Belships

Share Issue/Capital Change • May 22, 2020

Belships ASA - delivery of vessel and increase of share capital

Belships ASA - delivery of vessel and increase of share capital

Reference is made to the announcement by Belships ASA (the "Company") the on 10

December 2019 regarding the acquisition of an Ultramax bulk carrier built in

2017 by a Japanese shipyard. Belships is pleased to announce that the vessel has

now been delivered and named BELHAVEN.

As part of the consideration for the vessel, and based on the authorisation

granted by the Company's annual general meeting on 14 May 2020, the board of

directors has resolved to increase the Company's share capital by the issuance

of 15,950,699 shares to the sellers of BELHAVEN. Following the registration of

the share capital increase with the Norwegian Register of Business Enterprises,

the Company's share capital will be NOK 456,350,808, divided by 228,175,404

shares, each with a par value of NOK 2.

For further information, please contact Lars Christian Skarsgård, Belships CEO,

phone +47 977 68 061 or e-mail LCS@belships.no.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.