Belships ASA: Purchase Option Declaration and Fleet Expansion

Belships has declared a purchase option for BELMAR, which has been leased since its delivery as a newbuilding in 2021. The purchase price is USD 25.5m and the vessel will be taken over in Q4 2024. The acquisition will be financed from the company’s available cash.

Furthermore, Belships has agreed to acquire a Japanese-built Ultramax of 64 000 dwt built in 2024 from an unrelated party. The purchase price is USD 41.0m and the vessel will be delivered within Q1 2025. The intention is to utilise our available Accordian Tranche which implies financing for 60 per cent of the purchase price and the remaining will be financed from the company’s available cash.

The sale of the two Supramax vessels BELFRIEND and BELTIDE announced previously are expected to be handed over to their new owners within Q3 2024. As the vessels are free of debt the sales proceeds of USD 56.6m will add to Belships’ strong cash position.

Lastly, Belships has expanded its newbuilding program with two new 64 000 dwt Ultramax bulk carriers which will be delivered in 2027 and 2028. The vessels are leased on similar terms as previously announced transactions, and Belships is not required to make any down payments for these vessels. Belships now has a total of 12x newbuildings under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are 100 per cent financed through lease agreements for 7 to 10 years with purchase options. Belships is not using any equity, therefore this will not have any impact on cash and dividend capacity during the construction period.

“These acquisitions add to a pipeline of growth, increasing our company’s fleet and earnings potential by a third over the next few years. Access to the highest-quality vessels and shipyards combined with financing is our competitive advantage, and we firmly believe this will continue to create value for our company and shareholders,” said Lars Christian Skarsgård, CEO of Belships ASA.

Including the announced transactions, and newbuilding program, the Belships fleet will count 41x vessels consisting entirely of Ultramax bulk carriers with an average year of build of 2021.

For further information, please contact Lars Christian Skarsgård, CEO, Belships ASA, phone +47 977 68 061 or e-mail

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