Belships Offloads Supramax Bulk Carrier

Maritime Activity Reports, Inc.

October 8, 2019

Image: Belships Management (Singapore) Pte Ltd

Image: Belships Management (Singapore) Pte Ltd

Norwegian shipping company Belships has entered into an agreement for a bareboat charter and subsequent sale of its 50,000 dwt Supramax bulk carrier Beleast.

According to an agreement with Marti Shipping & Ship Management of Turkey Belships' 2006-built vessel will enter the bareboat charter during the fourth quarter of 2019. It is the oldest ship in Belships’ fleet of 22 Supramax and Ultramax vessels, including newbuildings.

Beleast will enter the bareboat charter during the fourth quarter of 2019 and Belships will realize a gain of approximately USD 4.0 million.

The Charterer has an obligation to purchase the vessel within 24 months and the net cash flow during the period will be approximately USD 3.5 million after repayment of outstanding loans.

“Belships sold BELOBO to Marti Shipping back in 1985 so we are pleased to do business with their company again. Belships has a modern fleet with an average age of six years. We will continue to take an opportunistic approach to renew and expand our fleet, with the aim of maximizing returns for our shareholders,” said Belships CEO Lars Christian Skarsgård.

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