Belships

Investor Presentation • Feb 22, 2023

COMPANY PRESENTATION | Q4 2022 FEBRUARY 2023

Our business – Dry Bulk Shipowning and Operating

Highlights – Q4 2022

Earnings summary CONTRACT COVERAGE SECURES PROFITABILITY AND DIVIDEND OUTLOOK

• Operating income of USD 155.4m (USD 228.6m)
• EBITDA of USD 56.1m (USD 70.4m) including USD 18.0m from Lighthouse Navigation
• Net result of USD 34.2m (USD 59.2m)
• Declared dividend of USD 18.5m (NOK 0.75 per share)
• TCE of USD 22 359 gross per day for owned fleet
• 95 per cent of ship days in Q1 2023 are fixed at USD 20 300 gross per day
• 67 per cent of ship days in the next four quarters are fixed at USD 19 800 gross per day
• Modern fleet of 31 vessels with an average age of four years and daily cash breakeven for 2023 of about USD 10 900 per vessel

Average TCE	EBITDA
USD 22 359/day	USD 56.1m
Net result	Dividend

Financial position
Assets	Equity and liabilities
Cash and cash equivalents	Book value equity
USD 139.9m	USD 297.3m
Book value ships	Lease liabilities
USD 747.3m	USD 463.4m
Net working capital	Bank debt
USD 15.3m	USD 141.8m

Lighthouse Navigation – Dry Bulk Operating

Fully Financed– Unparalelled Optionality

▪ BELSOUTH (2015) is debt free

Ultramax – Superior Risk/Reward

Average earnings per day last 5 years

Compelling Supply Side – Historically Low Orderbook

Lowest fleet growth in decades – Ageing fleet

ORDERBOOK/SUPPLY -The order book for Supra/Ultramaxbulk carriers is about 7 per cent. In relative terms,we are heading towards the lowestrate of supply growth in 30 years. Reduced amount ofnewbuildings coupled with very little scrapping/recycling has led to a consistantly ageing fleet(see graph left below).

NUMBERS FOR THOUGHT: Currently there are 3 900 ships on the water in the 45 – 65 000 dwt bracket. Only 1 300 of these are Ultramax vessels. The rest – 66 per cent are smaller, older and/or non-economical.

103x vessels are scheduled to be delivered in 2023. We expect less than 100x Ultramaxnewbuildings will be delivered in 2024 and 2025 as well. Even with doubled newbuilding supply it would take more than a decade to modernise the existing fleet – let alone sufficient to scale the adaptation of new fuels like ammonia/methanol.

REGULATIONS: The newregulations (EEXI) in 2023 may cause ships to reduce max speed, however, the dry bulk fleetis already operating well below max speed. Carbon Intensity Index (CII) will potentially have greater effect, butthis is more for the medium/long term.

NEWBUILDING PRICES: Ordering activity for bulk carriers remains low, cost inflation and high demand from other shipping segments has reduced the available shipbuilding capacity for bulk carriers for the next 2-3 years. A Japanese Ultramaxnewbuilding would today costin the region of USD 36-37m with delivery in 2025/2026.

SECONDHAND VESSEL VALUES: Secondhand values decreased abut 20 per cent during 2H 2022. Values for new/modern vessels held up betterthan old ships. We nowsee market increasing again and estimate values about 5 per cent up from bottom in December.

Leading Indicators Turning Positive

Dry Bulk Demand Growth Year on Year Dry Bulk Demand Growth (6-mos avg.) vs Supply Growth

Market Finally Coming Alive, But There's A Lot To Catch Up

Current freight market - Spot and FFA

RATES – The Baltic Supramax Index (BSI-58) averaged 14 800 per day – down from 19 700 in Q3 and 28 900 in Q2. The Baltic Exchange Supramax spot index is currently about USD 8 878. Freight Forward Agreements (FFA) currently indicate a market average of about USD 16 000 (!!) for an Ultramax for the remaining part of the year.

DEMAND– According to Fearnleys, total Supramax shipment volumes has surprised positively YTD 2023. Figures for January at 92m tonnes close to all time high, boding well for the rest of the year.

