Belships — Investor Presentation 2014

May 8, 2014

Belships – Annual General Meeting

May 8, 2014

Key investment highlights

2

Owner/operator of high quality ships on medium to long‐term charters to highly reputable customers1Strong focus on fleet expansion with fuel efficient dry bulk newbuildsUSD 110m fixed charter backlog providing long‐term stable revenues3Improving market balance representing an attractive window of opportunity 4Management team with ^a track record for building and operating successful shipping companies 5Belships ASA was founded in 1918 and listed in Oslo in 1939. Strong and supportive majority shareholder in the Tidemand family 6

Businessstrategy and corporate structure

• • Owner/operator of dry bulk tonnage to highly reputable and good credit risk customers
• • Concentration on one asset type – «pure play» – diversification to be handled by the individual investor
• • Focus on growth in portfolio size and to diversify the customer base
• • Focus on medium to long term charter arrangements maintaining ^a duration spread to minimize the residual risk exposure
• • Fixed long term charters will provide stable distributable cash flows
• • Cost efficient operation and administration – «lean and mean»
• • Transparency, good corporate governance and shareholder friendly information philosophy
• • Targeting an efficiently priced equity with an attractive dividend ratio

Tonnage overview

l Ve ss e n am e	Dw t	/ l d i Bu t y ar	Ty p e	Cu to s m er	/ C‐ T te ra ( ) t ne
ls Be ta r	5 8, 0 0 0	/ 2 0 0 9 Da y an g	bu l k Su p ra m ax	Ca te np o x	\$ 1 6, 0 0 0
lno Be r	5 8, 0 0 0	/ 2 0 1 0 Da y an g	bu l k Su p ra m ax	Ca te np o x	\$ 1 6, 0 0 0
loc Be ea n	5 8, 0 0 0	/ 2 0 1 1 Da y an g	bu l k Su p ra m ax	/ Ca te np o x op en	\$ 1 6, 0 0 0
/ ba b Im i a r n	6 1, 0 0 0	V / ba 2 0 1 5 Im i e s Ve s e a r ss	l bu l k l n Su n a m e p ra m ax e am e	Op en
/ ba b Im i a r n	6 1, 0 0 0	/ ba 2 0 1 6 Im i a r	bu l k Su p ra m ax	** ) Ca te np o x	\$ 1 7, 3 0 0
/ ba b *) Im i a r n	6 1, 0 0 0	/ ba 2 0 1 7 Im i a r	bu l k Su p ra m ax	Op en

*) Lease period of 8+1+1+1 years with purchase option from end of year 4 of JPY 2.91 bn, decreasing annually by JPY 110 m.

**) One n/b will be swapped with either Belnor of Belocean for the balance period of c/p with Canpotex. New charter hire will be USD 17,300/day.

Contractcoverage

‐ USD 115mfixed charter backlog

Canpotex was established in 1972 by three Canadian potash producers: Agrium, Mosaic and PotashCorp. Canpotex manages transportation and has invested in 5,000 specialized railcars and two port terminals. Canpotex has supplied over 185 million mt of potash since 1974 to customers in countries like Australia, Brazil, China, India, Indonesia andJapan.

Belships ASA has the option to sell maximum two of the Canpotex‐vessels after 5 alt. 7 years without obligation to continue the Charter.

Attractivenewbuilding contracts

• • Two newbuilding contracts for 61,000 dwt Supramax bulk carriers with Imabari Shipbuilding in Japan:
• • Delivery scheduled for the second half 2015 and the first half 2016
• • Contract price is USD 28.25 million per vessel
• • A rights issue was completed in 2013 to finance the downpayments for the vessels

• • A third newbuilding 61,000 dwt Supramax bulk carrier from Imabari Shipbuilding in Q1 2017 on long term lease with purchase option

• •Founded in 1901

• •Japan's biggest shipyard
• •8 yard locations
• •More than 2,000 ships delivered
• •Annual production of ~90 ships
• • Represents ~23% of Japan's annual shipbuilding

The I‐Star 61,000 dwt is the new ECO supramax design developed by Imabari, with the latest technology available for fuel efficiency and low emissions

Eco‐design implies significant fuel savings

l in de ig Fu E C O e sa v g s s n
	dy Ha ize n s	Su p ra m ax	Pa na m ax	Ca ize p es
( ) N P V U S D m	2. 7	3. 1	4. 4	5. 8

