Belships

CEO Lars Christian Skarsgard has increased his stake in Belships, a prominent player in the bulk shipping industry, through strategic stock purchases. Holding both shares and options, Lars Christian Skarsgard’s total investment in Belships now stands impressively at $566,000. In a move that underscores his confidence and commitment to the company’s growth, the Belships CEO has recently augmented his investment by acquiring additional shares. Belships operates as a key entity in the global maritime sector, specializing in the ownership and management of dry bulk vessels. The company is renowned for its efficient and sustainable fleet operations, catering to international trading requirements. With a strategy focused on fleet expansion and operational excellence, Belships has established itself as a reliable partner in the dry bulk market. In a significant transaction that highlights the executive’s bullish outlook on Belships, a recent filing revealed that Torinitamar, a corporation closely linked with Skarsgard, secured 50,000 shares at the equivalent of $2.06 each, amounting to a substantial investment of $103,000. This investment not only reflects Skarsgard’s personal belief in the company’s potential but also strengthens his position and influence within the organization. Belships, listed on the Oslo Stock Exchange, continues to demonstrate resilience and ambition in its operational and strategic endeavors. With a clear focus on expanding its fleet and enhancing its service offerings, the company is well-positioned to navigate the complexities of the maritime industry. Under the leadership of Lars Christian Skarsgard and with ongoing investments signaling strong internal confidence, Belships is poised for sustained growth and success in the competitive bulk shipping sector. 27-February-2024

 

The Oslo-listed shipowning and operating company, Belships, has announced the chartering of three of its bulk carriers, each for a minimum duration of one year. Under the leadership of Lars Christian Skarsgård, Belships has secured index-linked contracts for three ultramax bulk carriers, set to commence in February and March 2024. These vessels, currently under fixed-rate charters and not specifically named, are expected to generate revenue at a premium of 116 to 120% above the Baltic Supramax Index. This strategic move was highlighted in Belships’ Q4 2023 earnings report and increases the company’s engagement in floating index-linked contracts to nine bulkers. Norwegian shipowner and operator Belships’ fleet comprises 30 active bulk carriers, along with eight ultramax vessels under construction at shipyards in Japan, scheduled for delivery between 2024 and 2027. 20-February-2024

 

Norwegian shipowner and operator Belships, listed on the Oslo Stock Exchange, is preparing for a rebound in the bulker market with a series of charters. Belships, which owns ultramax bulk carriers, now operates nine of these ships under floating-rate contracts, anticipating improvements in the spot market. Led by Lars Christian Skarsgard, Belships has secured charters for three additional ultramax bulk carriers, betting on a rise in the spot market in the coming year. These charter agreements were revealed as Belships announced outstanding results for the fourth quarter, surpassing analysts’ forecasts. Belships stated that these new contracts are set for a minimum duration of one year and are fixed at rates 116% to 120% higher than the Baltic Supramax Index (BSI), indicating a strategic move to leverage the expected market uplift. 19-February-2024

 

Despite experiencing softer financial results, Oslo Stock Exchange-listed Norwegian shipowner and operator Belships maintains its commitment to rewarding shareholders with dividends. CEO Lars Christian Skarsgard-led Belships, which specializes in operating supramax and ultramax bulk carriers, has managed to support its average freight earnings through advantageous time charter agreements. Even though the low freight market has led to a weaker performance in Q3 2023 Belships has continued its practice of distributing a substantial portion of its net income as dividends. In Q3 2023, Belships reported a pre-tax net profit of $15.3 million, a decrease from the previous year’s $49.8 million. This downturn was also reflected in earnings per share, which dropped to $0.06 from $0.20 on a year-to-year basis, while revenue contracted to $89.8 million. V.Group Technical Ship Management is actively pursuing its expansion plans through the acquisition of Belships Management, an in-house ship managent venture of the Norwegian shipowner and operator Belships. This move is set to enhance V.Group’s operational capacity. Presently, Belships possesses a fleet of 36 supramax and ultramax bulk carriers, which includes bulk carriers that are newly built. 10-November-2023

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has acquired an additional duo of ultramax bulk carriers presently being built in Japan while concurrently elevating its shipbuilding agenda to an ambitious six (6) bulk carriers. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships will take the delivery of the pair of 64K DWT ultramax bulk carrier new buildings in H1 2026. Two (2) ultramax bulk carrier new buildings are bankrolled through a financial blueprint akin to the four procured bulk carrier new buildings earlier within the annum, facilitated via time charter lease agreements, spanning a duration ranging between seven to a decade, encompassing acquisition options. Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has been clarified that there exists no imperative to proffer initial remunerations nor a mandate to purchase the bulk carrier new buildings. Recently, V.Group Technical Ship Management is fulfilling its commitment to expanding company’s operations by acquiring Lars Christian Skarsgard-led Norwegian shipowner and operator Belships’ internal venture Belships Management. Currently, Oslo-listed shipowner and operator Belships owns 36 supramax and ultramax bulkers, including newbuildings. 21-August-2023

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has divested the company’s ship management division to V.Group Technical Ship Management as part of a new partnership. The Singapore-based technical and crew management entity V.Group Holdings Limited will continue to oversee the fleet of the Norwegian shipowner and operator Belships. V.Group Technical Ship Management is fulfilling its commitment to expanding company’s operations by acquiring Lars Christian Skarsgard-led Norwegian shipowner and operator Belships’ internal venture Belships Management. Belships has announced the complete sale of Belships Management to V.Group Technical Ship Management. Belships Management, a technical and crew management company, was established in 1983. Currently, Oslo-listed shipowner and operator Belships owns 35 supramax and ultramax bulkers, including newbuildings. 10-July-2023

