Belships Sells and Leases Back Ultramax Newbuild

Norwegian shipowner Belships announced it has entered into agreement to sell and lease back a newly built Ultramax bulk carrier scheduled for delivery from Japanese shipyard Imabari in November 2022.

The Oslo-listed company said it will sell the Belymato for an undisclosed price, and then operate the vessel on a 10-year bareboat charter with options to repurchase the vessel at "below current market levels".

There is no obligation to purchase the vessel at the end of the agreement, Belships said. The rate is fixed for the entire period with an average cost of capital of 4.6%. Belships will pay a sum of $4 million as down payment upon signing the agreement.

Belships said it expects to conclude the deal within the first quarter of 2022.

Belships has a fleet of 27 Supra/Ultramax vessels with an average age of 3.7 years. The daily cash breakeven in 2022 is about $10,000 per vessel.