Belships

Quarterly Report • Oct 23, 2015

REPORT 3RD QUARTER 2015

22 October 2015

www.belships.com

HIGHLIGHTS

• Operating income of USD 5.5 m (Q2: USD 5.6 m)
• EBITDA of USD 2.7 m (USD 2.7 m)
• Net result of USD ‐4.2 m (USD ‐4.0 m)
• Impairment of the fleet included with USD ‐4.5 m (USD ‐5.3 m)
• All vessels operating normally modern fleet average age 5.3 years
• Contract coverage 100% for delivered vessels USD 83 million fixed charter backlog
• Belforest delivered 25 September and employed to Cargill for a period of 10‐14 months

Third quarter 2015 results

Belships operating income in 3rd quarter 2015 was USD 5,477,000 (Q2 2015: USD 5,594,000), while EBITDA amounted to USD 2,713,000 (USD 2,734,000). The Group's operating result amounted to USD ‐2,882,000 (USD ‐3,640,000), while total comprehensive income for 3rd quarter 2015 was USD ‐4,163,000 (USD ‐4,007,000). Comprehensive income for the first nine months of 2015 was USD ‐10,156,000 (YTD Q3 2014: USD ‐2,019,000). The increased loss is mainly explained by impairment of the fleet.

Impairment tests of the company's assets were performed in accordance with IAS 36. The ships, newbuildings and charterparties are valued based on observable market values. Based on these valuations and assumptions, book value of the fleet has been reduced by USD 4.5 million in the 3rd quarter, in addition to ordinary depreciation of USD 1.1 million.

Fleet status

M/S Belstar, M/S Belnor and M/S Belocean have continued the long‐term contracts to Canpotex of Canada. Canpotex is one of the world's largest exporters of potash, a fertilizer product imported in large volumes by countries such as China, India and Brazil. Net time charter rate is USD 16,000 per day, which is a favorable rate in the present market.

The ships have sailed without significant off‐hire, and operating expenses for 3rd quarter 2015 are close to budget. End of September M/S Belocean was positioned into China for drydock and special survey, and total offhire incl. positioning is expected to be around 20 days. Technical management is handled by Belships Management (Singapore), with a total fleet of 20 ships under technical management.

Newbuilding program

Belships' newbuilding program with Imabari Shipbuilding in Japan includes 2 x 61.000 dwt eco‐design Ultramax bulk carriers for delivery in September 2015 and March 2016. In addition Belships has signed a long‐term lease agreement incl. purchase option for a slightly larger sister vessel with delivery 1st quarter 2017.

The first newbuilding, M/S Belforest, was delivered from Imabari on 25 September and subsequently chartered to Cargill for a period of 10‐14 months. This c/p will generate an EBITDA of USD 1.15 million over the average period.

Financial and corporate matters

As per 30 September the Group's cash totaled USD 9.8 million compared to USD 6.9 million as per 30 June 2015. The sale lease back transaction for M/S Belforest explains the improved cash balance.

The mortgage debt balance as per 30 September was USD 42.5 million and was reduced by USD 1.25 million during the quarter. Remaining newbuilding commitment amounts to USD 19.8 million. Belships has a loan facility covering 70% of the lower of contract price and market value at the time

of delivery. 70% of contract price equals remaining newbuilding commitment. In addition Belships has a long‐term loan facility of SGD 2 million, secured by the lease agreement for our Singapore office. On 25 September 2015, the Company entered into a 12 year sale and leaseback agreement for M/S Belforest, including purchase options. The lease back is assessed to be a financial lease, accordingly the ship was upon delivery from the yard reclassified from newbuilding installment to ships, with a corresponding financial lease obligation in the balance sheet (current and non‐current).

In August 2011 Belships entered into an interest rate swap agreement with 2 years forward start at 2.2% with a remaining duration of 3 years covering USD 15 million, reducing by USD 5 million per year. Another interest swap agreement with forward start was entered into in June 2015 at a rate of 1.9% and with a duration of 5 years covering USD 20 million, reducing by USD 2 million per year. Hedging the Group's interest exposure is considered on an ongoing basis. The hedging level of interest rate exposure is currently around 70%. The long‐term interest rate is at a historical low level.

At the end of the 3rd quarter of 2015, the book value per share amounted to NOK 9.96 (USD 1.17), while the equity ratio was 43%.