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships , a company that owns a fleet of supramax and ultramax bulk carriers, has been able to maintain its financial stability in the Q1 through profitable time-charter contracts. Despite weak freight markets, the Belships’ average daily vessel earnings were twice the average Baltic Supramax Index during this period. Belships has also distributed dividends to shareholders and reduced the company’s debt with the help of these contracts. The company has paid out 73% of its net profits to shareholders for the first quarter, which is 3% more than the previous quarter. Oslo Stock Exchange-listed Norwegian shipowner and operator Belships’ net profit for the Q1 amounted to $27.8 million, which was mainly due to the profitable forward cover for its fleet. Currently, Oslo-listed shipowner and operator Belships owns 35 supramax and ultramax bulkers, including newbuildings. 9-May-2023

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships acquires another ultramax bulk carrier resale from Japan. This is the fourth Japanese resale acquired by Lars Christian Skarsgard-led Norwegian shipowner and operator Belships in Q1 2023. 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. Norwegian shipowner and operator Belships will take the deliery of the ultramax bulk carrier in Q4 2025. Belships has signed a contract to acquire another ultramax bulk carrier that is presently under construction in Japan. Belships has financed the ultramax bulk carrier through long-term time charter agreements for a period of 7 to 10 years. Currently, Oslo-listed shipowner and operator Belships has a fleet of 31 bulk carriers. 17-April-2023

 

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

 

A revision in the accounting paradigms of the Oslo-enlisted maritime proprietor, Belships, marked a deviation in an otherwise consistent financial quarter. Despite Belships maintaining solvency, singular costs have culminated in a diminished profit for the third quarter compared to the prior year. The Norwegian maritime enterprise listed on the Oslo Stock Exchange, Belships, registered a net outcome of $300,000 for the period, a stark 93% decline from the $4.4 million profit of the analogous time in 2018. This deviation arose from an adjustment in Belships’ financial accounting strategies, resulting in a $1.3 million decrement to its Ebitda, with $800,000 pertaining to the initial two quarters of 2019. Aligning with the IFRS 16 financial standards, Belships has chosen to segregate the service component inherent in extended time charter contracts from nautical operational expenses. This strategic alteration positions Belships’ Ebitda and operational metrics to be uniformly assessable over durations, independent of the funding approach. By willingly adopting this sophisticated accounting axiom, Belships enhances the lucidity of our net debt analysis for investors and market pundits. The firm’s commitment to transparency is resoundingly applauded by its investor base. The Norwegian maritime proprietor and operative, Belships, has apportioned a dividend of $0.005 per share for the quarter. Throughout the trimester, each of Belships’ supramax bulk transporters procured a net TCE rate of $11,118 daily, marginally trailing the BSI rate of $11,886. Notably, Belships’ fleet has surpassed the BSI by 19% with commendable net TCE rates per vessel of $10,877 daily. This stellar performance relative to the BSI is attributed to the judiciously curated charter portfolio and exceptional spot earnings procured by Belships’ affiliate, Lighthouse Navigation. Projecting forward, Belships anticipates approximately 65% of its vessel days in the imminent fourth quarter to be secured at an average of $12,625 net daily. The maritime mogul, Belships, has also confirmed fuel consumption for the equivalent of half a dozen vessels in the upcoming year at a fixed price differential of $214 per metric ton, settling monthly throughout 2020. The preceding quarter witnessed Belships acquiring three vessels on uncrewed leases complemented with purchase options. Subsequently, in October, Belships initiated a lease for an additional bulk transporter while executing a sell-and-leaseback transaction for its most aged bulk carrier. 16-November-2020

 

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

 

The renowned Japanese shipyard, Imabari Shipbuilding, presently possesses a noteworthy 7% of shares in the Oslo-listed shipowner and operator, Belships. As of now, Imabari Shipbuilding stands as the fourth predominant shareholder in the esteemed Belships, under the leadership of Lars Christian Skarsgard. Within a forthcoming span of three weeks, Belships anticipates receiving an ultramax vessel, freshly crafted by the distinguished Japanese shipbuilder. Intriguingly, part of the vessel’s financial settlement was arranged through shares of the Norwegian shipowner. The erstwhile chairman and chief executive, Frode Teigen, commands a staggering 62.8% of Belships, channeled through the twin enterprises, Kontrari and Kontrazi. The esteemed Wenaas Group of Norway secures the second position, clutching an 8.5% stake, whilst the once paramount shareholder, Sverre Jorgen Tidemand, holds a close 8.2% through his enterprise, Sonata. In the blossoming month of May, Elias Kulukundis acquired a stake slightly shy of 5% in Belships, which acted as a partial payment for the sale of the notable 55,000-dwt bulker MV Sephora, constructed in 2007. Elias Kulukundis’s interest in the Norwegian conglomerate Belships is channeled through his corporation, Prospero Marine. Interestingly, the Hellenic shipowner, Prospero Marine, had once voiced intentions of increasing their share in Belships. However, there are indications that Elias Kulukundis may have divested his shares, as by the previous year’s close, Prospero Marine had vanished from the roster of the top 20 shareholders in Belships — a roster inclusive of investors with a mere 0.13% stake. Historical records highlight Belships as a venerable entity on the Oslo Stock Exchange, with its roots tracing back to pre-World War II days. Nonetheless, for countless decades, Belships’ shares have sadly languished, notorious for their negligible trading fluidity. A monumental merger in 2018 with Teigen’s Lighthouse Group bolstered Belships’ fleet, doubling its size to nearly 20 bulk carriers, predominantly supramax and ultramax. The company’s trajectory has been upward, now boasting 24 bulk carriers, with new additions underway. Once upon a time, Tidemand’s Sonata reigned as Belships’ majority owner. However, in a strategic maneuver, the septuagenarian divested a majority of his shares to Teigen during the merger with Lighthouse. Otto Gregard Tidemand, the younger sibling of Tidemand, once held a significant share in Belships via his corporation, Tidships. However, a division of interests between the brothers transpired in 2012. 23-April-2020

