Belships buys secondhand supramax for $12m

Belships has inked a deal to acquire a secondhand 55,866-dwt supramax bulk carrier from Greece’s Prospero Marine at a price of $12m.

The Prospero Marine was built in 2007 by Japan’s Kawasaki Heavy Industries.

Belships will pay half of the purchase price in cash while the remaining half will be settled through a proposed issue of 7.4m new Belships shares to the seller of the vessel. The agreed share price in the transaction is NOK7 ($0.80) per share.

The cash portion is to be fully financed by a financing package secured by Oslo-listed Belships in March this year.

Read more: Belships lands $140m loan facility

“The transaction is Belships' third acquisition in less than a month. The group expects to take delivery of Sephora in July 2019. Following the transaction, the Belships fleet will count 19 supramax/ultramax bulk carriers, including a newbuilding being delivered from Imabari Shipbuilding, Japan in the first half of 2020,” Belships stated.

“Belships strategy going forward is to grow accretively as a fully integrated shipowner and operator of geared bulk carriers. The recent acquisitions and proposed share issue will, in accordance with the group's shareholder strategy, expand Belships' shareholder base and improve share liquidity,” it added.

Posted 01 May 2019

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Lee Hong Liang

Asia Correspondent

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