Belships

Major Shareholding Notification • May 27, 2020

Belships ASA - disclosure of large shareholding

Belships ASA - disclosure of large shareholding

Reference is made to the announcement by Belships ASA regarding the share

capital increase in connection with the acquisition of the Ultramax bulk carrier

named BELHAVEN.

Upon the share capital increase, the shareholding of Kontrazi AS has fallen

below 15% of the total shares and votes of Belships ASA, although the number of

shares remains unaltered. Consequently, Kontrazi AS's shareholding of

32 463 265 shares in Belships ASA now equals 14.2% of the total shares and votes

of Belships ASA, and the aggregated consolidated shareholding of Kontrazi AS and

Kontrari AS is 128 285 373 shares, equivalent to 56.2% of the total shares and

votes of Belships ASA.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act