Belships

Business and Financial Review • Oct 27, 2022

Belships ASA: Period charter contracts

Belships ASA: Period charter contracts

Belships has entered into agreements to charter out three of our Ultramax

vessels:

- 10-13 months period charter at a gross rate of USD 17 750 per day

- 11-13 months period charter at a gross rate of USD 16 250 per day

- 5-7 months period charter at a gross rate of USD 17 250 per day

Two contracts commenced in October and the third will commence in November 2022.

For Q4 2022, contract coverage now stands at 90 per cent at a gross rate of

about USD 22 900 per day per vessel.

For Q1 2023, contract coverage now stands at 70 per cent at a gross rate of

about USD 22 500 per day per vessel.

For 2023 contract coverage stands at 50 per cent at a gross rate of about USD

21 900 per day per vessel.

Belships owns a modern fleet of 31 Supra/Ultramax bulk carriers with an average

age below four years. Based on Belships' current contract coverage, we expect to

generate significant free cash flow and continue to pay quarterly dividends as

announced with our dividend policy.

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

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

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act