Belships

Related Party Transaction • Sep 17, 2015

Belships ASA : Sale and leaseback

Belships ASA : Sale and leaseback

Belships ASA is pleased to announce that the company has entered into a sale and

lease back agreement with a Japanese counterpart for M/S Belforest.

M/S Belforest, 61,000 dwt Ultramax bulk carrier is currently under construction

at Imabari Shipbuilding in Japan and will be delivered around 25 September

2015. The ship will at time of delivery be sold and leased back for a period of

12 years with purchase options from year 3 onwards. The transaction is

considered as a financial lease and will not have any material impact on the

financial figures. Compared to alternative loan financing offer published in the

report for 2nd quarter, the transaction will improve Belships cash balance with

about USD 4 million at time of delivery.

Contacts for further information:

CEO Ulrich Müller - tel. +47 22527615

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1952934]