Belships

Belships ASA: Long term lease financing

Belships has entered into agreement to sell and lease back BELYAMATO, an

Ultramax newbuilding which is scheduled for delivery in November 2022. The

bareboat charter is for 10 years and comes with options to repurchase the vessel

at below current market levels. There is no obligation to purchase the vessel at

the end of the agreement. The rate is fixed for the entire period with an

average cost of capital of 4.6 per cent. Belships will pay a sum of USD 4.0m as

downpayment upon signing the agreement. The agreement is conditional upon

certain steps to be completed by the parties involved. Conclusion is expected

within Q1 2022.

Belships' fleet has increased and improved with only modest cash investments,

signalling the competitive advantage Belships has in sourcing ship finance. The

Japanese-designed Ultramax bulk carriers entering the fleet represent the

highest quality and lowest fuel consumption available in the market today.

Belships has a modern fleet of 27 Supra/Ultramax vessels with an average age of

3.7 years. The daily cash breakeven in 2022 is about USD 10 000 per vessel.

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

phone +47 977 68 061 or e-mail [email protected] (mailto:[email protected])

This stock exchange announcement was published by Edwin Johansen, Accounting

Manager in Belships ASA on 15 February 2022 at 16:33 CET.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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