Belships ASA: Sale of two Supramax vessels


Belships has entered into agreements for the sale of BELFRIEND and BELTIDE, Supramax bulk carriers built in 2016, for a price of USD 28.3m per vessel.

Delivery is expected to occur within Q3 2024 and the Company will realise a gain of approximately USD 3m per vessel. Both vessels are free of debt, therefore total cash proceeds to the company will be USD 56.6m.

"Belships acquired these two vessels in 2021 and the investment has yielded a return on equity of more than 100 per cent, displaying our ability to source accretive transactions and efficient use of capital. The extraordinary return is mainly due to prudent contract coverage ensuring higher earnings compared to the spot market," said Lars Christian Skarsgard, CEO of Belships ASA.

Including 10x newbuildings to be delivered between 2024-2028, the Belships fleet will count 38x vessels, and consist purely of Ultramax bulk carriers.

Belships ASA press release