producing notable free cash flow and endeavors to pay quarterly dividends as advertised. 28-November-2021
Lars Christian Skarsgard-led Norwegian shipowner and operator Belships chartered out 2015 built ultramax bulk carrier 63K DWT MV Belpareil and 2015 built ultramax bulk carrier 63K DWT MV Belsouth for two years at a gross rate of $25,500 per day. Oslo-listed shipowner and operator Belships prefer to have commitments with strong blue-chip chartering companies. Norwegian shipowner and operator Belships’ commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. Belships is confident about the supramax and ultramax bulk carrier market. In mid October 2021, Belships chartered out 201 built ultramax bulk carrier 63K DWT MV Belhaven for two years at a gross rate of $26,250 per day. Recently, Oslo-listed shipowner and operator Belships has remained to be active in the S&P (Sale and Purchase) market. Currently, Belships has a fleet of 30 bulk carriers. 21-October-2021
Oslo-listed shipowner and operator Belships acquired two (2) ultramax bulk carriers and promptly sold one of them in a leaseback deal. Belships acquired 2016 built ultramax bulk carrier 63K DWT MV Belisland for around $23 million and sold to a Japanese leasing house. According to Belships, bank financing will be used to fund around 60% of the acquisition price. Belships try to generate value for shareholders. Furthermore, Belships expand the fleet with high-quality bulk carriers, lower costs and secure contract revenue at highly profitable levels which supports Belships’ lately declared dividend policy. Meantime, Belships has exercised the company’s option to acquire an ultramax that Belships has had on long-term bareboat charter and has finally agreed to sell and lease back the MV Belisland. Belships controlled MV Belisland has concluded a long-term charter to potash giant Canpotex in March 2021. Oslo-listed shipowner and operator Belships has been active in the S&P (Sale-and-Purchase) market in 2021. Belships has acquired four (4) ultramax bulk carriers that are under construction as resales, plus secondhand bulk carriers. In May 2021, Belships acquired 2021 built ultramax bulk carrier 61K DWT MV Belforce as resale. Belships’ commercial arm is managed by Lighthouse Navigation. Currently, Belships owns 27 bulk carriers. 14-June-2021
Oslo-listed shipowner and operator Belships reported a net profit of $16.5 million in Q1 2021. Belships has also introduced a dividend scheme. Belships benefited from a robust spot market for supramax and ultramax bulk carriers. Belships announced the company intends to commence giving out around 50% of its net profit in quarterly dividends. Belships understands this dividend policy will create value for shareholders and support the growth. Belships reported 51.6 million in cash and equivalents in Q1 2021 due to accelerated improvements in spot rates. Belships reported a net daily Time Charter Equivalent (TCE) of $12,162 per day per vessel. Belships reported EBITDA of $14.7 million in Q1 2021. Belships’ chartering-arm Lighthouse Navigation reported an operating income of $52.9 million which is above analysts’ estimates. Previously, Belships acquired 2021 built ultramax new-building 61K DWT MV The Belforce. Currently, Belships owns and operates 26 bulk carriers. 27-May-2021
Oslo-listed shipowner and operator Belships acquired 2017 built second-hand geared ultramax bulk carrier. Lars Christian Skarsgard-led Belships believes that a geared ultramax bulk carrier is an excellent fit for the Belships’ fleet and policy. 80% of the 2017 built second-hand geared ultramax bulk carrier’s cost is going to be paid in cash and 20% is going to be compensated with shares. In other words, Oslo listed shipowner and operator Belships is going to issue around 5 million shares at an agreed price of NOK 7.50 per share. Belships is growing its fleet with very limited cash investments. NAV (Net Asset Value) estimates values Lighthouse Navigation, which is Belships’ commercial arm, at about $20 million. Belships calculates that the cash break-even for the 2017 built second-hand geared ultramax bulk carrier is about $9,500 per day including operational expenses. Belships has been watching for more opportunities in the S&P (Sale and Purchase) market. Belships increase the fleet number whilst preserving capital discipline. 7-April-2021
