Belships — Share Issue/Capital Change 2020

May 26, 2020

Belships ASA - new share capital registered

Belships ASA - new share capital registered

Reference is made to the announcement by Belships ASA on 22 May 2020 regarding

the share capital increase resolved by the board of directors in connection with

the acquisition of the Ultramax bulk carrier named BELHAVEN.

The new share capital and the new number of shares have now been registered with

the Norwegian Register of Business Enterprises:

Share capital (new): NOK 456,350,808

Number of shares (new): 228,175,404

Par value of each share (unaltered): NOK 2.00

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.