HFO\$600/mt, 8% interest, ⁵ years, 270 days at sea

Dry Bulk Trade Demand By Importer

Supply side considerations

		% y‐ o‐ y
l k lee Dr Bu F t y	l l dw i ion t m	ha c ng e
lee F 0 1. 0 1. 2 0 1 3 t	6 8 4, 8	% 1 0, 2
de l 2 0 1 3 ive ies r	5 8, 6
2 0 1 3 ing sc ra p p	‐2 3, 0
lee F 0 1. 0 1. 2 0 1 4 t	7 2 0, 4	% 5, 2
de l ive ies 2 0 1 4 r	4 7, 0
ing 2 0 1 4 sc ra p p	‐1 4, 0
lee F 0 1. 0 1. 2 0 1 5 t	7 5 3, 5	% 4, 6
de l ive ies 2 0 1 5 r	3 9, 3
ing 2 0 1 5 sc ra p p	‐1 0, 6
lee 0 0 2 0 6 F 1. 1. 1 t	8 2, 7 1	3, 8 %

9

Open position

	2	2	2	2	2
	0	0	0	0	0
	1	1	6	1	8
	4	5	1	7	1
l h ' f l i B t e s p s e e :	% 0	% 3	% 3 1	% 4 9	% 5 0

USD/DAY		End 2013	Mid 2014*	End 2014*	Mid 2015*
CAPESIZE	170'	19,500	23,000	28,000	23,000
PANAMAX	75'	13,000	14,000	15,000	17,000
SUPRAMAX	53'	12,500	12,000	13,000	14,000

Valueadjusted balance sheet

TheBelships share

Ownership and Organization chart

Shareholder overview

ha ho l S de re r	ha # s res	%
( i de d ) So AS Sve J. T ta na rre ma n	28 61 9 39 1	.4% 60
ds hip ( de d ) Ti AS Ot G. Ti to s ma n	6 20 1 05 8	13 .1%
bo Lim ite d Lo ng w	2 30 8 68 0	4.9 %
do SE B Lo n n	98 7 41 9	2.1 %
Ge AS ms co	92 0 59 0	1.9 %
Im AS rte po r	68 1 47 6	1.4 %
de d Sve J. T i rre ma n	58 2 78 2	1.2 %
ls hip Be AS A s	49 8 00 0	% 1.0
ling Ca AS r s	40 0 00 0	0.8 %
Jas AS to	35 0 00 0	0.7 %
din Ti II AS st ve	31 5 41 4	0.7 %
Jen & Co AS sse n	30 2 81 6	0.6 %
ein lan d To Sø rst	30 0 00 0	% 0.6
hre l A C Ca ita S m p	27 0 00 0	0.6 %
ari S Ko A ntr	25 0 00 0	0.5 %
lan At AS ta a	23 6 63 9	0.5 %
Ca E l ri k Ste r en	20 7 20 3	0.5 %
hi l les Ac Fin AS an s	12 3 44 4	% 0.3
hn Jo To Kri sti re an sen	11 9 00 0	0.3 %
Kje l l E i l La g rse n	11 0 00 0	% 0.2
ha ho l de To 20 p s re rs	43 78 3 91 2	92 .3%

i A M U S D t m o n s n u	2 0 1 3	2 0 1 2
i i O t p e r a n g n c o m e	2 6 0	2 5 9
E B I T D A	9 3	9 0
f i i O t t p e r a n g p r o	2 4	1 9
/ ( ) f b f i P L t t r o o s s e o r e a x	0 0	1 5 ‐