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships asserts that shipping plays an instrumental role in rejuvenating the economy. Despite the upheaval unleashed by the coronavirus pandemic, Belships, a distinguished Norwegian bulk carrier owner, remains unabated in its quest for expansion. They are adamant that shipping holds the key to extricating the global economy from the quagmire instigated by the pandemic. In a profound missive to their shareholders, chairman Peter Frolich and the astute chief executive Lars Christian Skarsgard elucidated that the commencement of this decade has been tumultuous beyond measure, with Covid-19 casting a grim shadow over both health and fiscal stability. In the face of these challenges, the diligent seafarers of Belships have been sadly detained from reuniting with their kin, while the assiduous onshore staff have adeptly transitioned to a remote working milieu. However, through thick and thin, Belships has displayed remarkable resilience in sustaining its operations. A significant portion of their fleet had the foresight of contractual coverage for 2020, which has proven advantageous. The company’s executive cadre emphasizes that shipping stands as a pivotal cog in the machinery of global economic progression. Oslo Stock Exchange-listed Norwegian shipowner and operator Belships remains steadfast in its belief that shipping will usher in a renaissance amidst the prevailing tumult. Their strategic focus will persistently dwell on supramax and ultramax bulk carriers, given the diversified cargo base, which presents a more enticing risk and reward proposition. With an unyielding spirit, Belships is on a relentless pursuit of growth avenues, striving to maintain its hallmark of sterling operations bolstered by an industry-defying low-cost structure. In the year 2019, Oslo Stock Exchange-listed Norwegian shipowner and operator Belships displayed unparalleled agility in navigating vessel transactions, melding ship-for-share deals with bareboat charters equipped with purchase prerogatives. This strategic maneuvering culminated in the acquisition of nine vessels while divesting two of their seasoned ships. The prestigious Belships now boasts ownership of 23 supramax and ultramax bulk carriers. Established in 2018, Belships soon amalgamated with the Lighthouse Group within a year. It’s noteworthy that Belships’ legacy traces back to its listing on the Oslo Stock Exchange since 1937. 22-April-2020

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships is poised to potentially part with another of its venerable Indonesian-built supramax bulk carriers. This comes as the Belships continually sharpens its attention towards contemporary supramax and ultramax bulk vessels. Esteemed shipbrokers in the sale-and-purchase domain have noted that the 2008 built supramax bulk carrier, the MV Belfort, with its 50,000 DWT, awaits prospective buyer inspections in India early this month. A historical note to consider: the MV Belfort, acquired by Lighthouse Shipholding in January 2018 for a sum close to $11.8 million from Seven Seas Carriers, eventually integrated into Belships’ fold the subsequent year. This newfound availability of the MV Belfort for acquisition succeeds an October transaction wherein Belships, proudly listed in Oslo, divested its eldest among four bulk carriers, each meticulously built at Indonesia’s PT Pal. To delve into the details of that transaction, Belships had clinched a sale coupled with a bareboat charter agreement with Turkey’s Marti Shipping over the 2006 built supramax bulk carrier, the MV Beleast, which boasted a 50,000 DWT. While the exact price remains veiled, the sale of the MV Beleast, then the most seasoned vessel in the Belships’ armada, ushered in a handsome $4.4 million profit for the Oslo-listed firm. Post its amalgamation with Frode Teigen’s Lighthouse Navigation, Belships proliferated its fleet, yet with a discerning emphasis on cutting-edge tonnage. It’s worth noting that several of the more aged bulk carriers, brought under Belships’ banner following their union with Lighthouse Navigation, seemingly find themselves out of sync with Belships’ Norwegian ethos. Precursory to this merger, Belships’ inventory also boasted the PT Pal-engineered 2007 built supramax bulk carrier, the MV Pacific Light, with its 50,000 DWT, which, as of the previous month, found a new owner under a charter-back agreement. Lastly, Belships’ possession includes another 2008 built supramax bulk carrier, the MV Belorient. Intriguingly, conversations surrounding this PT Pal-constructed vessel in the S&P (Sale and Purchase) market have been conspicuously absent. 8-March-2020

 

