Belships

Regulatory Filings • Oct 17, 2019

Belships expands fleet with new Ultramax bulk carrier

Belships expands fleet with new Ultramax bulk carrier

Belships ASA (OSE: BEL) has agreed 7 year bareboat charter for a 61,000 dwt

Ultramax bulk carrier newbuilding. The vessel will be delivered by a Japanese

shipyard during the first quarter of 2020.

The estimated cash breakeven for the Vessel upon delivery is about USD 11,000

per day including operational expenses. Belships ASA will pay a sum of USD 3

mill prior to delivery. The agreement comes with purchase options below current

market values and can be exercised after the fourth year until the end of the

charter.

"We are very pleased to continue the growth of the company with another Japanese

Ultramax resale representing the highest quality and lowest fuel consumption in

the market today. Belships have a competitve advantage in terms of ship

financing enhancing the returns for our shareholders," said Belships CEO, Lars

Christian Skarsgård.

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 the Norwegian Securities Trading Act