Port congestion normalised to pre-COVID levels. Congestion may again increase this year, however we believe that it could be offset by an increase in the average sailing speed of the vessels.

China reopened post-COVID, now after Lunar New Year, activity picking up. The war in Ukraine exposed energy and commodity shortages which accelerated inflation. Degree of inflation seems to persist, long interest rates edging up. Fair chance of increased exports of wheat, corn, fertilizers out of Black Sea in 2023 compared to 2022.

Minor bulks shipment growth turned positive over last couple ofmonths – contrary to beliefthatthe weak container markets would hamper this for Supra/Ultramaxes. Weakness for lagre bulk/Capesizes, on supply issues from South America.

FOOD, ENERGY AND INFRASTRUCTURE – Seaborne iron ore is predominantly driven by Chinese demand for steel production, whereas minor bulks tend to correlate closer with wider GDP growth.Rising inflation and recession fears has lowered GDP growth estimates, though indicators are mostly positive for 2023. China has already reopened post-COVID and coupled with economic stimulus is expected to support dry bulk demand in the nearterm.

Significant de-risk: Highly Profitable Contract Coverage

2023 Belships cash break-even USD 10 900 per vessel per day

Payouts since dividend policy Q2 2021

Creating value and returning it to shareholders

A Safe Harbour in High Seas

Modern Ultramax Fleet

31x vessels with an average age of 4 years

Fully Financed

Fixed interest rates on 75% of debt

Market Uncertainty

Short term headwinds vs lowest orderbook in 30 years

Solid Contract Coverage

Dividend capacity secured for 2023

Value

Discount to NAV and outsized dividend yield

Important Information

This presentation has been prepared by Belships ASA (the "Company") exclusively for information purposes. This presentation is confidential and may not be copied, distributed, reproduced, published or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (whether within or outside such person's organisation or firm) or published in whole orin part, by any medium orin anyform for any purpose or under anycircumstances.

The information in this presentation speaks as of 21 February 2023 and the Company assumes no obligation to amend, correct or update the information in this presentation. None of the Company or any of their respective directors, officers, employees, agents, affiliates, advisors or any person acting on their behalf, shall have any liability whatsoever, (whether direct or indirect, in contract, tort or otherwise) for any loss whatsoever arising from any use of this presentation, or otherwise arising in connectionwith this presentation.

The contents of this presentation shall not be construed as legal, business ortax advice, and the furnishing of this presentation should not be considered as the giving of investment advice by the Company or any ofits directors, officers, agents, employees or advisers. Prospective investors should consultits ownlegal, business ortax advisor as to legal, business ortax advice.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/orthe industry in which it operates. Forwardlooking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions andforecasts which are subjectto risks, uncertainties and otherfactors that may cause actual events to differ materially from any anticipated development. None of the Company or subsidiaries or any such person's directors, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation orthe actual occurrence of the forecasted developments.

This presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neitherthe issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enterinto, any investment activity.

This presentation is subject to Norwegian law and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo district court as legal venue.

