Belships

Major Shareholding Notification • May 22, 2020

Belships ASA - disclosure of large shareholding

Belships ASA - disclosure of large shareholding

Reference is made to the announcement by Belships ASA earlier today regarding

the share capital increase in connection with the acquisition of the Ultramax

bulk carrier named BELHAVEN.

As partly consideration for the vessel, Takumi Senpaku Kaisha Ltd has today

subscribed for 15,950,699 shares in Belships ASA.

Following the registration of the share capital increase with the Norwegian

Register of Business Enterprises and upon delivery of the shares, Takumi Senpaku

Kaisha Ltd will, via Citibank, N.A. in Dublin, hold 15,950,699 shares in

Belships ASA, equivalent to 6.99% of the total shares and votes of Belships ASA.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act