Oslo-listed shipowner and operator Belships sold 2008 built supramax bulk carrier 50K DWT MV Belfort for around $7 million. Norwegian shipowner and operator Belships has been renewing its fleet and MV Belfort was one of its oldest bulk carriers in the fleet. Belships is led by Lars Christian Skarsgaard. Belships also controls MV Belfort’s sistership 2008 built supramax bulk carrier 50K DWT MV Belorient. In 2019, MV Belfort entered Belships’ fleet as part of the company’s merger with Lighthouse Navigation which has been performing the Belships’ commercial operations. Currently, Norwegian shipowner and operator Belships controls a fleet of 14 owned bulk carriers. 17-January-2021
Oslo-listed shipowner and operator Belships reported a net loss of $4.2 million for Q3 2020. Previously, in Q2 2020, Belships reported a net loss of $14.5 million. Lars Christian Skarsgard led Belships’ net loss occurred due to post-coronavirus recession, weak freight rates, and a massive impairment charge. In Q3 2020, the average Baltic Supramax Index (BSI) TCE (Time-Charter Equivalent) rate was 81% higher than Q2 2020. Belships’ long-term forecast remains encouraging due to historically low supramax new-building order-book. Furthermore, supramax and ultramax bulk carriers order-book is anticipated to be around 5% between 2020 and 2022, which will be the lowest rate of supply growth since the 2000s. Additionally, the Chinese government’s economic stimulus is assumed to support a recovery in shipping demand between 2021 and 2022. Oslo listed shipowner and operator Belships’ fleet saw recovered earnings in Q3 2020, compared to Q3 2019. Belships has a portfolio of period charter coverage in addition to profits earned by Belships’ chartering-arm Lighthouse Navigation. In Q3 2020, Belships reported TCE (Time-Charter Equivalent) earnings of $9,067 per ship per day. Belships’ chartering-arm Lighthouse Navigation’s earnings estimated around 55% of Belships’ $101 million Net Freight Revenues so far in 2020. Belships’ chartering-arm Lighthouse Navigation has opened offices in Singapore, Melbourne, and Oslo. Furthermore, in Q4 2020, Belships’ fleet 75% of its available days have been chartered-out at around $9,000 per day. Belships’ fleet grows with moderate cash investments which provides a competitive advantage to Belships. 10-November-2020
Oslo-listed shipowner and operator Belships’ commercial arm Lighthouse Navigation opened an office in Oslo for chartering, cargo trading, liner services. Belships’ commercial arm Lighthouse Navigation also has an office in Bangkok that focuses on the Far East market. However, Lighthouse Navigation Oslo office is going to focus on the Atlantic market. Lighthouse Navigation Oslo office has been mostly designated with former Western Bulk employees. This week, Belships’ commercial arm Lighthouse Navigation has taken over the management of seven (7) handysize bulk carriers owned by New York-listed SFL Corporation. Belships is led by CEO Lars Christian Skarsgard. In Q2 2020, Oslo-listed Belships’ earnings took a hit due to the coronavirus recession. Primarily, Belships focus on supramax and ultramax bulk segment. Belships is open to expanding further and Belships has the capacity to add a further bulk carriers in its fleet. Currently, Oslo listed shipowner and operator Belships has a fleet of 23 bulk carriers. 15-September-2020
New York-listed John Fredriksen backed SFL Corporation’s handysize bulk carriers commercial management has been transferred to Oslo listed shipowner and operator Belships’ operating arm Lighthouse Navigation. Previously, SFL Corporation’s handysize bulk carriers were controlled by John Fredriksen backed Golden Ocean. However, Golden Ocean focuses on panamax and capesize sector, not handysize sector. Golden Ocean was temporarily managing handysize bulk carriers of SFL Corporation. SFL Corporation deems that Belships’ operating arm Lighthouse Navigation will better serve the seven (7) handysize bulk carriers. Belships’ commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. 14-September-2020
Oslo-listed shipowner and operator Belships reported a $14 million net loss in Q2 2020 due to coronavirus recession. Belships’ loss was also impacted by a $5 million non-cash impairment for its four (4) vintage bulk carriers. In Q2 2020, weak freight rates during the due to coronavirus recession caused a loss, even though Belships exceeded the Baltic Supramax Index’s (BSI) average earnings in Q2 2020. Shipping demand was thwarted by lockdowns and a well-known slowdown in economic activities. According to Belships, scrapping practically came to halt during the coronavirus recession. In Q2 2020, Belships was expecting a challenging quarter and also foreseeing a significant improvement