Consolidated Statement of Income and Financial Position

	Q4	Q4
USD 1 000	2022	2021	2022	2021
Gross freight revenue Note	206 317	297 087	926 494	808 237
Voyage expenses	-52 874	-71 263	-204 769	-164 929
Net freight revenue 2	153 443	225 824	721 725	643 308
Management fees	1 969	2 797	8 996	7 366
Operating income 2	155 412	228 621	730 721	650 674
Share of result from j/v and assoc. comp.	5 851	8 242	31 065	14 323
T/C hire expenses	-81 268	-140 523	-450 524	-400 710
Ship operating expenses	-15 726	-15 417	-55 571	-50 457
Operating expenses management companies	-6 583	-9 151	-26 663	-30 756
General and administrative expenses	-1 599	-1 332	-7 068	-4 795
Operating expenses	-99 325	-158 181	-508 761	-472 395
EBITDA	56 087	70 440	221 960	178 279
Depreciation and amortisation 3	-10 882	-8 102	-39 031	-28 735
Gain on sale of ships 3	0	15 333	22 274	15 333
Other gains/(-losses)	-1 532	2 691	1 342	-4 048
Operating result (EBIT)	43 673	80 362	206 545	160 829
Interest income	559	160	962	815
Interest expenses	-8 093	-5 040	-26 106	-15 881
Other financial items	2 998	-1 014	-1 895	-2 308
Currency gains/(-losses)	-5 037	-379	-2 362	-1 325
Net financial items	-9 573	-6 273	-29 401	-18 699
Result before taxes	34 100	74 089	177 144	142 130
Taxes	100	-14 881	-2 084	-8 708
Net result	34 200	59 208	175 060	133 422
Hereof majority interests	26 459	48 480	146 886	103 983
Hereof non-controlling interests	7 741	10 728	28 174	29 439
Earnings per share	0.14	0.23	0.69	0.54
Diluted earnings per share	0.13	0.23	0.68	0.53

Consolidated statement of income Consolidated statement of financial position

	31 Dec	31 Dec
USD 1 000	2022	2021
NON-CURRENT ASSETS Note
Ships 3	747 042	580 628
Prepayment of ships	6 900	0
Property, Plant, and Equipment	3 702	4 227
Investments in j/v and assoc. companies	29 483	13 997
Other non-current assets	1 076	821
Total non-current assets	788 203	599 673
CURRENT ASSETS
Assets held for sale 3	0	23 933
Bunker inventory	14 675	16 492
Current receivables	57 544	52 332
Cash and cash equivalents	139 871	105 204
Total current assets	212 090	197 961
Total assets	1 000 293	797 634
EQUITY AND LIABILITIES
Equity
Paid-in capital	158 359	158 802
Retained earnings	98 864	82 739
Non-controlling interests	40 112	31 378
Total equity	297 335	272 919
NON-CURRENT LIABILITIES
Long-term interest bearing debt 4	555 202	412 881
Other non-current liabilities	1 729	1 757
Total non-current liabilities	556 931	414 638
CURRENT LIABILITIES
Current portion of interest bearing debt 4	50 053	24 467
Other current liabilities	95 974	85 610
Total current liabilities	146 027	110 077
Total equity and liabilities	1 000 293	797 634

Uniform and Modern Fleet of 31 Bulk Carriers

Vessel	Built	DWT	Yard	Vessel	Built	DWT	Yard
BELMONDO	2023	64 000	Imabari	BELNIPPON	2018	63 000	Imabari
BELYAMATO	2022	64 000	Imabari	BELAFONTE	2017	63 000	Imabari
BELTOKYO	2021	64 000	Imabari	BELHAVEN	2017	63 000	Imabari
BELFORCE	2021	61 000	Dacks	BELTIGER	2017	63 000	New Times
BELKNIGHT	2021	61 000	Dacks	BELISLAND	2016	61 000	Imabari
BELTRADER	2021	61 000	Dacks	BELINDA	2016	63 000	Hantong
BELGUARDIAN	2021	61 000	Dacks	BELMONT	2016	63 000	Hantong
BELMAR	2021	64 000	Imabari	BELATLANTIC	2016	63 000	Hantong
BELFAST	2021	64 000	Imabari	BELLIGHT	2016	63 000	New Times
BELAJA	2020	61 000	Shin Kurushima	BELFRIEND	2016	58 000	Tsuneishi
BELMOIRA	2020	61 000	Shin Kurushima	BELTIDE	2016	58 000	Tsuneishi
BELFUJI	2020	63 000	Imabari	BELVEDERE	2015	66 000	Mitsui
BELGRACE	2020	63 000	Imabari	BELFOREST	2015	61 000	Imabari
BELTANGO	2020	64 000	Mitsui	BELHAWK	2015	61 000	Imabari
BELFORTE	2019	64 000	Mitsui	BELSOUTH	2015	63 000	Hantong
BELRAY	2019	61 000	Shin Kurushima

Appendix: Belships ASA – Group Structure