Market highlights

The Capesize‐index ended the third quarter at USD 13,832 per day, whereas the Panamax‐index ended at USD 5,706 per day. The Supramax‐index ended the quarter at USD 7,350 per day. As per today the Cape index stands at USD 10,577 per day, Panamax‐index at USD 5,556 per day and Supramax‐index at USD 6,814 per day.

The dry bulk market has cooled down again after a few months with more activity and higher rates. China's demand for imported dry cargoes (in particular coal) has been reduced and the oversupply of tonnage has pushed the freight rates down for all sizes.

International iron ore prices are still very low, and the likely effect for shipping is that China will be forced to shut down loss‐making inland production and import more of its iron ore, helping to absorb some of the tonnage overcapacity. This will be of vital importance for the capesize segment going forward. The smaller sized vessels will benefit from a growing Chinese imports of minor bulks like bauxite, fertilizer, soya beans and grains.

Chinese steel mills have increased their efforts to sell more of their output abroad to make up for the slowing domestic demand, and recent trade figures indicate record high exports of steel. This steel export trade will also benefit the smaller vessel sizes.

Strategy

Belships is concentrating 100% on the dry bulk market, with 3 x 58,000 dwt Supramax plus 1 x 61,000 dwt Ultramax in service and 2 x Ultramax newbuildings under construction by Imabari Shipbuilding in Japan for delivery from March 2016 until 1st quarter 2017. Our ambition is to further increase the fleet of high quality dry bulk carriers in tandem with a growing customer base.

Outlook

New vessel ordering is now down to almost zero and the high scrapping activity continues. Scrapping, cancellations and conversions together with very little new ordering are helping to mitigate the net supply growth, which for 2015 is expected to be about 2.5%. We have to go back to 2003‐04 to find equally low net fleet growth figures.

Belships vessels are chartered out on fixed rates to reputable counterparts, and short term market fluctuations will therefore not affect the Group's cash flow. The charter parties represent a future nominal gross hire of USD 83 million.

Focus will be to further develop Belships as an owner/operator of modern bulk carriers to reputable counterparts. Our ambition is to build a portfolio of quality vessels and robust charter parties that will generate distributable cash flows.

Oslo, 22 October 2015 THE BOARD OF BELSHIPS ASA

Sverre Jørgen Tidemand, Chairman

Christian Rytter Kjersti Ringdal Sissel Grefsrud Carl Erik Steen

Questions should be directed to: Ulrich Müller, CEO +47 22 52 76 15

REPORT 3RD QUARTER 2015 4

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

The quarterly figures are not audited

BELSHIPS ASA

	Q3	Q2	YTD Q3	Q3	Q2	YTD Q3
USD 1 000	2015	2015	2015	2014	2014	2014	2014
Freight revenue Note	4 474	4 468	12 816	4 360	4 060	13 518	17 912
Management fees	1 003	1 126	3 268	932	1 164	3 077	4 167
Operating income 2	5 477	5 594	16 084	5 292	5 224	16 595	22 079
Time‐charter hire	0	0	0	0	0	‐804	‐804
Ship operating expenses	‐1 226	‐1 318	‐3 766	‐1 424	‐1 412	‐4 220	‐5 434
Operating exps. ship management	‐913	‐924	‐2 725	‐965	‐790	‐2 677	‐3 741
General and administrative exps.	‐625	‐618	‐1 933	‐735	‐1 258	‐2 748	‐3 540
Operating expenses	‐2 764	‐2 860	‐8 424	‐3 124	‐3 460	‐10 449	‐13 519
Operating result (EBITDA)	2 713	2 734	7 660	2 168	1 764	6 146	8 560
Depreciation and amortization	‐1 086	‐1 112	‐3 248	‐1 094	‐996	‐3 087	‐4 274
Impairment of the fleet	‐4 509	‐5 262	‐11 971	‐3 200	0	‐3 200	‐3 200
Operating result (EBIT)	‐2 882	‐3 640	‐7 559	‐2 126	768	‐141	1 086
Interest income	2	3	7	36	20	65	124
Interest expenses	‐425	‐439	‐1 305	‐482	‐499	‐1 480	‐1 961
Other financial items	‐822	52	‐1 055	142	70	‐236	‐277
Currency gains/(‐losses)	‐19	65	‐148	‐183	‐83	‐224	‐550
Net financial items	‐1 264	‐319	‐2 501	‐487	‐492	‐1 875	‐2 664
Result before taxes	‐4 146	‐3 959	‐10 060	‐2 613	276	‐2 016	‐1 578
Taxes	‐17	‐48	‐96	‐5	28	‐3	‐23
Net result	‐4 163	‐4 007	‐10 156	‐2 618	304	‐2 019	‐1 601
Hereof non‐controlling interests	16	3	52	8	38	53	80
Hereof majority interests	‐4 179	‐4 010	‐10 208	‐2 626	266	‐2 072	‐1 681
Other comprehensive income
Actuar. gain/(loss) on defined benefit plans	0	0	0	0	0	0	‐99
Total comprehensive income	‐4 163	‐4 007	‐10 156	‐2 618	304	‐2 019	‐1 700
Hereof non‐controlling interests	16	3	52	8	38	53	80
Hereof majority interests	‐4 179	‐4 010	‐10 208	‐2 626	266	‐2 072	‐1 780
Earnings per share (US cent)	‐8.86	‐8.52	‐21.61	‐5.53	0.65	‐4.30	‐3.42
Diluted earnings per share (US cent)	‐8.86	‐8.52	‐21.61	‐5.53	0.65	‐4.30	‐3.42