in Q3 2020. In Q2 2020, Belships reported TCE (Average Time-Charter Earnings) at $6,927 per day per ship, while the Baltic Supramax Index’s (BSI) TCE (Average Time-Charter Earnings) at $5,210 per day per ship. Belships outperformance of the Baltic Supramax Index (BSI) is due to the outsized spot earnings gained by sister company Lighthouse Navigation. In Q2 2020, Belships earned $2 million from FFA (Forward Freight Agreements) per ship. At the beginning of 2020, Belships hedged its spot exposure by selling FFA (Forward Freight Agreements) contracts maturing from Q2 2020 to Q1 2021. Belships is optimistic about the near future because Belships has fixed 90% of its available days in Q3 2020 and has hired at around $9,000 net per day. Belships has fixed 40%of its available days in Q4 2020 has hired at around $11,000 net per day. 19-August-2020
Norwegian investor Jakob Hatteland-led Hatteland Group purchased 5 million shares of Oslo listed shipowner and operator Belships from major shareholder Frode Teigenat for $0.60 per share. The transaction drives Jakob Hatteland-led Hatteland Group’s total to 11 million shares or 5.18% of Belships. Currently, Japanese shipyard Imabari Shipbuilding has a 7% stake in Belships as part payment for a new building. Lars Christian Skarsgard led Belships is delighted to expand its shareholder base. Belships’ main shareholder Frode Teigenat companies Kontrari and Kontrazi still have a total of approximately 60% of the shares in Belships. In 2018, Frode Teigenat’s Lighthouse Navigation merged with Belships. After Frode Teigenat, Wenaas Group is the second-largest shareholder (8.5%), and Sverre Jorgen Tidemand’s company is the third-largest shareholder (8.2%) of Belships. Currently, Belships controls around 24 bulk carriers. 29-April-2020
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 the 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 a bareboat charter to Istanbul based shipowner and operator Marti Shipping & Ship Management. According to the 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. 12-December-2019
Oslo-listed shipowner and operator Belships sold supramax bulk carrier as bareboat-sale deal. Belships bareboat charter 2006 built supramax bulk carrier 50K DWT MV Beleast and then sold to the same counter-party, Istanbul based Marti Shipping & Ship Management. Marti Shipping & Ship Management has agreed to take MV Beleast on charter with an obligation to buy the ship within two (2) years. Lars Christian Skarsgard led Belships stated that bareboat charter is due to begin in Q4 2019 and will write a gain of about $4 million. Net cash flow during the period will be approximately $3.5 million after the repayment of outstanding loans. After the sale of MV Beleast, Norwegian shipowner and operator Belships left with a fleet of 22 supramax and ultramax bulk carriers including new-buildings. 8-October-2019
Oslo-based shipowner and operator Belships is adding to its fleet with charter deals for two (2) ultramax bulk carrier new-buildings. 61K DWT ultramax bulk carrier new-buildings will be constructed in Japan in Q4 2019 and Q1 2020 respectively. 61K DWT ultramax bulk carrier new-buildings will be brought in on seven (7) year bareboat charters. Estimated cash break-even for the 61K DWT ultramax bulk carrier new-buildings will be about $11,000 per day per ship including operational expenses. Norwegian shipowner and operator Belships will be paying $3 million per ship prior to delivery in Q4 2019 and Q1 2020. 61K DWT ultramax bulk carrier new-building agreements come with purchase options below current market values. Belships’ purchase options can be exercised from the fourth year until the end of the charter term. Belships is led by CEO Lars Christian Skarsgard. CEO Lars Christian Skarsgard is very pleased to continue the growth and fleet renewal of Belships with two (2) ultramax bulk carrier new-buildings with the highest quality being delivered. In July 2019, Belships extended an expansion drive under Norwegian shipping magnate Frode Teigen’s ownership with the addition of an ultramax bulk carrier newbuilding. Belships will be taking ultramax bulk carrier on a 10-year bareboat charter. 