In a year marked by turbulent freight markets, Belships reported an annual profit, executed the sale of an additional vessel, and advanced a loan repayment. The Norway-based Belships concluded 2019 on a profitable note for all four quarters, even against the backdrop of a fluctuating freight environment. Furthermore, it has recently disclosed the sale of another vessel from its fleet. The Oslo Stock Exchange-registered Norwegian shipping magnate, Belships, announced a net profit of $5.1 million for 2019, a notable decline from the $19.2 million net income of 2018. Overall, under the astute leadership of Lars Christian Skarsgard, Belships is content with its performance, navigating successfully through the unpredictable markets of the past year. The company successfully integrated nine bulk carriers into its fleet while divesting two, resulting in a net cash expenditure of under $3 million. To further its growth and simultaneously uphold fiscal discipline, Belships remains committed to showcasing its potential to stakeholders. Lars Christian Skarsgard holds a cautiously optimistic view for the forthcoming year, with plans for Belships to amplify its commercial endeavors in 2020. While the logistical obstacles associated with the International Maritime Organization (IMO) 2020 seemed daunting initially, supply and pricing are now on the path of stabilization. Having borne the expenses for fleet preparation and tank cleansing, Belships, while listed on the Oslo Stock Exchange, maintains its prior year’s strategy. Expanding its commercial collaboration with Lighthouse Navigation is also on the agenda. Lighthouse Navigation, wherein Belships holds a majority stake of 50.01%, manages chartering for Belships and engages in cargo trading, liner services, and agency operations. Lars Christian Skarsgard has voiced concerns about the potential repercussions of the Covid-19 pandemic on the shipping industry, emphasizing its distinct nature from past downturns. Despite the challenges brought about by the virus, Belships highlighted Forward Freight Agreement (FFA) rates, which showed an upward trajectory from April to the third quarter. Another significant disclosure from the Oslo Stock Exchange-listed shipowner was its agreement to offload its 2007 constructed supramax bulk carrier, MV Pacific Light, which would yield a profit of $2.4 million. This vessel, the eldest in Belships’ armada, is slated to embark on its bareboat charter with Turkey’s Marti Shipping & Ship Management in the forthcoming months, which has committed to purchase within two years. During this charter, Belships expects a net cash influx of around $1.8 million post-loan repayments. Last year, Belships disclosed acquisitions of six ultramax bulk carriers, constructed in Japan, which are due for integration into its fleet mostly in 2020 and with the last expected in early 2021. Marti Shipping, based in Istanbul, confirmed its purchase of Belships’ 2006 fabricated supramax bulk carrier, MV Beleast, in the previous year. This vessel now rechristened MV Victoria, has been chartered with a buyout agreement in two years. Ahead of schedule, Belships expedited a $6 million payment of its fleeting finance installment in January, originally due in the year’s third quarter. The subsequent standard installment is anticipated in the second quarter of 2021, with the full loan maturing in 2024. Belships’ operational income for the final quarter surpassed the consensus, though it trailed in Ebitda and net profit projections. The company reported an operational income of $40.4 million, surpassing Norne Securities’ benchmark of $31.4 million. Likely influenced by Belships’ robust positioning in the bulker sectors, Norne Securities envisages reaffirming its purchase recommendation for the company’s shares. As per Norne Securities analyst Mindaugas Cekanavicius, the company’s Ebitda remains a pivotal metric, especially given the variances in the Lighthouse Navigation segment. The future activity remains contingent on the unfolding situation in China, with diminished ship ordering and cargo demand observed of late. 28-February-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

 

The Wenaas Group has significantly augmented its equity in the distinguished Norwegian bulker proprietor, Belships, by an impressive 71%. This illustrious Norwegian investment consortium has recently procured nearly 7.5 million Belships shares, as disclosed in a formal announcement to the Oslo Stock Exchange this past Wednesday. This strategic acquisition has elevated the Wenaas Group’s equity to an aggregate of 18,050,670 shares in Belships, constituting a substantial 8.5% of Belships’ total shares and voting rights. The eminent Belships, listed on the Oslo Stock Exchange, expresses its gratification in having a discerning investor such as the Wenaas Group bolster their position within the company, vowing to ardently uphold this renewed trust. In the month of May, as recompense for parting with its last sole vessel, the intricately crafted supramax bulk carrier of 58,700 DWT christened MV Belcargo (formerly known as MV Viola), the Wenaas Group was bequeathed a tranche exceeding 8 million Belships shares. The multifaceted investment portfolio of the Wenaas Group encompasses ventures into the luxurious hotel industry, elite alpine ski destinations, and a myriad of stocks. Since the inception of the year, Belships’ stock valuation has ascended by a noteworthy 43%. After its strategic amalgamation with Frode Teigen’s Lighthouse Navigation last December, the acclaimed Belships has been bustling with a plethora of sale-and-purchase agreements, amassing an impressive $8.8 million through equity dispositions in both May and July. Belships remains resolute in its visionary strategy, aspiring to flourish innovatively as an integrated magnate and purveyor of geared bulk vessels. 20-November-2019

 

Norne Research has commenced an assessment of the burgeoning Belships, a distinguished Norwegian shipowner and operator listed on the Oslo Stock Exchange, bestowing it with a “buy” recommendation for its shares. Esteemed Analyst Mindaugas Cekanavicius articulated that this decision was precipitated by Belships’ grand celebration of its centennial, wherein it augmented its roster of operating bulk carriers by over twofold, courtesy of a strategic merger, followed by consistent expansion via vessel procurements. Norne Research posits that the company’s shares exhibit significant undervaluation, pinpointing a target price of $0.98. The alliance forged with the entity helmed by Frode Teigen, Lighthouse Navigation, last annum, resulted in an exponential enhancement in the number of vessels under Belships’ proprietorship. This escalation was further complemented by subsequent vessel acquisitions, thereby metamorphosing Belships’ armada from a modest seven to a robust 18 supramax and ultramax bulk carriers in a short span. This tally ascends to 23 when accounting for carriers awaiting delivery. Belships aspires to commandeer a fleet of 30 bulk carriers in due course. The esteemed company has not only emerged as the adept technical overseer of its own vessels and those of its contemporaries but has also introduced a division dedicated to commercial operations. Norne Research perceives Belships’ immersion in the spot market to be enticing, noting a diminished reliance on the iron-ore and coal commerce in contrast to the archetypal enterprises in the capesize-panamax niche. The prestigious Belships, being a noteworthy entity on the Oslo Stock Exchange, has adeptly minimized its vulnerability to nation-centric demand, attributed to its extensive repertoire of trade conduits for minor bulks. The burgeoning appetite for minor bulks, along with a sustained demand trajectory for supramax-ultramax bulk carriers, is poised for growth. Concurrently, the reservation register for the supra/ultramax vessels showcases a historical nadir. Norne Research further extols Belships for its astute ownership and an impeccably balanced financial statement, wherein the net indebtedness is commendably restrained for an enterprise in the maritime realm. 11-November-2019

