Belships

Regulatory Filings • Jul 10, 2019

Belships ASA expands fleet with 20th vessel

Belships ASA expands fleet with 20th vessel

Belships ASA (OSE: BEL) has agreed a 10 year bareboat charter for a 64,000 dwt

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

shipyard during the second half of 2021.

The estimated cash breakeven for the Vessel upon delivery is about Usd 11,250

per day including operational expenses. The agreement comes with attractive

purchase options which can be exercised as from the fourth year till the end of

the charter.

"In addition to signalling the superior ship financing available to Belships, we

see this transaction as an option to buy a vessel at today's market levels

without deploying any of the of the company's cash until delivery," said

Belships CEO, Lars Christian Skarsgård.

Following the transaction, the Belships fleet will count 20 Supramax/Ultramax

bulk carriers, including a newbuilding being delivered from Imabari

Shipbuilding, Japan in the first half of 2020. 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 of the Norwegian Securities Trading Act.