CONSOLIDATED BALANCE SHEETS

The quarterly figures are not audited

BELSHIPS ASA
		30 Sep	30 Sep	31 Dec
USD 1 000		2015	2014	2014
ASSETS	Note
Fixed assets
Ships	3	106 036	90 138	88 920
Newbuilding instalments	3	6 975	14 125	14 125
Other fixed assets		2 041	2 547	2 345
Total fixed assets		115 052	106 810	105 390
Current assets
Trade debtors		89	177	44
Other receivables		1 413	1 158	967
Cash and cash equivalents		9 784	7 784	8 064
Total current assets		11 286	9 119	9 075
Total assets		126 338	115 929	114 465
EQUITY AND LIABILITIES
Equity
Paid‐in capital		43 583	43 612	43 563
Retained earnings		10 872	20 787	21 080
Non‐controlling interests		388	381	408
Total equity		54 843	64 780	65 051
Long‐term liabilities
Mortgage debt	4	36 988	41 859	40 651
Bareboat commitment	3	20 291	0	0
Financial instruments		930	529	515
Pension obligations		856	1 354	1 138
Other long‐term liabilities		1 407	106	0
Total long‐term liabilities		60 472	43 848	42 304
Short‐term liabilities
Current portion of long‐term debt	3,4	7 337	5 000	5 000
Trade creditors		885	553	381
Other short‐term liabilities		2 801	1 748	1 729
Total short‐term liabilities		11 023	7 301	7 110
Total equity and liabilities		126 338	115 929	114 465

CONSOLIDATED CASH FLOW STATEMENTS

The quarterly figures are not audited

	YTD Q3	YTD Q3
USD 1 000	2015	2014	2014
Cash flow from operating activities
Net result before taxes	‐10 060	‐2 016	‐1 578
Adjustments to reconcile profit before tax to net cash flows:
Depreciations on fixed assets	3 248	3 087	4 274
Impairment of ships	11 971	3 200	3 200
Share‐based compensation expense	20	307	259
Difference between pension exps. and paid pension premium	‐139	0	‐262
Net finance costs	2 501	1 875	2 664
Working capital adjustments:
Change in trade debitors and trade creditors	‐180	‐174	‐213
Change in other short‐term items	‐7	‐352	‐90
Interest received	7	65	124
Interest paid	‐1 305	‐1 480	‐1 961
Income tax paid	‐120	‐58	‐35
Net cash flow from operating activities	5 937	4 454	6 382
Cash flow from investing activities
Prepayment newbuilding contracts	‐22 615	‐8 475	‐8 475
Sale of ship	22 669	0	0
Payment of other investments	‐1 510	‐957	‐898
Net cash flow from investing activities	‐1 456	‐9 432	‐9 373
Cash flow from financing activities
Repayment of long‐term debt	‐20 715	‐50 411	‐51 662
Proceeds from new loan	18 372	50 000	49 425
Payment of transaction costs related to new loan	‐300	‐575	0
Dividend paid to shareholders	0	‐393	‐393
Net cash flow from financing activities	‐2 643	‐1 379	‐2 630
Net change in cash and cash equivalents during the period	1 838	‐6 357	‐5 621
Cash and cash equivalents at 1 January	8 064	14 282	14 282
Change currency NOK deposits	‐118	‐141	‐597
Cash and cash equivalents at end of period	9 784	7 784	8 064

