Belships

Belships ASA: Period charter contracts

Belships has entered into agreements for period time charter contracts for three

of our vessels for a period of about 11-13 months at a gross rate of USD

22 500, 24 700, and 25 000 per day per vessel. The contracts are expected to

commence within December 2021.

The contract coverage for 2022 now stands at 42 per cent at an average rate of

USD 22 900 net per day per vessel meaning that the cash breakeven for remaining

open days is close to zero.

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 30 Supramax/Ultramax bulk carriers,

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

per day. Our strategy is to develop Belships as an owner and operator of geared

bulk carriers, through quality of operations and pursue accretive growth

opportunities for the purpose of maximising shareholder value. 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] (mailto:[email protected]).

This stock exchange announcement was published by Edwin Johansen, Accounting

Manager in Belships ASA on 29 November 2021 at 10:17 CET.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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