Consolidated Statement of Comprehensive Income

	20 13	20 12
US 1 D 000	Jan ‐ D ec	Jan ‐ D ec
ig ht inc Fre om e	22 09 4	22 03 2
he ing inc Ot rat o r pe om e	3 87 9	3 86 3
l ing inc To ta rat o pe om e	25 97 3	25 89 5
ha hir Tim rte ec r e	‐4 66 0	‐4 38 0
hip Op tin era g e xp en ses s s	‐5 05 9	‐5 33 7
l dm Ge ini ati str ne ra a ve e xp en ses	‐6 92 0	‐4 63 3
fix d a De cia tio ts pre ns on e sse	‐4 25 1	‐4 68 3
f s hip Im irm t o pa en s	‐2 70 0	‐4 95 4
l To ing ta rat o pe ex pe nse s	‐23 59 0	‐23 98 7
f Op ing it t era pro	2 38 3	1 90 8
inc Int st ere om e	2 14	10 3
Int st ere e xp en ses	‐2 04 0	‐2 44 4
/ ha (‐ los ) Cu ain rre ncy exc ng e g s	20 8	‐19 8
he fin l Ot cia ite r an ms	‐68 1	‐87 2
f ina ia l ite Ne t nc ms	‐2 37 1	‐3 41 1
/ fit ( los ) be for Pro e t s ax	12	‐1 50 3
Ta x	‐16 6	‐18 6
f / ( ) for he Pro it Los t s ye ar	‐15 4	‐1 68 9
Ot he he ive inc c r om pre ns om e
/ ( ) o Ac ria l ain los de fin d be fit lan tua g s n e ne p s	‐3	0
l he nsi inc To ta co mp re ve om e	‐15 7	68 9 ‐1
f l ling int He ntr sts reo n on ‐co o ere	60	46
f He ajo rity int sts reo m ere	‐21 7	‐1 73 5
ha ( ) Ea rni US D ng s p er s re	0.0 0	‐0. 07
lut d ha ( ) Di ing US D e e arn s p er s re	0.0 0	‐0. 07

Balancesheet

	2 0 1 3	2 0 1 2
U S D 1 0 0 0	3 1 De c	3 1 De c
A S S S E T
ixe d F ts as se
h S ip s	9 5 4 2 4	1 0 2 1 5 3
bu l d lm i ing ins Ne ta ts en w	6 0 5 5	0
he f d O ixe t ts r as se	3 0 8 8	3 3 3 2
l f ixe d To ta ts as se	1 0 4 1 6 2	1 0 5 4 8 5
Cu t ts rre n a ss e
de de b Tr to a rs	1 2	5 3
he b les O iva t r r ec e	9 6 8	1 3 0 2
k de i Ba ts n p os	2 8 2 1 4	0 2 0 1 4
l To ta t ts c ur re n a ss e	1 5 2 6 2	1 1 5 5 9
l To ta ts a ss e	1 1 9 4 2 4	1 1 7 0 4 4

Balancesheet

	2 0 1 3	2 0 1 2
U S D 1 0 0 0	3 1 De c	3 1 De c
E Q U I T Y A N D L I A B I L I T I E S
i Eq ty u
d‐ l Pa i in i ta ca p	4 3 3 0 5	2 9 0 0 1
d Re ine ing ta ea rn s	2 3 2 5 2	2 3 4 6 9
l l No ing in tro te ts n‐ co n re s	4 0 1	3 1 9
l i To ta ty e q u	6 6 9 5 8	5 2 7 8 9
l ia b i l i ies Lo ‐te t ng rm
de b M tg t or ag e	4 2 4 6 0	4 7 3 0 8
he lon l b l O ia i i ies t te t r g‐ rm	8 1 6	1 0 7 5
b l Pe io ig io t ns n o a ns	1 6 4 4	2 1 7 6
l lo l ia b i l i ies To ta ‐te t ng rm	4 4 9 2 0	5 0 5 5 9
ho l ia b i l i ies S t‐ te t r rm
f m de b Cu io t t tg t rre n p or n o or ag e	5 1 3 8	5 1 3 8
d Bo iss n ue	0	5 9 8 7
de d Tr i to a c re rs	5 6 2	5 3 8
he ho l b l O ia i i ies t t‐ te t s r r rm	1 8 4 6	2 0 3 3
l ho l ia b i l i ies To ta t‐ te t s r rm	7 5 4 6	1 3 6 9 6
l i d l ia b i l i ies To ta ty t e q an u	1 1 9 4 2 4	1 1 7 0 4 4

Result1st quarter 2014

A i U S D M t m o u n s n	'2 1 Q 0 1 4	'2 1 Q 0 1 3
i i O t p e r a n g n c o m e	6 1	6 3
E B I T D A	2 1	2 2
f i i O t t p e r a n g p r o	1 1	1 1
f b f i P t t r o e o r e a x	0 3	0 6

