Belships ASA: New Senior Secured Credit Facility

Belships has secured a new USD 116m loan facility. Proceeds from the facility will be used to repay all outstanding amounts under the existing credit facility with two vessels being left unencumbered.

The loan has a margin of 225 basis points and a loan-to-value ratio of 55 per cent, with the first installment in 2023 and final maturity in 2027. Lenders for the new loan facility are DNB Bank and Sparebank 1 SR-Bank. The agreement is conditional upon certain steps to be completed by the parties involved. Conclusion is expected within Q1 2022.

Belships has a modern fleet of 27 Supra/Ultramax vessels with an average age of 3.7 years. The daily cash breakeven in 2022 is about USD 10 000 per vessel. The current contract coverage for 2022 stands at about 65 per cent at an average rate of USD 23 000 net per day per vessel meaning that the cash breakeven for remaining open days is well below zero.

For further Information, please contact Lars Christian SkarsgÄrd, Belships CEO, phone +47 977 68 061 or e-mail

This stock exchange announcement was published by Edwin Johansen, Accounting Manager in Belships ASA on 11 February 2022 at 14:45 CET.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act