Belships ASA entered on 25 September 2015 into a sale and lease back agreement for M/S Belforest. The bareboat period is 12 years with purchase options from year 3 onwards. The transaction is considered as a financial lease.
Contracted time charter revenue
M/S Belstar, M/S Belnor and M/S Belocean are on 10-years time charters to Canpotex Shipping Services Ltd from time of delivery from yard in 2009, 2010 and 2011 respectively, at a net rate of USD 16 000 per day. There is no option to charter beyond this period. Belships ASA has the option to sell maximum two of the Canpotex-ships after 5 alternatively 7 years without obligation to continue the Charter. On 25 February 2016, M/S Belocean ended her contract with Canpotex. The ship was replaced by the newbuilding M/S Belisland at a net rate of USD 17,300 per day with effect from time of delivery 15 March 2016 until the expiry of the remaining 5 year period. Cargill, chartered from end of February M/S Belocean for 10-15 months at an average net rate of USD 3,750 per day.
|As at 31 December 2015||< 1 yr||1-5 yr||> 5 yr|
|Contractual payments from chartered out ships||21 199||60 461||1 070|
|Obligations related to long-term operational lease of ships||2 306||9 204||15 485|
|As at 31 december 2014||< 1 yr||1-5 yr||> 5 yr|
|Contractual payments from chartered out ships||
Lease obligations are nominal amounts.