Belships

Belships ASA: Commercial update

Belships has entered into an agreement for the sale of BELVEDERE, an Ultramax

bulk carrier built in 2015. Delivery is expected to occur within Q3 2023 and the

sales price is slightly above the book value. Net cash proceeds will be about

USD 10.0m after repayment of outstanding loan.

BELISLAND has commenced an index-linked charter for a period of about one year

with a rate equal to 115 per cent of the Baltic Supramax Index. Belships has the

option to convert any part of the firm period to a fixed rate based on the

prevailing FFA curve from time to time.

"Belships acquired BELVEDERE one year ago and the investment has yielded a

return on equity of about 20 per cent, displaying our ability to source

accretive transactions with efficient use of capital. The current freight market

is relatively low, and we have therefore chartered out one of our vessels on a

variable rate structure as we expect improved market conditions during the

contract period. We are comfortably positioned with significant fixed-rate

contract coverage for the fleet in the meantime," said Lars Christian Skarsgård,

CEO of Belships ASA.

Belships' fixed-rate contract coverage for the next four quarters stands at 78

per cent at a gross rate of USD 18 300 per day per vessel.

Including four newbuildings to be delivered between 2024-2026, the fleet

consists of 34x modern Supra/Ultramax bulk carriers with cash breakeven for

2023 of about USD 10 900 per day per vessel.

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

ASA, phone +47 977 68 061 or e-mail [email protected] (mailto:[email protected])

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

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