Belships

Investor Presentation • Feb 11, 2025

COMPANY PRESENTATION | Q4 FEBRUARY 2025

Highlights – Q4 2024

LIQUIDITY EVENT FOR SHAREHOLDERS

Highlights – Q4 2024
LIQUIDITY EVENT FOR SHAREHOLDERS
 EBITDA of USD 19.4m  Net result of USD 7.5m  TCE of USD 15 552 gross per day for owned fleet  Agreement for recommended voluntary cash offer  No dividend declared  72 per cent of ship days in Q1 2025 are fixed at USD 13 600 gross per day  27 per cent of ship days in the next four quarters are fixed at USD 14 350 gross per day  Uniform fleet of 42x Ultramax vessels including 12x newbuildings	Average TCE USD 15 552 per day Net Result USD 7.5m	EBITDA USD 19.4m Dividend No dividend declared
	Cash and Cash Equivalents USD 100.2m	Interest Bearing Debt USD 525.3m

Overview of Voluntary Cash Offer by Blue Northern BLK

• On December 19, 2024, Belships ASA ("Belships") announced an agreement with Blue Northern BLK Ltd (the "Offeror") for the Offeror to make a voluntary cash offer to all shareholders in Belships
• The Offeror is a company established by Entrust Global, a global asset manager with multiple investments within shipping and offshore
• The offer price is NOK 20.5 per share (adjusted for any dividends distributed before the completion of the offer). The settlement will be in cash (NOK), and the offer price represents a premium of 29.4% compared to the last closing price before the agreement was announced on December 19, 2024
• A total of 68.43% of Belships' shareholders (including board members) have pre-accepted the offer. The offer is also recommended by the Belships' board, which unanimously advises Belships' shareholders to accept the offer
• Belships' board has received a fairness opinion from Nordea Bank Abp, filial i Norge concluding that the offer price is fair, from a financial point of view

Overview of Voluntary Cash Offer by Blue Northern BLK

• The offer is described in an offer document dated January 21, 2025, which has been approved by Oslo Børs (the "Offer Document")
• ABG Sundal Collier is the financial advisor to the Offeror. The Offer Document and acceptance form is available on ABG Sundal Collier's website (www.abgsc.com/transactions)
• Shareholders in Belships who wish to accept the offer can do so by returning the acceptance form to ABG Sundal Collier prior the expiration of the offer period on February 20, 2025 at 16:30 (CET) (subject to a possible extension of the offer period by the Offeror) in accordance with the procedures described in the Offer Document

Please refer to the Offer Document for complete information about the offer. This description is only intended as a summary of certain points in the Offer Document. The offer can only be accepted based on the Offer Document and the full terms and conditions stated therein.

Proven Track Record

Listed on the Oslo Stock Exchange

Modernised and increased the fleet from seven to 42x ships

STRATEGIC DIVESTMENTS

Simplified and renewed operating business and outsourced technical management

CREATING VALUE

GOVERNANCE

transparency

Norwegian-based corporate structure which protects shareholder rights and promotes

Dividends and share appreciation resulting in the highest total return of all listed dry bulk companies*

Simplified and Transparent

Dry Bulk Operator

30x Vessels on the water.....

JAPANESE LEASE

20x Vessels

Fixed interest rates, zero covenants

With purchase options, no obligations

Lease durations until 2027-2034

Average cost of debt 5.2 per cent, all-in

BANK FINANCE

7x Vessels*

Margin 195 bps

Maturity in 2029

USD 100m undrawn capacity

DEBT FREE

3x Vessels

BELSOUTH (2015) BELINDA (2016) BELMAR (2021)

* Includes new vessel BELSAKURA, will be delivered in Q1 2025 and intended financed by bank debt