 

The Belships firm, prominently listed on the Oslo Stock Exchange, persists in its ambitious expansion endeavors, epitomized by its recent Japanese ultramax transaction. In under two months, Belships has astutely secured its third 61,000 DWT ultramax bulk carrier. This Norwegian maritime giant, under the esteemed leadership of Lars Christian Skarsgard, has not only sustained its growth trajectory but also augmented its fleet with another exquisite Japanese-crafted ultramax vessel. The company has reached a consensus on a seven-year bareboat charter for this impending vessel, which is slated for delivery from an undisclosed Japanese shipyard in the early months of 2020. The financial projections suggest that the vessel’s cash breakeven, inclusive of operational costs, hovers around $11,000 daily. Intriguingly, this agreement embeds purchase options, which are reportedly beneath the prevailing market valuations. These can be invoked post the fourth year and sustained till the charter culminates. Belships, exuding confidence, and pride, accentuates its acquisition of another Japanese ultramax as an emblematic representation of unparalleled quality and optimized fuel efficiency. This strategic acquisition not only bolsters Belships’ stature in the maritime realm but also augments the returns for its esteemed shareholders, thereby highlighting its advantageous position concerning maritime financing. In the preceding month of August, a similar agreement was inked by Belships for two 61,000 DWT ultramax bulk carriers, accompanied by seven-year bareboat charters and purchase options. Preceding this, Belships had procured a 64,000 DWT ultramax bulk carrier, encompassing a 10-year bareboat charter, with the vessel’s anticipated arrival in the latter half of 2021. Concurrently, in its bid to rejuvenate its fleet, the Oslo-headquartered Belships has been judiciously divesting its antiquated vessels, as evidenced by the recent sale of the 2006 built supramax bulk carrier 50,000 DWT MV Beleast to the Turkish maritime entity, Marti Shipping & Ship Management. 16-October-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

 

In its recent offering following a private placement in May, Belships managed to liquidate slightly over a third of the accessible shares. Though the maritime firm, listed in Oslo, anticipated garnering $1.3 million through this repair offering, they amassed approximately $457,000. They proffered up to 1,603,128 fresh shares; however, the subscriptions barely reached 558,541 shares. An additional allotment of 6,876 shares is slated for distribution owing to over-subscription, as noted by Belships. The goal of this ensuing offer was primarily to accommodate shareholders possessing Belships’ assets as of 28 May, particularly those who missed out on the private placement shares. With a visionary goal, Belships aspires to dynamically expand its horizons as a comprehensive shipowner and overseer of geared bulk carriers. The confluence of outcomes from both the subsequent offer and private placement means that Belships has accumulated a mere $8.8 million, falling significantly short of the envisioned $16.3 million target. The private placement in May yielded roughly $8.3 million out of a feasible $15 million. Lars Christian Skarsgard, the esteemed CEO of Belships, alongside other prominent insiders of the firm, collectively acquired 237,500 shares during the private placement. Since his inception in mid-March, following his tenure at Fearnleys where he presided over the sales and purchase desk, Skarsgard has significantly emboldened Belships’ trajectory. As a testament to their growth, Belships recently declared their acquisition of an ultramax new build on a decade-long bareboat charter, amplifying their operational fleet to an impressive 20 bulk carriers. Their proactive involvement in the Sale and Purchase sector is evident, having acquired two pre-owned supramax and ultramax bulk carriers this year. 14-July-2019

 

In a notable expansion under the aegis of Frode Teigen, the esteemed Norwegian shipowner, Belships—listed on the Oslo Stock Exchange—has augmented its portfolio with the acquisition of an ultramax new-build vessel. Having secured this vessel on a decade-long bareboat charter, Belships will now command a fleet of 20 bulk carriers. This 64,000 DWT ultramax bulk carrier, a paragon of its class, is slated for delivery from a Japanese shipyard in the latter half of 2021. Come the fourth year, and up until the charter’s culmination, Belships retains an option to procure the ultramax carrier—a proposition they find particularly alluring. Beyond showcasing Belships’ exemplary ship financing prowess, this transaction underscores an astute strategy: an option to acquire an ultramax carrier at prevailing market rates without any immediate cash outlay from Belships until the point of delivery. This vessel, with its impressive 64,000 DWT, represents a pre-existing order at the undisclosed shipyard and will soon fall under the stewardship of Belships. Consequently, by the first semester of 2020, Belships’ impressive armada will comprise 20 supramax and ultramax vessels, inclusive of a new addition from Imabari Shipbuilding, Japan. However, intricate details regarding the specific vessel, its proprietor, and the commercial nuances of the bareboat charter remain undisclosed. Since welcoming Lars Christian Skarsgard in mid-March—previously the distinguished head of the S&P desk at Fearnleys—Belships has been notably active in the sales and purchase (S&P) domain. To date, the renowned shipowner Belships has adroitly acquired two pre-owned supramax vessels and one ultramax carrier this year. Earlier in May, in a strategic move, Belships orchestrated a private placement of new shares to amass funds, a portion of which was earmarked for vessel acquisitions. While initial aspirations were pegged at $15 million, the endeavor amassed a commendable sum of approximately $8.3 million. 7-July-2019

 

