Belships purchase building contracts

Belships has decided to enter into an agreement whereby the company will purchase building contracts for 5 supramax bulk carriers at about 58.000 mdwt at a total cost of about USD 200 mill. The vessels will be built at Yangzhou Dayang Shipyard in China.
The first vessel will be delivered 2nd half 2009, the next two in 2010 and the last two vessels will be delivered in 2011.
Belships will seek to secure long term employment for the vessels. The vessels will be financed with 70 pct debt capital.