ConsolidatedStatement of Comprehensive Income

		UN AU DIT ED	UN AU DIT ED	AU DIT ED
		2 0 1 4	2 0 1 3	2 0 1 3
US 00 0 D 1	No te	Ja Ma n ‐ r	Ja Ma n ‐ r	Ja De n ‐ c
Op ing inc t era om e
ht Fre ig inc om e		5 0 9 8	5 3 4 4	2 2 0 9 4
he Ot ing inc t o r p era om e		9 8 1	9 8 7	3 8 7 9
l To ing inc ta t o p era om e	1	6 0 7 9	6 3 3 1	2 5 9 7 3
Op ing t era ex p en se s
im ha h ire T rte ec r		‐8 0 4	‐1 1 4 3	‐4 6 6 0
Op ing h ip t era ex p en se s s s		‐1 3 8 4	‐1 3 2 3	0 9 ‐5 5
Ge l dm in ist ive rat ne ra a e xp en se s		‐1 0 7 7	‐1 6 6 7	‐6 9 2 0
iat ion f ixe d a De ts p rec on sse		‐9 9 7	0 6 ‐1 1	2 ‐4 5 1
irm f s h ip Im t o p a en s		0	0	‐2 0 0 7
l ing To ta t o p era ex p en se s		‐4 9 5 5	‐5 2 0 3	‐2 3 5 9 0
Op ing f it t era p ro		2 1 1 4	2 8 1 1	2 3 8 3
ina ia l inc d F nc om a e n e xp en se s
inc Int st ere om e		9	1 2	1 4 2
Int st ere e xp en se s		‐4 9 9	‐5 3 1	‐2 0 4 0
/ ha in (‐ los ) Cu rre nc y ex c ng e g a s		4 2	1 5 6	2 0 8
he f l Ot ina ia ite r nc ms		‐3 5 5	‐1 9 2	‐6 8 1
f ina ia l ite Ne t nc ms		‐8 0 3	‐5 5 5	‐2 3 7 1
/ f it ( los ) be fo Pro tax s re		3 2 1	5 7 3	1 2
Ta x		‐2 6	‐7 9	‐1 6 6
/ f it ( los ) fo he io d Pro t s r p er		2 9 5	4 9 4	‐1 5 4

Balancesheet

		U N A U D I T E D	U N A U D I T E D	A U D I T E D
		2 0 1 4	2 0 1 3	2 0 1 3
U S D 1 0 0 0	No te	3 1 M ar	3 1 M ar	3 1 De c
A S S E T S
ixe d F ts as se
h S ip s		9 4 6 4 0	1 0 1 1 5 3	9 5 4 2 4
bu l d lm Ne i ing ins ta ts w en	2	5 6 5 0	0	5 6 5 0
he f d O ixe t ts r as se		3 0 4 7	3 1 3 3	3 0 8 8
l f ixe d To ta ts as se		0 3 3 6 1 4	1 0 4 2 8 6	1 0 4 1 6 2
Cu t ts rre n a ss e
de de b Tr to a rs		1 2 2	4 7 2	1 2
he b les O iva t r r ec e		1 1 0 4	9 2 5	9 6 8
Ca h d h iva len ts s an ca s eq u		6 6 9 0 1	0 2 1 1 1	2 8 2 1 4
l To ta t ts c ur re n a ss e		1 7 9 1 6	1 1 5 3 6	1 5 2 6 2
l To ta ts a ss e		1 2 1 2 8 0	1 1 5 8 2 2	1 1 9 4 2 4

