Belships

Capital/Financing Update • Oct 22, 2021

Belships ASA: Period charter contracts

Belships ASA: Period charter contracts

Belships has entered into agreement for period time charter contracts for two of

our vessels for a period of about 23-25 months at a gross rate of USD 25 500 per

day per vessel. The contracts are expected to commence from the beginning of

November 2021.

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.

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 LCS@belships.no

This stock exchange announcement was published by Edwin Johansen,

Accounting Manager in Belships ASA on 22 October 2021 at 09:10 CET.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act