......and 12x Newbuildings coming in 2025-2028

	and 12x Newbuildings coming	in 2025-2028
DELIVERIES		INVESTMENT HIGHLIGTS
Q4 2025	Q3 2027	Japanese-design 64 000 dwt Ultramax the highest quality and efficiency available	represents today
Q4 2025	Q3 2027	Japanese lease financing with fixed interest	and
Q2 2026	Q3 2027	operating costs
Q4 2026	Q1 2028	Periods up to a maximum of 7 to 10 years delivery	from
Q4 2026	Q3 2028
Q1 2027	Q3 2028	Purchase options during the charter, all in USD No obligation to acquire any of the vessels

Ultramax – Superior Risk/Reward

Average earnings per day last 7 years

Supramax: BSI63, Kamsarmax: BPI82, Capesize: BCI 5TC sourced: Baltic Exchange as of Jan 2025

Historically Low Supply Side

The order book is about 10 per cent of the sailing fleet

Current rate of fleet growth is about 4 per cent per annum

Only 1/3 of the existing fleet are modern ECO type Ultramax vessels

There is not available shipyard capacity to renew or the change the fleet within the next decade

10 Source: Fearnleys, SSY (45,000-69,999 DWT)

Contract Coverage

73%

11

Important Information

This presentation has been prepared by Belships ASA (the "Company") exclusively for information purposes. This presentation is confidential and may not be copied, distributed, reproduced, published or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (whether within or outside such person's organisation or firm) or published in whole or in part, by any medium or in any form for any purpose or under any circumstances.

The information in this presentation speaks as of 11 February 2025 and the Company assumes no obligation to amend, correct or update the information in this presentation. None of the Company or any of their respective directors, officers, employees, agents, affiliates, advisors or any person acting on their behalf, shall have any liability whatsoever, (whether direct or indirect, in contract, tort or otherwise) for any loss whatsoever arising from any use of this presentation, or otherwise arising in connection with this presentation. The contents of this presentation shall not be construed as legal, business or tax advice, and the furnishing of this presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisers. Prospective investors should consult its own legal, business or tax advisor as to legal, business or tax advice.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forwardlooking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or subsidiaries or any such person's directors, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. This presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This presentation is subject to Norwegian law and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo district court as legal venue.

Consolidated Statement of Income and Financial Position

		Q4	Q4
USD 1 000		2024	2023	2024	2023
Gross freight revenue	Note	86 327	145 083	411 725	563 441
Voyage expenses		-21 168	-36 170	-97 753	-139 085
Net freight revenue	2	65 160	108 914	313 973	424 356
Management fees		410	2 167	3 296	3 408
Operating income	2	65 569	111 081	317 269	427 764
Share of result from j/v and assoc. comp.		0	591	2 206	6 407
T/C hire expenses		-27 709	-50 077	-139 709	-194 155
Ship operating expenses		-16 302	-16 054	-60 786	-60 865
Operating expenses management companies		-589	-3 710	-6 125	-16 306
General and administrative expenses		-1 568	-1 022	-5 867	-5 233
					-270
Operating expenses		-46 168	-70 273	-210 281	152
EBITDA		19 402	40 807	106 987	157 612
Depreciation and amortisation	3	-7 519	-12 497	-37 144	-45 738
Gain on sale of ships	3		0 0	6 537	316
Gain on sale of subsidiary	6		0 0	5 951	0
Other gains/(-losses)		-857	-81	-595	350
Operating result (EBIT)		11 026	28 229	81 737	112 539
Interest income		1 222	688	6 008	2 527
Interest expenses		-7 282	-7 786	-29 807	-33 184
Other financial items		642	1 225	-1 492	2 065
Currency gains/(-losses)		-756	2 251	-998	1 049
Net financial items		-6 175	-3 621	-26 290	-27 543
Result before taxes		4 851	24 609	55 447	84 996
Taxes		2 676	-1 973	5 954	-7 562
Net result from continuing operations		7 527	22 636	61 401	77 434
Result from discontinuing operation	5		0 0	0	8 806
Net result for the period		7 527	22 636	61 401	86 240
Hereof majority interests		7 718	18 162	58 165	75 895
Hereof non-controlling interests		-192	4 474	3 236	10 346
Earnings per share for continuing operations		0.03	0.09	0.24	0.31
Diluted earnings per share for continuing operations		0.03	0.09	0.24	0.30
Earnings per share		0.03	0.09	0.24	0.34
Diluted earnings per share		0.03	0.09	0.24	0.34