Many concur that Norway’s maritime sphere presently stands unparalleled in numerous domains, encompassing maritime finance and avant-garde technical innovations. Nonetheless, a burgeoning sentiment prevails that this fraternity is diminishing its significance, notably as a domicile for prominent maritime magnates, especially as several ancestral maritime lineages have vanished into obscurity. In this tapestry, the Oslo Stock Exchange’s stalwart, Belships, emerges as a rejuvenating gust. This venerable entity has graced the primary list of the exchange since an era predating World War II, yet for countless decades, its equities remained virtually moribund, evincing scant trading vigor. Post its recent amalgamation with Frode Teigen’s Lighthouse Navigation, Belships witnessed its fleet size burgeon to nearly 20 bulk carriers. With an unequivocal aspiration to flourish, assert its prominent position on the stock market, and remunerate shareholders, Belships traces its origins to 1918. It was then that the visionary seafarer, Christen Smith, beckoned investors to partake in the maritime venture, Skibaktieselskabet Christen Smiths Rederi. Yet, destiny’s caprices nearly led to the venture’s premature demise, as Belships’ fledgling fleet grappled with formidable challenges. Smith’s ingenuity led him to a groundbreaking shipping paradigm tailored for the rail industry, which, for decades, became Belships’ lifeline. The enterprise became publicly traded in 1937, with the Lorentzen siblings – Axel, Frithjof, and Jorgen – emerging as pivotal stakeholders, thereby steering the company’s destiny. Their progeny and their descendants would wield the reins of Belships for a span surpassing eight decades. Sverre Tidemand, a scion of the family’s third generation and a venerable age of 68, retains an esteemed position on the board and holds a significant shareholding. The previous annum heralded a monumental juncture for Belships as it coalesced with Lighthouse Navigation, augmenting its fleet in the process. As a consequence of this union, Sverre Tidemand divested a portion of his holdings, ceding control to Teigen’s entities, Kontrari and Kontrazi. Lighthouse Navigation, possessing nine supramax and ultramax bulk carriers, amalgamated its fleet with Belships, while also commercially overseeing approximately 30 bulk carriers. In this merged conglomerate, Belships assumes the role of the vessels’ technical overseer, whilst Lighthouse Navigation, headquartered in Bangkok, undertakes commercial stewardship. In the aftermath of this merger, the entity’s ambitions for expansion became palpable. By February, the acquisition maven from Norwegian shipbroker Fearnleys, Lars Christian Skarsgard, aged 38, was meticulously selected to helm Belships. Subsequently, a buying spree ensued, with Belships acquiring three bulk carriers via distinct transactions. Transactions included acquisitions such as MV Viola from Norway’s Wenaas Group, MV Sofie Victory from EGD Shipholding, and MV Sephora from Greek magnate Elias Kulukundis, with the latter being partially remunerated in Belships’ equity, paving the way for further expansion. Having adorned the Oslo Stock Exchange for over eight decades, experts posit that Belships might reap the dividends of being on the primary list, rather than on less stringent platforms. However, for such benefits to materialize, the liquidity of Belships’ shares must intensify, coupled with the adoption of a dividend policy that resonates with shareholders. Teigen, aged 57, brings a vast reservoir of maritime acumen to the table, expertise not confined to Lighthouse Navigation. A description of Teigen paints the portrait of a diligent, astute maritime entrepreneur, albeit one averse to the media limelight. He holds a preponderant share in Belships and enjoys a seat on its board. Belships’ merger with Lighthouse Navigation has seemingly surmounted formidable obstacles, with the erstwhile contention from Sverre Tidemand’s kin, Otto Tidemand, regarding the sale’s modus operandi being ultimately quashed. Teigen and Tidemand, both board members, appear to collaborate harmoniously, with Teigen’s enterprise, Sonata, retaining 10% of Belships’ equities. 26-May-2019

 

The Oslo Stock Exchange-listed Norwegian maritime enterprise, Belships, is contemplating another equity issuance to further its expansion aspirations post its amalgamation with Frode Teigen’s Lighthouse Navigation. They anticipate raising an equivalent of $15 million in equity, contingent upon prevailing market dynamics, as indicated in their inaugural quarterly report. Belships envisions broadening its shareholder landscape and enhancing the liquidity of its shares. In the initial quarter, Belships acquired three pre-owned bulk carriers, combining cash and freshly minted shares, signaling an openness to analogous dealings in forthcoming times. The firm speculates the availability of more ships-for-shares transactions and remains poised to chase such lucrative endeavors, whilst also forecasting growth avenues via outright cash purchases of bulk carriers and extended vessel charters. The commencement of this year witnessed Belships grappling with a pronounced decline in its net profit margins. The first quarter for the Norwegian establishment yielded a net outcome of $2.5 million, a stark contrast to the $14.2 million recorded in the prior quarter’s conclusion. The per-share earnings for this interval plummeted to $0.01, a significant drop from the previous $0.11. The Oslo-featured maritime conglomerate, Belships, however, witnessed its net profit surge in the final trimester of 2018, buoyed by a $12.8 million acquisition windfall stemming from Belships’ takeover of Lighthouse Navigation. Recent revelations from Belships’ quarterly report indicate the chartering of another one of its bulk carriers. The 2015 constructed ultramax bulk carrier, MV Belsouth, weighing 63,300 DWT, was recently commissioned to Western Bulk Chartering for a span ranging between six to nine months. The net proceeds from MV Belsouth are projected to resonate at $11,950 daily for the residual 2019. Furthermore, Belships illuminated details regarding the deployment of an ultramax, procured for $24.2 million in April. The 2016 crafted ultramax bulk carrier, MV Sofie Victory, operates under an index-aligned time charter with ED&F Man Shipping until March 2021, with a foundational net rate pegged at $10,800 daily. Subsequently, two other ultramax bulk carriers extended their time-bound commitments to Cargill in April. MV Belnippon, a 2015 fashioned ultramax bulk carrier, is now allied with the commodity magnate for an additional seven to nine months, at a net rate of $10,900 daily. In tandem, Cargill extended its engagement with MV Belforest, another 2015 manufactured ultramax bulk carrier, for a duration of 11-13 months at a consolidated daily rate of $10,800. 22-May-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

