Belships

Capital/Financing Update • Jan 20, 2014

Belships ASA : Belships secure a third supramax newbuilding

Belships ASA : Belships secure a third supramax newbuilding

Belships ASA will from now on concentrate 100% on the dry bulk market. In

accordance with this shift in strategy M/T Belaia will be redelivered to owners

at expiry of current c/p to Lauritzen Tankers around March 2014. The owners are

closely related to Imabari Shipbuilding and will in return replace the

redelivered ship with a new eco-design Supramax bulk carrier of 61,000 dwt for

delivery Q1 2017 on long term lease incl. purchase options. The terms for this

new lease agreement will be very close to the terms for the redelivered ship,

except that the lease period will be for minimum 8 years plus 3 yearly options.

Purchase option can be declared from end of year 4 onwards, starting at JPY

2.91 billion and decreasing annually by JPY 110 million. Through this new lease

agreement Belships ASA will have three identical Supramax bulk carriers with

eco-design from Imabari for delivery between Q4 2015 and Q1 2017.

Furthermore, we are pleased to announce that we have secured new long term

financing for our three bulk carriers already in service. The new term loan

facility of USD 50 million is secured for a period of 6 years from February

2014, and both the margin and the covenants will be an encouraging improvement

compared to the terms for the exisiting financing. We have also received

attractive quotes for long term financing of our n/b program, but have not yet

accepted any offer.

Oslo, 20 January 2014

The Board of Belships ASA

For further information please contact:

Ulrich Müller

Managing Director

Belships ASA | www.belships.com

Tel: +47 22 52 76 15  |  Mob: +47 924 90 400 | E-mail: um@belships.no

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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