Belships

Capital/Financing Update • Jun 26, 2024

Belships ASA: Purchase Option Declaration and Fleet Expansion

Belships ASA: Purchase Option Declaration and Fleet Expansion

Belships has declared a purchase option for BELMAR, which has been leased since

its delivery as a newbuilding in 2021. The purchase price is USD 25.5m and the

vessel will be taken over in Q4 2024. The acquisition will be financed from the

company's available cash.

Furthermore, Belships has agreed to acquire a Japanese-built Ultramax of 64 000

dwt built in 2024 from an unrelated party. The purchase price is USD 41.0m and

the vessel will be delivered within Q1 2025. The intention is to utilise our

available Accordian Tranche which implies financing for 60 per cent of the

purchase price and the remaining will be financed from the company's available

cash.

The sale of the two Supramax vessels BELFRIEND and BELTIDE announced previously

are expected to be handed over to their new owners within Q3 2024. As the

vessels are free of debt the sales proceeds of USD 56.6m will add to Belships'

strong cash position.

Lastly, Belships has expanded its newbuilding program with two new 64 000 dwt

Ultramax bulk carriers which will be delivered in 2027 and 2028. The vessels are

leased on similar terms as previously announced transactions, and Belships is

not required to make any down payments for these vessels. Belships now has a

total of 12x newbuildings under construction at Japanese shipyards with delivery

between 2024 and 2028. All vessels are 100 per cent financed through lease

agreements for 7 to 10 years with purchase options. Belships is not using any

equity, therefore this will not have any impact on cash and dividend capacity

during the construction period.

"These acquisitions add to a pipeline of growth, increasing our company's fleet

and earnings potential by a third over the next few years. Access to the

highest-quality vessels and shipyards combined with financing is our competitive

advantage, and we firmly believe this will continue to create value for our

company and shareholders," said Lars Christian Skarsgård, CEO of Belships ASA.

Including the announced transactions, and newbuilding program, the Belships

fleet will count 41x vessels consisting entirely of Ultramax bulk carriers with

an average year of build of 2021.

For further information, please contact Lars Christian Skarsgård, CEO, Belships

ASA, phone +47 977 68 061 or e-mail LCS@belships.no

(https://eur04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.globenews

wire.com%2FTracker%3Fdata%3DpKz1ZgCisTuXqusDRpV8hd8NM02DTc9sEwpJajz0xBfZ463JkAfn

yGnI0HzOq8Wc6NlrBngv1a5DlTsZuxdQt5M_CaXHlpeSVdVuWa0B8B3whsk1OtfJKECBvhYD4iPWhfYZ

18oqb65vk11j10KBbt8QFy3dtpxQmHhsKQD0-2n2D2i5LtsJuQefH-yZOBe0m-

LKTXQAHSU2AZwjCzxq0E2q9atMhTwdv55N9BBYQnDdpSqbwJcr-

JPpy_WlLOImnkZ5p23d9CrUw9xGw6z4iuEpPG3A7Hy1eDh-

gxsTwOq1byLITdvzsk2C5JtQ4nUAar9KUtZbo8Zbdr4uW_S4yteiBWvg2v1HUKD3dS4tPJS81aDrtF99

16oaA0q0IAElvcQZ8Ts3tCXS1-b7-tx0YRbKG2-

h6RHAorcFEMOMPALGFyNP63JdpW9vZ4Br46PkEeXTHomoRlPg2AIXdMBaA4XerOdK6Y1CJeLsEmoB7YP

OAzLSNmTiBgdzKkUs-

zXOoPgqjO6NDrnpzWjfvFRFN2Vda61JTqJ0QBpA42Drs6L_JoRNQwUzodGIbGVEh052_qUCpzMtBSYY0

lnmbjNkTW3EXWHG5ovJ4W2b6LhyXijhmOUCbM4gmu_0dtBORW74eVte_y1lNPWvbTYbRV5VBqg9rr1MT

cvwnGqJDgluqHrn_MuvhwM_ep6dUhTE8wbVQd5fVUaBa0S5oUXy1ffzYYB0w-

bZsU9LJK3aG7kF5QI%3D&data=05%7C02%7Csunniva.kopperstad%40belships.no%7Cee2d792bb

9b94d5bf24908dc95d6cae1%7C86aa6c496e574158a84512bd0d9eba90%7C0%7C0%7C63854999695

6328071%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1h

aWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=mJL3Ql0%2F%2FPE3%2FHmPDX0B5Qe4qxLDSZFiJS2q

qWnuvKY%3D&reserved=0)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act