Belships

Regulatory Filings • Aug 30, 2019

Belships ASA expands fleet

Belships ASA expands fleet

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

Ultramax bulk carrier newbuildings. The vessels will be delivered by a Japanese

shipyard during the fourth quarter of 2019 and first quarter of 2020.

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

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

mill per Vessel prior to delivery. The agreements come with purchase options

below current market values and can be exercised as from the fourth year until

the end of the charter.

"We are very pleased to continue the growth and fleet renewal of the company

with two vessels of the highest quality being delivered straight into a strong

market." said Belships CEO, Lars Christian Skarsgård.

Following the transactions, the Belships fleet will count 22 Supramax/Ultramax

bulk carriers, including the four newbuildings. Belships strategy going forward

is to grow accretively as a fully integrated shipowner and operator of geared

bulk carriers.

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