Belships ASA : Sale and leaseback for M/S Belisland

17 February 2016

Belships ASA is pleased to announce that the company has entered into a sale and lease back agreement with a Japanese counterpart for M/S Belisland.

M/S Belisland, 61 000 dwt Ultramax bulk carrier, is currently under construction at Imabari Shipbuilding in Japan and will be delivered around 15 March 2016. The ship will at time of delivery be sold and leased back for a period of 15 years with purchase options from year 5 onwards. The transaction is considered as a financial lease and will not have any material impact on the financial figures. Compared to alternative loan financing offer published in earlier reports, the transaction will improve Belships cash balance with about USD 6 - 8 million, depending on market value at time of delivery.

Belships ASA press release