Belships

Capital/Financing Update • Jan 24, 2022

Belships ASA: Period charter contracts

Belships ASA: Period charter contracts

Belships has entered into agreements to charter out two vessels for period time

charter contracts as follows:

- 11-13 months at a gross rate of USD 24 800 per day

- 21-24 months at a gross rate of USD 21 400 per day

The contracts are expected to commence in Q1 2022.

The total contract coverage for 2022 now stands at about 62 per cent at an

average rate of USD 22 900 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 cash breakeven of about USD 10 500 per vessel. Our strategy

is to develop Belships as an owner and operator of geared bulk carriers, through

quality of operations and pursue accretive growth opportunities for the purpose

of maximising shareholder value. 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.

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

phone +47 977 68 061 or e-mail LCS@belships.no (mailto:LCS@belships.no)

This stock exchange announcement was published by Edwin Johansen,

Accounting Manager in Belships ASA on 24 January 2022 at 14:20 CET.

This information is subject to the disclosure requirements pursuant to

Section 5-12 the Norwegian Securities Trading Act