I am proud to present the annual report for Belships ASA, and to introduce you to a company with a long history, extensive experience, strong expertise and a promising future.
From its origin in 1918 and focus on specialized heavy lift ships, the company made a valuable contribution for the Allied forces during World War II and during the Korean War. Later on, the company also entered both the tanker- and the energy sector.
Today Belships ASA has developed into a pure dry bulk player with full concentration on one non-specialized asset type. The company has been stock listed on the Oslo Stock Exchange since 1937.
Our subsidiary, Belships Management (Singapore) Pte Ltd, has made its mark on one of the world’s most challenging industries for over 30 years – an industry where clients manage valuable assets and demand the highest level of expertise and ability from their partners. We focus without compromise on strict risk management to minimize the hazards to both people and the environment and we appreciate the demands and challenges made by our esteemed clients.
Belships ASA outlined in 2013 a bold newbuilding program for eco-design Ultramax bulk carriers to be constructed by Imabari Shipbuilding Group in Japan. This strategic move has transformed the business area into a state-of-the-art dry bulk service provider with high focus on quality, fuel efficiency and emission control. The Company took delivery of one 61,000 dwt Ultramax in September 2015 and a sister vessel in March 2016. A 63,000 dwt Ultramax, owned by a sister company of the shipbuilder and scheduled for delivery in Q1 2018, will be leased by the Company with purchase options. The first two ships carry traditional names for Belships: “Belforest” and “Belisland”. From delivery, “Belisland” will be servicing Canpotex for the remaining 5 year charter period of “Belocean”. The charter rate for this period will increase as a reflection of the expected bunker saving for Canpotex. “Belforest” was chartered to Cargill for 10-14 months from delivery, and Cargill has also chartered in “Belocean” for a 10-15 months period.
Our corporate strategy is to provide our reputable clients a reliable transportation solution based on long-term charters and partnership. We will have focus on growth in portfolio size and diversification of our customer base through a careful selection of counterparts.
We are excited about our journey over the coming years.
Bernt Ulrich Müller
Chief Executive Officer