Belships — M&A Activity 2019

Oct 7, 2019

Belships divests Supramax bulk carrier

Belships divests Supramax bulk carrier

Belships ASA (OSE: BEL) has entered into an agreement with Marti Shipping & Ship

Management of Turkey for a bareboat charter and subsequent sale of BELEAST. The

50,000 dwt bulk carrier was built in 2006, and is the oldest ship in Belships'

fleet of 22 Supramax and Ultramax vessels, including newbuildings.

BELEAST will enter the bareboat charter during the fourth quarter of 2019 and

Belships will realise a gain of approximately USD 4.0 million. The Charterer has

an obligation to purchase the vessel within 24 months and the net cash flow

during the period will be approximately USD 3.5 million after repayment of

outstanding loans.

"Belships sold BELOBO to Marti Shipping back in 1985 so we are pleased to do

business with their company again. Belships has a modern fleet with an average

age of six years. We will continue to take an opportunistic approach to renew

and expand our fleet, with the aim of maximising returns for our shareholders,"

said Belships CEO Lars Christian Skarsgård.

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

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

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act