 

Listed on the prestigious Oslo Stock Exchange, the renowned Norwegian maritime enterprise, Belships, is advancing vigorously in its fleet augmentation endeavors. It recently formalized its commitment to procure its third ship in a mere span of a month. The illustrious Belships has entered into an agreement to acquire the 2007-forged supramax bulk carrier, MV Sephora, boasting 55,866 DWT, from the eminent Elias Kulukundis’s Prospero Marine, for a sum of $12 million. Half of this substantial amount stems from a $140 million loan, ratified in the early days of March, while the residual will be settled via the issuance of 7.4 million fresh Belships shares, priced at $0.81 each. The MV Sephora, a creation of Japan’s distinguished Kawasaki Heavy Industries, stands as the second supramax acquisition by Belships during this period of intense procurement. Their first acquisition in this spree was the Tsuneish Cebu 2008 crafted supramax bulk carrier, MV Viola, with 58,0000 DWT, secured from their national counterparts, the Wenaas Group, for $13 million. Furthermore, Belships expended $24.2 million to obtain the 63,000 DWT MV Sofie Victory (forged in 2016), a previous possession of the esteemed Espen Galtung Dosvig’s EGD Shipholding. In a notable organizational change, the maritime magnate Frode Teigen assumed the role of Belships’ chief executive in mid-March, shortly after amalgamating the firm with his esteemed Lighthouse Navigation. These recent procurements and forthcoming share issuances are strategic moves to resonate with the Group’s shareholder objectives, aiming to broaden Belships’ shareholder spectrum and enhance share liquidity. Post this recent transaction, Belships will proudly command a fleet comprising nine supramax and 10 ultramax bulk carriers, inclusive of a 63,000 DWT ultramax bulk vessel anticipated for delivery in the first half of 2020. 28-April-2019

 

Under the leadership of Lars Christian Skarsgard, the Oslo-listed entity, Belships, acquired 2016 built ultramax bulk carrier 63K DWT MV Sofie Victory. This lavish transaction, amounting to a hefty $24.15 million, saw the vessel transition from the ownership of Sofie Victory AS. The distinguished MV Sofie Victory had previously been a jewel in the portfolio of Espen Galtung Dosvig’s EGD Ultra Eco, with EGD holding a dominant 80% stake. The remaining quintile of ownership was vested with the Cyprus-based conglomerate, Blossom Shipmanagement. The financial intricacies of the deal encompassed $14 million as debt, a liquid payment of $2 million in cash, with the residual sum manifesting as new shares in Belships. The esteemed 2016 ultramax bulk carrier, MV Sofie Victory, sails under the operational prowess of Primbulk Shipmanagement from Greece. Additionally, it holds a time charter to ED&F Man Shipping, valid until March 2021, with a rate anchored to prevailing indices but guaranteeing a floor that towers above the extant market benchmarks. Upon the integration of this acquisition, Belships’ fleet will burgeon to comprise 17 supramax and ultramax bulk carriers. This is complemented by the anticipation of a fresh addition to their arsenal, set for debut in the first half of 2020. The procurement of MV Sofie Victory, accompanied by the ensuing issuance of shares, is emblematic of Belships’ strategic endeavor to amplify its shareholder base, thereby enhancing the fluidity of its shares in the market. In a recent crescendo of expansions, just the previous week, Belships added another feather to its cap. It procured the Tsuneishi Cebu-forged, 58,000 DWT 2008 supramax bulk carrier named MV Viola for a sum of $13 million from its compatriot, the Wenaas Group. This acquisition marked the culmination of Wenaas Group’s exclusive ownership and heralded Belships’ inaugural foray into S&P (Sale and Purchase) post its merger with Lighthouse Navigation. 15-April-2019

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has executed its inaugural acquisition after its merger with Lighthouse Navigation. This acquisition was the procurement of a sophisticated geared supramax bulk carrier. The transaction was sealed for the 58,700 DWT supramax bulk carrier at an elegant sum of $13 million, a deal orchestrated with the illustrious Wenaas Group of Norway. Although Belships has opted for discretion regarding the ship’s moniker, indications point towards MV Viola, crafted in 2008, being the sole vessel fully possessed by Wenaas Group. Half of the purchase’s financial obligation shall be settled in liquid assets, while the remainder shall be arranged through the allotment of Belships’ equity. The monetary commitment will utilize resources from the substantial $140 million financing that Belships garnered from a coalition of Scandinavian financiers in the heart of March. Foreseeing fleet augmentation, Belships has prudently allocated a fraction of this newfound financial reservoir. Guiding this venture is the newly appointed chief executive, Lars Christian Skarsgard, who graced Belships with his presence on 15 March, having previously held a prestigious role at Fearnleys as the overseer of sales and procurement. The newly annexed MV Viola, an exquisite creation from Tsuneishi Heavy Industries in the Philippines, is anticipated to join the Belships’ fleet in this year’s second quarter. With the transaction of MV Viola, Wenaas Group elegantly strides closer to a graceful departure from ship proprietorship, while Belships exhibits a fervent desire to augment its maritime collection. The Wenaas Group, with its eclectic investment ensemble ranging from luxurious hotels to alpine ski sanctuaries and equities, jointly possesses their two remaining bulk carriers, the 75,700 DWT MV Ogna and MV Goya, with the distinguished JL Mowinckels Rederi of Bergen. Interestingly, the Panamax bulk carrier MV Ogna was showcased for sale in March 2018, yet remained unacquired due to preliminary offers failing to satisfy the shipowner’s aspirations. Upon MV Viola’s integration, Belships’ fleet shall comprise an impressive 16 supramax and ultramax bulk carriers. Additionally, the company anticipates the addition of an ultramax bulk carrier, a creation from Japan’s renowned Imabari shipyard, in the inaugural half of 2020. 2-April-2019

