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Steady Q2 for Belships ahead of fleet doubling

Steady Q2 for Belships ahead of fleet doubling
Supramax bulker owner Belships reported a slight dip in profits to $300,000 in the second quarter as its fleet expansion was announced.  

In June Belships ordered two 61,000 dwt ships at Imabari for delivery in 2015 and 2016 adding to the long term lease it signed in January for a 63,000 dwt vessel due for delivery in 2017. Offers have been received to fund the newbuilding programme, but as yet nothing has been agreed.

The company's operating income fell to $5.2m from $6.3m in Q2 2013, owing to the redelivery of the Belaia to J Lauritzen in March 2014.

Belships' three vessels remain on long term charter with Canadian potash exporters Canpotex at a net time charter rate of $16,000 per day. Other than the Belstar's 18 days out for its routine five year drydocking, the fleet had no significant off-hire in the quarter.

Looking at the wider market the company saw encouraging underlying figures, with seaborne dry bulk trade expected to grow 6-7% in 2014 and 2015, while a reduction in deliveries sees an overall fleet growth around 4-5% taking into account demolitions.