64K DWT ultramax bulk carrier will be constructed in the Japanese shipyard and will be delivered during the second half of 2021. After these transactions, Belships has a fleet of 22 supramax and ultramax bulk carriers, including four (4) new-buildings. Belships has reported operating income of $29.6 million in the Q2 2019, against $21 million in Q2 2018. Belships has reported a net profit of $0.1 million in Q2 2019, against a loss of $0.1 million in Q2 2018. Belships has reported net time-charter earnings per ship were $10,996 per day versus the net BSI index of $8,167 per day. Belships has reported a cash breakeven point of $7,000 per day, while 90% of ship days in the Q3 2019 have been booked at $11,250 per day. Norwegian shipowner and operator Belships Group’s commercial arm is based in Bangkok, Lighthouse Navigation acts as exclusive commercial managers for the Belships fleet and as an operator for a fleet of chartered-in Ultramax, Supramax, Handysize bulk carriers. Lighthouse Navigation was established in 2009. Furthermore, Belships Management Singapore will soon have the technical management of all the fleet. 2-September-2019
Tidemand family has appealed to the Oslo Stock Exchange resolution regarding their failed bid to take over Belships. Belships has since merged with Frode Teigen’s Lighthouse. Frode Teigen takes a $70 million stake in Belships after closing merger with Lighthouse. Tidemand family claims Oslo Stock Exchange’s rules on sales of large shareholdings fail to protect the interests of minority shareholders of Belships. Kristin Tidemand explained that Belships case of material importance to all investors in the Norwegian stock market. Belships case addresses the question of how legitimate it is to give certain main shareholders the benefit of being paid above market values prior to a merger transferring control to the new main shareholder, while the minority shareholders are left with no option to exit in a falling market. A few other minority shareholders in Belships have endorsed Tidships’ submission to Oslo Stock Exchange Appeals Committee. Kristin Tidemand, her father Otto Tidemand, and her sister Caroline Tidemand own a 10.6% stake in the Oslo-listed bulk carrier shipowner Belships through Tidships. Tidships launched an unsuccessful takeover bid for Belships in 2018. In February 2018, Tidships’ bid was prompted when Sverre Tidemand and brother of Otto Tidemand hired ABG to undertake a strategic review of his 67.05% Belships stake, which was held by his company Sonata. Sonata rejected Tidships’ offer of NOK 5.50 ($0.64) per share for all Belships’ outstanding shares. Later on, Sonata sold a 30.2% stake at NOK 7.00 ($0.82) per share to Kontrari. Kontrari is an entity that is owned by the investor and shipowner Frode Teigen. In September 2018, Tidships filed a protest with Oslo Stock Exchange. Tidships complained that the deal should have triggered a voluntary offering from Frode Teigen’s Kontrari to all other shareholders at the offer price and asked the exchange to request such an offering. Oslo Stock Exchange declined on the basis that voluntary offerings are triggered only when more than 33.3% of an Oslo-listed company is offered for sale. Belships’ stock sale to Kontrari, which has a 69.8% shareholding subsequent to the transaction, was subject to Belships merging with Frode Teigen’s dry cargo shipping operation, Lighthouse Shipholding. 10 December 2018, Belships merger with Lighthouse was closed on. Currently, Belships has 8 supramax and 9 ultramax bulk carriers. 18-July-2019
Norwegian shipowner and operator Belships shows 2020 hand with bunker price hedge instead of installing expensive scrubbers. Oslo-listed Belships has inked a deal to hedge the price differential between compliant 0.5% sulfur fuel oil and 3.5% sulfur fuel oil. Belships’ CEO Lars Christian Skarsgard explained that “bunker price hedge” is a more efficient and cost-effective way, where Belships will not have to take any ships out of service. Norwegian shipowner and operator Belships mainly operate supramax bulk carriers and prefer to “bunker price hedge” which will not be required to invest in much-hyped scrubber technology. Nasdaq-listed Eagle Bulk Shipping is one of the outliers in the supramax sector in opting for the scrubber technology. Scrubbers are mainly preferred on among the larger bulk carriers. Belships says its initial move has secured exposure for 24,000 tons of bunkers for 2020 at a fixed price differential of $198 per ton. Belships’ trading fleet will be physically ready by January 2020 to comply with the International Maritime Organisation (IMO) sulfur cap regulations. According to Belships, bunker price differential hedge reduces downside risks and represents an efficient alternative to costly installations of scrubbers, whilst retaining full utilization of the fleet and the flexibility to adjust the position as the market develops. Installing scrubbers would cost Belships around $3 million to $4 million per ship to fit scrubbers on its supramax bulk carriers. Furthermore, these supramax bulk carriers would be at the shipyard for 3 to 4 weeks each to install scrubber. Norwegian shipowner and operator Belships has been a dominant player in the supramax sale and purchase market. Belships has a fleet of 18 bulk carriers and 1 newbuilding for delivery in 2020. Oslo listed Belships was historically known for employing ships on period deals. Belships’ charter strategy is more mixed after the merger with spot cargo focused Lighthouse. 12-May-2019
