Belships expands fleet with two ultramax bulkers

Oslo-listed Belships has penned two letters of intent for the purchase of a pair of ultramax bulk carriers.

Belship will bareboat charter a 64,000-dwt ultramax for 10 years after the vessel is delivered by a Japanese shipyard during the second half of 2020. The agreement comes with purchase options that can be exercised after the fourth year until the end of the charter. The estimated cash breakeven for the vessel is about $10,750 per day including operational expenses.

Belship said it will pay a sum of $3m upon signing the contract, which is expected to occur during the first quarter of next year.

The company will also acquire a secondhand 2017 Japan-built ultramax for a price of $24.5m, with delivery scheduled during the second quarter of 2020 after the vessel passed its intermediate drydocking survey.

“This is another significant milestone for Belships. We continue to expand and modernise our fleet whilst maintaining capital discipline in our quest to develop the company further. The goal of this growth remains focused on creating value for our shareholders and increasing the attractiveness of trading our shares,” said Lars Christian Skarsgard, ceo of Belships.

Following the transactions, the Belships fleet will count 24 supramax/ultramax bulk carriers, with an average age of about five years, including newbuildings to be delivered in 2020 and 2021.

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