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

The quarterly figures are not audited

BELSHIPS ASA

USD 1 000
		Majority interest
		Paid‐in			Retained
	Share	Treasury	Share	Other	v Other	Non‐	Total
	capital	shares	premium reserves	paid‐in equity	equity	controlling interests	equity
As at 30 September 2015
Equity as at 31 December 2014	14 272	‐166	13 751	15 707	21 079	408	65 051
Net result for the period	0	0	0	0	‐10 208	52	‐10 156
Other comprehensive income	0	0	0	0	0	0	0
Total comprehensive income	0	0	0	0	‐10 208	52	‐10 156
Non‐controlling interest transactions	0	0	0	0	0	‐72	‐72
Share‐based payment expense	0	0	0	20	0	0	20
Equity as at 30 September 2015	14 272	‐166	13 751	15 727	10 871	388	54 843
As at 30 September 2014
Equity as at 31 December 2013	14 272	‐166	13 751	15 448	23 252	401	66 958
Net result for the period	0	0	0	0	‐2 072	53	‐2 019
Other comprehensive income	0	0	0	0	0	0	0
Total comprehensive income	0	0	0	0	‐2 072	53	‐2 019
Dividend to shareholders	0	0	0	0	‐393	0	‐393
Share‐based payment expense	0	0	0	307	0	0	307
Non‐controlling interest transactions	0	0	0	0	0	‐73	‐73
Equity as at 30 September 2014	14 272	‐166	13 751	15 755	0 20 787	381	64 780

KEY FINANCIAL FIGURES

The quarterly figures are not audited

BELSHIPS ASA

		YTD Q3	YTD Q3
		2015	2014	2014
EBITDA	USD 1000	7 660	6 146	8 560
Interest coverage ratio		‐5.92	‐0.18	0.37
Current ratio	%	102.39	124.90	127.64
Equity ratio	%	43.41	55.88	56.83
Earnings per share	US cent	‐21.61	‐4.30	‐3.42
Earnings per share	NOK	‐1.71	‐0.28	‐0.25
Equity per share	USD	1.17	1.38	1.39
Equity per share	NOK	9.96	8.93	10.33
Number of issued shares (excluding treasury shares)		46 804 000	46 804 000	46 804 000
Average number of issued shares (excl. treasury shares)		46 804 000	46 804 000	46 804 000

NOTES TO THE CONSOLIDATED ACCOUNTS

The figures are not audited

Note 1 Accounting principles

These interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, "Interim Financial Reporting". They do not include all of the information required for full annual financial reporting, and should be read in conjunction with the consolidated financial statements of Belships for the year ended 31 December 2014.

This report was approved by the Board of Directors on 22 October 2015.

The accounting policies adopted are consistent with those followed in the preparation of the Company's and the Group's annual financial statements for the year ended 31 December 2014.

Note 2 Segment information

BELSHIPS ASA
USD 1 000			January ‐ September 2015
	Dry cargo	Technical	Admini‐	Group	Total
		managm.	stration	transacts.
Freight revenue	12 612	0	0	204	12 816
Management fees	0	3 405	409	‐546	3 268
Operating income	12 612	3 405	409	‐342	16 084
Ship operating expenses	‐4 105	0	0	339	‐3 766
Operating expenses ship management	0	‐2 725	0	0	‐2 725
General and administrative expenses	‐9	0	‐1 927	3	‐1 933
Operating expenses	‐4 114	‐2 725	‐1 927	342	‐8 424
Operating result (EBITDA)	8 498	680	‐1 518	0	7 660
Depreciation and amortization	‐3 173	‐33	‐42	0	‐3 248
Impairment of ships	‐11 971	0	0	0	‐11 971
Operating result (EBIT)	‐6 646	647	‐1 560	0	‐7 559
Interest income	0	4	3	0	7
Interest expenses	‐1 303	0	‐2	0	‐1 305
Other financial items	‐254	‐12	‐789	0	‐1 055
Currency gains/(‐losses)	‐6	11	‐153	0	‐148
Net financial items	‐1 563	3	‐941	0	‐2 501
Result before taxes	‐8 209	650	‐2 501	0	‐10 060
Taxes	0	‐96	0	0	‐96
Net result	‐8 209	554	‐2 501	0	‐10 156
Hereof non‐controlling interests	0	52	0	0	52
Hereof majority interests	‐8 209	502	‐2 501	0	‐10 208

