Belships

Belships ASA: Acquisition of two modern vessels

Belships has entered into agreements for the acquisition of two modern Ultramax

bulk carriers built at Japanese shipyards in 2015 and 2017. Belships will pay a

total of USD 15.5m as downpayment upon delivery of the vessels. The vessels are

currently financed through time charter lease agreements with purchase options

significantly below current market levels. Belships has the intention of

declaring purchase options for both vessels during the next few months and re-

finance the vessels under available bank financing which is expected to cover

the amounts for the purchase options. The agreements are conditional upon

certain steps to be completed by the parties involved. Delivery of the vessels

is expected within July 2022.

"These agreements are immediately accretive for Belships' shareholders and

displays our ability to source transactions with short lead time and efficient

use of capital. We expect the acquisitions will contribute to our earnings

capacity and ability to pay dividends, which is the main objective" said

Belships CEO, Lars Christian Skarsgård.

Belships ASA is a fully integrated owner and operator of geared bulk carriers.

The owned fleet consists of 31 Supra/Ultramax bulk carriers with an average age

below four years and daily cash breakeven for 2022 of about USD 10 000 per

vessel. Lighthouse Navigation, a subsidiary of Belships, is a dry bulk operator

with offices in Oslo, Bangkok, Singapore and Melbourne. Based on current market

expectations, we expect to generate significant free cash flow and aim 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 [email protected]

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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