Norwegian shipowner and operator Belships’ CEO Ulrich Muller is resigning after more than seven years. Last week, Frode Teigen completed the takeover of Belships for $70 million after closing a merger with Lighthouse. CEO Ulrich Muller will remain at Belships until a successor is found. Norwegian shipowner and operator Belships has initiated work to find a replacement for CEO Ulrich Muller immediately. CEO Ulrich Muller has been in charge at Belships since May 2011 and boasts a 35-year career in shipping including stints at Viken Marine, Spar Shipping, and the Grieg Group. 17-December-2018
Frode Teigen’s Lighthouse is merging a fleet of ultramax and supramax dry bulk carriers into Sverre Tidemand’s Oslo-listed Belships. A merger plan in order to bring two profitable shipowning companies and a ship management company was agreed between Sverre Tidemand’s Oslo-listed Belships and privately-owned Lighthouse. Lighthouse and Belships merger will create a shipping company with a fleet of 16 dry bulk carriers. Norwegian shipowner and operator Lighthouse Shipholding AS is led by Frode Teigen. Lighthouse Shipholding AS’s chartering is controlled by Lighthouse Navigation which is based in Thailand and Dubai. Lighthouse Navigation is also included in the merger. Lighthouse Navigation manages both the Lighthouse ships and chartered in vessels. Lighthouse Shipholding AS was established in 2013 in Norway and ordered ultramax dry bulk carriers at the Chinese Shipyard Jiangsu Hantong Ship Heavy Industry. Lighthouse Shipholding AS’s fleet consists of ultramax dry bulk carriers 63K DWT MV Indian Light, MV Baltic Light and MV Atlantic Light, Northern Light and MV Southern Light. All Lighthouse Shipholding AS ultramax dry bulk carriers will merge into Belships. Norwegian shipowner and operator Lighthouse Shipholding reported a profit of $10.7 million in 2016 and a further $11.5 million in 2017. Sister company Lighthouse Shipholding II AS is the owner of supramax dry bulk carriers 50K DWT MV Orient Light, MV Bering Light, MV Pacific Light, and MV Eastern Light. Norwegian Lighthouse Shipholding II AS was established in 2016 in order to acquire second-hand dry bulk carriers. Norwegian Lighthouse Shipholding II AS reported a profit of $300K in 2016 and $500K in 2017. Lighthouse and Belships merger will create an increased earnings capacity and provide opportunities to realize synergies through improved cost efficiency. Belships has 6 dry bulk carriers trading on long-term deals with Canpotex and Cargill. Belships reported a profit of $6.34 million in 2017 and a loss of $14.59 million in 2016. Frode Teigen’s investment vehicle Kontrari will hold a near 69% stake in the merged company of Lighthouse and Belships, with Sverre Tidemand’s Sonata left with just below 10%. 16-December-2018
Norwegian Teigen family’s Lighthouse Shipholding has purchased 2 supramax dry bulk carriers built-in 2008. Lighthouse Shipholding bought 50K DWT MV Orient Light (ex MV Saturnus) and MV Bering Light (ex MV Serpentine) from compatriot owner Seven Seas Carriers. CEO Frode Bjorklund does not mention the price tag of the supramax dry bulk carriers. According to current market vessels are around $24 million. Bergen-based Seven Seas Carriers has sold 2 supramax dry bulk carriers in order to concentrate on newer Japanese built ships. After the sale, Seven Seas Carriers has left with a fleet of 2 ships. Lighthouse Shipholding started building its fleet in 2014 by ordering 5 ultramax dry bulk carriers 64K DWT at Chinese shipyard Jiangsu HantongShip Heavy Industry Co. for about $25 million each. In November 2016, Lighthouse Shipholding acquired 2007 built MV Pacific Light (ex MV Embdens Welvaart) for just $4.8 million. The Lighthouse Shipholding fleet is operated by Lighthouse Navigation in Thailand. Norwegian Teigen family was a major shareholder in Thoresen Thai Agencies. Norwegian Teigen family sold out its stake in 2005 for about $190 million. 6-March-2018