Note 2 Segment information, continued

BELSHIPS ASA

USD 1 000		2015					2014
	Dry	Techn.	Admin/	Total	Dry	Product	Techn.	Admin/	Total
Q1	cargo	manag.	Grp.trs.		cargo	tank	manag.	Grp.trs.
Freight revenue	3 806	0	68	3 874	4 233	774	0	91	5 098
Management fees	0	1 177	‐38	1 139		0 0	1 016	‐35	981
Operating income	3 806	1 177	30	5 013	4 233	774	1 016	56	6 079
Time‐charter hire	0	0	0	0		0 ‐804	0	0	‐804
Ship operating expenses	‐1 328	0	106	‐1 222	‐1 493	0	0	109	‐1 384
Operating expenses ship management	0	‐888	0	‐888		0 0	‐922	0	‐922
General and administrative expenses	‐2	0	‐688	‐690	‐11	‐10	0	‐827	‐848
Operating expenses	‐1 330	‐888	‐582	‐2 800	‐1 504	‐814	‐922	‐718	‐3 958
Operating result (EBITDA)	2 476	289	‐552	2 213	2 729	‐40	94	‐662	2 121
Depreciation and amortization	‐1 026	‐10	‐14	‐1 050	‐964	0	‐12	‐21	‐997
Impairment of non‐current assets	‐2 200	0	0	‐2 200		0 0	0	0	0
Operating result (EBIT)	‐750	279	‐566	‐1 037	1 765	‐40	82	‐683	1 124
	Dry	Techn.	Admin/	Total	Dry	Product	Techn.	Admin/	Total
Q2	cargo	manag.	Grp.trs.		cargo	tank	manag.	Grp.trs.
Freight revenue	4 399	0	69	4 468	3 992	0	0	68	4 060
Management fees	0	1 186	‐60	1 126		0 0	1 195	‐31	1 164
Operating income	4 399	1 186	9	5 594	3 992	0	1 195	37	5 224
Ship operating expenses	‐1 445	0	127	‐1 318	‐1 521	0	0	109	‐1 412
Operating expenses ship management	0	‐924	0	‐924		0 0	‐790	0	‐790
General and administrative expenses	‐7	0	‐611	‐618	‐93	0	0	‐1 165	‐1 258
Operating expenses	‐1 452	‐924	‐484	‐2 860	‐1 614	0	‐790	‐1 056	‐3 460
Operating result (EBITDA)	2 947	262	‐475	2 734	2 378	0	405	‐1 019	1 764
Depreciation and amortization	‐1 087	‐10	‐15	‐1 112	‐963	0	‐13	‐20	‐996
Impairment of non‐current assets	‐5 262	0	0	‐5 262		0 0	0	0	0
Operating result (EBIT)	‐3 402	252	‐490	‐3 640	1 415	0	392	‐1 039	768
Q3	Dry cargo	Techn. manag.	Admin/ Grp.trs.	Total	Dry cargo	Product tank	Techn. manag.	Admin/ Grp.trs.	Total
Freight revenue	4 407	0	67	4 474	4 292	0	0	68	4 360
Management fees	0	1 042	‐39	1 003		0 0	966	‐34	932
Operating income	4 407	1 042	28	5 477	4 292	0	966	34	5 292
Ship operating expenses	‐1 332	0	106	‐1 226	‐1 531	0	0	107	‐1 424
Operating expenses ship management	0	‐913	0	‐913		0 0	‐965	0	‐965
General and administrative expenses	0	0	‐625	‐625		0 0	0	‐735	‐735
Operating expenses	‐1 332	‐913	‐519	‐2 764	‐1 531	0	‐965	‐628	‐3 124
Operating result (EBITDA)	3 075	129	‐491	2 713	2 761	0	1	‐594	2 168
Depreciation and amortization	‐1 060	‐13	‐13	‐1 086	‐1 054	0	‐11	‐29	‐1 094
Impairment of non‐current assets	‐4 509	0	0	‐4 509	‐3 200	0	0	0	‐3 200
Operating result (EBIT)	‐2 494	116	‐504	‐2 882	‐1 493	0	‐10	‐623	‐2 126

Note 3 Newbuilding contracts

In 2013 Belships ASA placed an order for two newbuilding contracts for fuel efficient Ultramax bulk carriers from Imabari Shipbuilding Co. Ltd. The first, M/S Belforest, was delivered on 25th September 2015 and the second newbuilding is expected delivered in March 2016. Total newbuilding cost amounts to USD 28.3 million.