Balancesheet

		UN AU DIT ED	UN AU DIT ED	AU DIT ED
		2 0 1 4	2 0 1 3	2 0 1 3
US D 1 00 0	No te	3 1 M ar	3 1 Ma r	3 1 De c
E Q U I T Y A N D L I A B I L I T I E S
ity Eq u
d‐ l Pa i in ita c ap		4 3 3 0 5	2 9 0 1 0	4 3 3 0 5
d Re ine ing ta e ar n s		2 3 5 4 0	2 3 9 2 2	2 3 2 5 2
l l ing int No tro ts n‐c on er es		0 8 4	4 4 3	4 0 1
l ity To ta e q u		6 7 2 5 3	5 3 3 7 5	6 6 9 5 8
l ia b i l it ies Lo ‐te ng rm
de b Mo rtg t ag e	3	4 4 4 3 7	4 6 0 9 6	4 2 4 6 0
l F ina ia ins tru nts nc me		7 1 1	1 0 6 1	8 1 6
ion b l ig ion Pe t ns o a s		1 6 2 0	1 9 8 0	1 6 4 4
l lon l ia b i l it ies To ta te g‐ rm		4 6 7 6 8	4 9 1 3 7	4 4 9 2 0
ho l b l S ia i it ies rt‐ te rm
f m de b Cu ion nt t tg t rre p or o or ag e		5 0 0 0	5 1 3 8	5 1 3 8
d Bo iss n ue		0	5 7 3 1	0
de d Tr ito a c re rs		4 8 4	3 7 9	5 6 2
he ho l ia b i l it ies O t rt‐ te s r rm		1 7 7 5	2 0 6 2	1 8 4 6
l ho l ia b i l it ies To ta rt‐ te s rm		7 2 5 9	1 3 3 1 0	7 5 4 6
l ity d l ia b i l it ies To ta e q u an		2 2 8 0 1 1	8 2 2 1 1 5	9 2 1 1 4 4

	Dr y	du Pro ct	hn l Te ica c		Gr ou p
US D 1 0 00	ca rg o	k ta n	mt mg	dm in. A	tra ct. nsa	O T T A L
ig ht inc Fre om e	4 2 3 3	7 7 4	0	0	9 1	5 0 9 8
he Ot ing inc t o r p era om e	0	0	1 0 1 6	1 7 5	‐2 1 0	9 8 1
l ing inc To ta t o p era om e	4 2 3 3	7 7 4	1 0 1 6	1 7 5	‐1 1 9	6 0 7 9
ha h T im ire rte ec r	0	‐8 0 4	0	0	0	‐8 0 4
h Op ing ip t era ex p en ses s s	‐1 4 9 3	0	0	0	1 0 9	‐1 3 8 4
l dm Ge in ist ive rat ne ra a e xp en ses	‐1 1	‐1 0	‐9 2 2	‐8 3 7	1 0	‐1 7 7 0
f d a De iat ion ixe ts p rec s o n sse	‐9 6 4	0	‐1 2	‐2 1	0	‐9 9 7
l ing To ta t o p era ex p en se s	‐2 4 6 8	‐8 1 4	‐9 3 4	‐8 5 8	1 1 9	‐4 9 5 5
ing f it Op t era p ro	1 7 6 5	‐4 0	8 2	‐6 8 3	0	1 1 2 4
Int inc st ere om e	0	0	9	0	0	9
Int st ere e xp en ses	‐4 9 9	0	0	0	0	‐4 9 9
/ ha (‐ los ) Cu in rre nc y ex c ng e g a s	‐3	0	‐6 4	1 0 9	0	4 2
Ot he f ina ia l ite r nc ms	‐3 8 4	0	‐4	‐3	0	‐3 5 5
f l Ne ina ia ite t nc ms	‐8 5 0	0	‐5 9	1 0 6	0	‐8 0 3
/ f ( los ) be fo Pro it tax s re	9 1 5	‐4 0	2 3	‐5 7 7	0	3 2 1
Ta x	0	0	‐2 6	0	0	‐2 6
/ f ( los ) fo he d Pro it io r t s p er	9 1 5	‐4 0	‐3	‐5 7 7	0	2 9 5
Op ing inc 3 1 Ma 2 0 1 3 t t era om e a s a r	4 1 3 7	1 1 1 8	1 0 1 3	1 8 0	‐1 1 7	6 3 3 1
Op ing inc 3 2 0 1 Ma 1 4 t t era om e a s a r	2 3 3 4	7 7 4	0 6 1 1	1 7 5	9 ‐1 1	6 0 9 7
f Op ing it a 3 1 Ma 2 0 1 3 t t era p ro s a r	1 6 7 4	‐3 6	1 7 5	‐6 8 5	0	1 1 2 8
f Op ing it a 3 1 Ma 2 0 1 4 t t era p ro s a r	1 7 6 5	‐4 0	8 2	‐6 8 3	0	1 1 2 4

Segment information, 1 January ‐ 31 March, 2014