Belships

Regulatory Filings • Dec 29, 2021

Belships ASA: Divestment of supramax vessel

Belships ASA: Divestment of supramax vessel

Belships has entered into agreement for the sale of BELOCEAN. The 58 000 dwt

bulk carrier was built in 2011, and is the oldest ship in Belships' fleet.

Delivery is expected to occur within February 2022 and Belships will realise a

gain of approximately USD 5.6m in Q1 2022. Total net cash flow after delivery of

the vessel will be approximately USD 13.0m after repayment of outstanding loans.

Belships has a uniform and modern fleet of bulk carriers well positioned to

capitalise on a strong dry bulk market. Following completion of all announced

transactions, the Belships fleet will count 27 Supramax/Ultramax bulk carriers,

with an average age below 4 years and average cash breakeven of USD 10 500 per

day. The contract coverage for 2022 stands at 54 per cent at an average rate of

USD 23 000 net per day per vessel meaning that the cash breakeven for remaining

open vessel days is below zero. Based on current market expectations, we expect

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

in accordance 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 stock exchange announcement was published by Edwin Johansen, Accounting

Manager in Belships ASA on 29 December 2021 at 19:35 CET.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act