Belships

M&A Activity • May 10, 2024

Belships ASA: Sale of two Supramax vessels

Belships ASA: Sale of two Supramax vessels

Belships has entered into agreements for the sale of BELFRIEND and BELTIDE,

Supramax bulk carriers built in 2016, for a price of USD 28.3m per vessel.

Delivery is expected to occur within Q3 2024 and the Company will realise a gain

of approximately USD 3m per vessel. Both vessels are free of debt, therefore

total cash proceeds to the company will be USD 56.6m.

"Belships acquired these two vessels in 2021 and the investment has yielded a

return on equity of more than 100 per cent, displaying our ability to source

accretive transactions and efficient use of capital. The extraordinary return is

mainly due to prudent contract coverage ensuring higher earnings compared to the

spot market," said Lars Christian Skarsgård, CEO of Belships ASA.

Including 10x newbuildings to be delivered between 2024-2028, the Belships fleet

will count 38x vessels, and consist purely of Ultramax bulk carriers.

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

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

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This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act