Belships

Capital/Financing Update • Feb 28, 2022

Belships ASA: Period charter contract

Belships ASA: Period charter contract

Belships has entered into agreement for a period time charter contract for a

period of about 22-26 months at a gross rate of USD 23 750 per day. The contract

is expected to commence within Q1 2022.

The total contract coverage for 2022 stands at about 70 per cent at an average

rate of USD 23 000 net per day per vessel.

Belships has a modern fleet of 27 Supra/Ultramax bulk carriers with an average

age of 3.7 years and daily cash breakeven for 2022 of about USD 10 000 per

vessel. Based on current market expectations, we expect to generate significant

free cash flow and aim to pay quarterly dividends as announced with our dividend

policy. Additionally, an extraordinary dividend payment is planned for Q1 2022.

For further information, please contact Lars Christian Skarsgård, Belships CEO,

phone +47 977 68 061 or e-mail LCS@belships.no.

This stock exchange announcement was published by Edwin Johansen, Accounting

Manager in Belships ASA on 28 February 2022 at 14:20 CET.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act