Consolidated statement of income Consolidated statement of financial position

	31 Dec	31 Dec
USD 1 000	2024	2023
NON-CURRENT ASSETS Note
Ships 3	682 447	731 596
Property, Plant and Equipment	1 454	883
Investments in j/v and assoc. companies	0	9 934
Other non-current assets	463	2 956
Total non-current assets	684 364	745 370
CURRENT ASSETS
Bunker inventory	6 331	8 556
Other current assets	32 669	50 662
Cash and cash equivalents	100 228	128 276
Total current assets	139 228	187 495
Total assets	823 593	932 864
EQUITY AND LIABILITIES
Equity
Paid-in capital	132 895	141 736
Retained earnings	120 141	128 935
Non-controlling interests	8 809	34 890
Total equity	261 844	305 561
NON-CURRENT LIABILITIES
Deferred tax	524	6 537
Long-term interest-bearing debt 4	500 386	536 668
Other non-current liabilities	182	954
Total non-current liabilities	501 092	544 160
CURRENT LIABILITIES
Current portion of interest-bearing debt 4	24 874	26 735
Other current liabilities	35 782	56 409
Total current liabilities	60 656	83 144
Total equity and liabilities	823 593	932 864

Uniform and Modern Fleet of 42x Bulk Carriers

Vessel	Built	DWT	Yard	Vessel	Built	DWT	Yard
BELFRIEND	2028	64 000	Imabari	BELMAR	2021	64 000	Imabari
BELOCEAN	2028	64 000	Imabari	BELFAST	2021	64 000	Imabari
* BELNOR	2028	64 000	Imabari	BELAJA	2020	61 000	Shin Kurushima
BELVICTORY	2027	64 000	Imabari	BELMOIRA	2020	61 000	Shin Kurushima
BELCARGO	2027	64 000	Nacks	BELFUJI	2020	63 000	Imabari
BELSTAR	2027	64 000	Imabari	BELNIKE	2020	63 000	Imabari
BELROSSO	2027	64 000	Imabari	* BELTANGO	2020	64 000	Mitsui
BELTEMPO	2026	64 000	Imabari	* BELFORTE	2019	64 000	Mitsui
BELAVANTI	2026	64 000	Imabari	BELRAY	2019	61 000	Shin Kurushima
BELFUTURE	2026	64 000	Imabari	BELNIPPON	2018	63 000	Imabari
* BELFOX	2025	64 000	Imabari	BELAFONTE	2017	63 000	Imabari
BELFORTUNE	2025	64 000	Imabari	BELHAVEN	2017	63 000	Imabari
BELGRACE	2024	64 000	Imabari	BELTIGER	2017	63 000	New Times
** TBN BELSAKURA	2024	64 000	Imabari	BELISLAND	2016	61 000	Imabari
BELMONDO	2023	64 000	Imabari	BELINDA	2016	63 000	Hantong
BELYAMATO	2022	64 000	Imabari	BELMONT	2016	63 000	Hantong
BELTOKYO	2021	64 000	Imabari	BELATLANTIC	2016	63 000	Hantong
BELFORCE	2021	61 000	Dacks	BELLIGHT	2016	63 000	New Times
BELKNIGHT	2021	61 000	Dacks	BELFOREST	2015	61 000	Imabari
BELTRADER	2021	61 000	Dacks	BELHAWK	2015	61 000	Imabari
BELGUARDIAN	2021	61 000	Dacks	BELSOUTH	2015	63 000	Hantong

* Scrubber fitted

** Expected delivery Q1 2025