Remaining instalments	%	USD mill. per ship	Scheduled due date Hull S‐K086
#4: Launching	10 %	2.83	6 weeks before delivery
#5: Delivery	60 %	16.95	Mar 2016
Total paid instalments (USDm)		8.48
Total remaining instalments (USDm)			19.78

On 25 September 2015, the Company entered into a 12 year sale and leaseback agreement, including purchase options. The lease back is assessed to be a financial lease, accordingly the ship was upon delivery from the yard reclassified from newbuilding installment to ship, with a corresponding financial lease obligation in the balance sheet (current and non‐current). Lease payments are split between interest cost and reduction of the lease liability.

Note 4 Mortgage debt

Mortgage debt as of 30 September 2015 was USD 42.5 million, of which USD 5.0 million is classified as current. Arrangement fee and other transaction costs related to the mortgage debt, was initially recorded as a reduction of the debt in the balance sheet, and is subsequently amortized over the loan period in accordance with the amortized cost principle.

FLEET LIST

As at 30 September 2015
Ship		Ownership	Built year	Dwt	Employment	T/C‐rate (net USD/day)
Supramax
M/S Belstar	1	100 %	2009	58 018	T/C to 08/19	16 000
M/S Belnor	1	100 %	2010	58 018	T/C to 05/20	16 000
M/S Belocean	1	100 %	2011	58 018	T/C to 03/21	16 000
Ultramax
M/S Belforest	2	100 %	2015	61 320	T/C to 10/16
Imabari newbuilding	2	100 %	2016	61 000
Imabari newbuilding	3	T/C	2017	63 000

1) In case of any sale, Belships has an option to cancel two of the three time charter parties after respectively 5 and 7 years from the ships were delivered.

2) Belships has signed an agreement with Canpotex Shipping Services Ltd to replace M/S Belnor or M/S Belocean with the second newbuilding. The rate will be adjusted to USD 17,300/day net with effect from the date of delivery and until the expiry of the existing c/p period.

3) Delivery during 1st quarter of 2017 for long‐term lease with purchase option. Charter period is eight years with three annual renewal options. Purchase option may be exercised at the end of year 4 to JPY 3.01 billion, with an annual decrease of JPY 110 million.

CHARTER COVERAGE

Canpotex was established in 1972 by three Canadian potash producers: Agrium, Mosaic and PotashCorp. Canpotex manages transportation and has invested in 5,000 specialized railcars and two port terminals. Canpotex has supplied over 185 million mt of potash since 1974 to customers in countries like Australia, Brazil, China, India, Indonesia and Japan.

Founded in 1865, Cargill is the world's largest privately owned company. The company is an active producer and a supplier in industries as diverse as agriculture, oil, shipping and heavy industry. Cargill's ocean transportation business, headquartered in Geneva, operates one of the world's largest dry bulk charter fleets with over 550 vessels under their control at any one time, calling nearly 1,000 ports worldwide and shipping more than 220 million metric tons of dry bulk cargo each year.

20 LARGEST SHAREHOLDERS

As at 19 October 2015

Name	Number of	%
	shares
SONATA AS	28 856 030	60.94%
TIDSHIPS AS	6 201 058	13.10%
TIDEMAND SVERRE JØRGEN	2 891 462	6.11%
SKANDINAVISKA ENSKIL A/C CLIENTS ACC.	987 419	2.09%
GEMSCO AS	537 058	1.13%
BELSHIPS ASA	498 000	1.05%
CARLINGS AS	400 000	0.84%
TIDINVEST II AS	315 414	0.67%
JENSSEN & CO A/S	302 816	0.64%
GRANADA MANAGEMENT A	300 000	0.63%
CHREM CAPITAL AS	270 000	0.57%
NAGATSUKA TORU	250 000	0.53%
KONTRARI AS	250 000	0.53%
SØLAND LIV	240 000	0.51%
STEEN CARL ERIK	207 203	0.44%
KIELLAND BERNHARD	200 000	0.42%
JSL AS	175 000	0.37%
ASL HOLDING AS	175 000	0.37%
ABG SUNDAL COLLIER A MARKET‐MAKING IN	161 982	0.34%
SØLAND TORSTEIN c/o T. Søland Taktek	130 000	0.27%

Lilleakerveien 4, P.O.Box 23, Lilleaker, N‐0216 Oslo, Norway Tel: +47 22 52 76 00 chartering@belships.no www.belships.com Enterprise no: NO930776793MVA