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has successfully procured an avant-garde financial arrangement, poised partially for fleet augmentation. DNB Bank, Danske Bank, and Sparebank 1 SR-Bank have collectively sanctioned a staggering $140 million in financial backing, as elucidated in Thursday’s dossier. The initial tranche of $110 million, anchored on a 55% loan-to-value (LTV) ratio, is set to supersede Belships’ prevailing senior obligation amounting to $105 million. It’s intimated by Belships that this allocation aims to fortify its operational capital. An “accordion” segment, worth $30 million and tethered to an LTV of 60%, is earmarked for fleet expansion endeavors. Post all operating expenses, administrative overheads, and debt servicing, Belships anticipates a net positive cash flow, hovering at an approximate $7,000 per diem for the impending open ship days over the next two years, all attributable to its revamped financial architecture. Should Belships pursue its fleet expansion strategy, acquisition prospects lie conveniently within its vicinity. The company retains procurement options on three ultramax bulkers, presently operating under its time and bareboat charter regimes. Belships’ proprietary fleet encompasses 12 supramax and ultramax bulk carriers, ensuing its union with Lighthouse Navigation. In a separate tangent, companies under Frode Teigen’s stewardship, namely Kontrari, and Kontrazi, are poised to initiate a mandatory public proposal to assimilate Belships’ shares come Friday. The Oslo Bors has endorsed this proposition, post its ratification of an appeal by the Tidemand family’s select affiliates and additional minority stakeholders. This consortium propounded that a discretionary proposal ought to have been advanced the preceding year, coinciding with Kontrari’s acquisition of a 30.2% stake in Belships through Sverre Tidemand’s enterprise, Sonata. 13-March-2019

 

Fearnleys’ distinguished sale-and-purchase director, Lars Christian Skarsgard, has gracefully ascended to the position of Chief Executive at the esteemed bulker proprietor, Belships. Set to transition to the renowned Oslo-listed maritime conglomerate, Belships, on 15 March, Mr. Skarsgard departs from his pivotal role at a premier shipbroker. Taking the helm as Belships’ Chief Executive, he steps into the void left by Ulrich Muller, who tendered his resignation in mid-December, mere moments after finalizing a strategic takeover orchestrated by Frode Teigen’s Lighthouse Navigation. Mr. Skarsgard’s laudable leadership at Fearnleys’ sale-and-purchase division spanned an impressive three and a half years, marking his second illustrious tenure with the company. With an enviable history in ship ownership, he once presided as the chief of shipowning at the distinguished Norwegian entity, Stove Shipping. Prior to his tenure at Stove Shipping, Mr. Skarsgard dedicated a decade to Fearnleys, adroitly navigating roles in both sale-and-purchase and chartering domains. In recognition of his invaluable contributions, Mr. Skarsgard has been bestowed with the option to acquire a significant five million Belships shares, each priced at a modest $0.70, contingent upon specific stipulations. 26-February-2019

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has triumphantly finalized its merger with Lighthouse Navigation, fortifying its financial stature. As a direct consequence of this union, Belships experienced a substantial financial uplift. By 10 December, the culmination of this merger redirected their collaborative efforts towards unifying their respective business methodologies. In the fourth quarter of 2018, Belships reported an impressive profit of $14.2 million. This notable achievement was significantly influenced by a fortuitous gain of $12.8 million, following Belships’ astute reverse acquisition of Lighthouse Navigation. In contrast, the corresponding period of the previous year, 2017, showcased an impairment reversal amounting to $9.5 million. Cumulatively, these strategic moves propelled Belships to realize a net profit of $19.2 million for the entirety of 2018. Subsequent to this merger, the intricate technical oversight of three vessels from Lighthouse has transitioned under the aegis of the renowned Singapore-based Belships Management. Additionally, an impending transfer of another six bulk carriers is anticipated. Upon its fruition, Singapore-based Belships Management shall singularly oversee the technical administration of all vessels. This strategic consolidation of management initiatives crafts a holistic internal operational framework, positioning Belships optimally for future expansion. Belships envisions primarily immersing in the dry bulk market, aspiring to leverage the advantages of comprehensive internal commercial and technical administration. Presently, five bulk carriers operate under a long-term charter, while Belships’ affiliate, Lighthouse Navigation in Bangkok, commands the remaining ten within the spot market. This charter engagement equates to an approximate nominal gross hire approaching $30 million, as revealed by Belships. Their strategic blueprint encompasses a harmonious blend of charter commitments coupled with spot market exposure. In the course of 2018, Lighthouse Navigation prominently managed an average fleet of 18 bulk carriers on charter. 24-February-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

 

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships reported a marginally elevated profit for the second quarter of 2017, maintaining consistent revenue streams. In Q2 2017, Belships registered a profit amounting to $730,000. Possessing a fleet comprising five dry bulk carriers and an additional two chartered-in vessels, this esteemed operator saw its operational expenses escalate to $3.41 million during the same quarter. 25-August-2017