Belships — Capital/Financing Update 2019

Oct 17, 2019

National Storage Mechanism | Additional information

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Belships ASA (OSE: BEL) has agreed 7 year bareboat charter for a 61,000 dwt Ultramax bulk carrier newbuilding. The vessel will be delivered by a Japanese shipyard during the first quarter of 2020.

The estimated cash breakeven for the Vessel upon delivery is about USD 11,000 per day including operational expenses. Belships ASA will pay a sum of USD 3 mill prior to delivery. The agreement comes with purchase options below current market values and can be exercised after the fourth year until the end of the charter.

"We are very pleased to continue the growth of the company with another Japanese Ultramax resale representing the highest quality and lowest fuel consumption in the market today. Belships have a competitve advantage in terms of ship financing enhancing the returns for our shareholders," said Belships CEO, Lars Christian Skarsgård.

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 the Norwegian Securities Trading Act