Belships Asa News

Belships announced has expanded its newbuild program with two new 64,000 dwt Ultramax bulk carriers scheduled for delivery in 2028.The Norwegian-based company now has a total of 10 newbuilds under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are leased on time charter for a period of 7 to 10 years from delivery, with purchase options around current market levels. There is no obligation to purchase any of the vessels. Cash breakeven for the vessels upon delivery is about $14…

Dry bulk shipping company Belships ASA said it has entered into an agreement to sell of the oldest vessel in its fleetThe 2007-built 55,000 dwt bulk carrier Belfri is expected to be delivered to its new owner at the end of the third quarter of 2021.Belships said it will realize a gain of approximately $4.6 million, and net cash flow upon delivery will be approximately $9 million after repayment of outstanding loans.Belships CEO Lars Christian Skarsgård, said, “Belships will take delivery of seven vessel acquisitions during the next few months to expand our fleet of modern Ultramax bulk carriers. We will continue to take an opportunistic approach to develop our fleet, with the aim of maximizing returns for our shareholders.”

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

Belships ASA, a bulk carrier operator and ship management company, has confirmed that it  entered into an agreement with Marti Shipping & Ship Management of Turkey for a bareboat charter and subsequent sale of BELEAST.The 50 000 dwt bulk carrier was built in 2006 and was the oldest ship in Belships fleet. BELEAST was delivered in December as planned and Belships realized a gain of USD 4.4m.The Charterer has an obligation to purchase the vessel within 24 months and the net cash flow during the period will be approximately USD 3.5m after repayment of outstanding loans.In October, Belships agreed a 7-year bareboat charter for a 61 000 dwt Ultramax bulk carrier newbuilding from Shin Kurushima, Japan.

Norwegian shipping company Belships ASA has entered into an agreement to acquire a secondhand 63,000 dwt bulk carrier M/V Sofie Victory.The ultramax vessel was built at New Times Shipbuilding, China in 2016.Belships will acquire all shares in the single purpose company Sofie Victory AS, being the owner of M/V Sofie Victory. Sellers are the Bergen, Norway based company EGD Ultra Eco AS (holding 80 per cent of the shares in Sofie Victory AS) and Cyprus based Blossom Shipmanagement Ltd (holding 20 per cent of the shares in Sofie Victory AS).EGD Ultra Eco AS is ultimately controlled by investor Espen Galtung Døsvig.The agreed purchase price is USD 24.15 million, of which approximately USD 14 million is debt.

Following Ulrich Müller's resignation as CEO the board of directors of Belships ASA appointed Lars Christian Skarsgård (38) as new CEO in Belships ASA. Skarsgård is currently a director at Fearnleys AS and will assume his position as CEO on March 15, 2019.In connection with his appointment as CEO, Skarsgård has been granted options to subscribe for up to five million shares in the company with an exercise price of NOK 6 per share. The options can be exercised in the period between 36 months and 60 months from the date of commencement of his position as CEO.

Norway's bulk ship operator and management company Belships ASA announced that its chief executive officer (CEO)  Ulrich Müller has resigned.The board of directors of the Norwegian bulker owner stated in a press release that they will initiate the work with finding a new CEO immediately and Ulrich Müller will remain in his current position until a new CEO is in place."Belships has reached a crossroads and I feel like the time has come for others to take over the leadership of the Company. Belships is a great company and I wish the company and its skilled employees the best of luck in this next chapter" said Ulrich Müller.Ulrich Müller…

Norway-based  bulk ship operator and management company Belships has finalized its merger with Lighthouse Group after receiving an approval of the merger plan by the extraordinary general meeting (AGM)."All the conditions for the completion of the merger, including the expiry of the creditor notice period, have been fulfilled and the Merger has been registered as completed by the Norwegian Register of Business Enterprises today on 10 December 2018," said a press statement.Belships ASA has upon completion of the merger issued 127,765,993 consideration shares to the shareholders of the assigning companies, and following the issuance there are 175,117,993 shares outstanding in Belships ASA, each with a nominal value of NOK 2.

Norway-based bulk ship operator Belships has signed a merger plan with the Lighthouse Companies.Belships ASA has announced a merger between certain subsidiaries of Kontrari (the Lighthouse Companies) and one or more subsidiaries of Belships with consideration in Belships shares.A reference is made to the stock exchange announcement made by Belships on 6 July 2018 regarding the acceptance by Sonata of an offer from Kontrari AS and Kontrazi AS relating to a contemplated sale of 14,285,714 shares (30.2%) in the Company from Sonata to Kontrari.A press release from the bulk ship operator and management company said: "Following satisfactory completion of a mutual due diligence process and final negotiations…

Belships ASA, a bulk ship operator and management company, has signed an agreement to charter in an Ultramax bulk carrier of 63,000 dwt to be delivered from Imabari Shipbuilding first half 2020.    The charter period will be for minimum 8 years plus two yearly options, with purchase option from end of fourth year.    Through this new agreement, Belships ASA will have four Ultramax bulk carriers with eco-design from Imabari Shipbuilding.    Two ships are delivered and in service for Cargill and Canpotex respectively. The next newbuilding to be delivered in January 2018 and is presently unfixed.   Belships operates three bulk ships in addition to managing additional 12 ships owned by Elkem Chartering, that Belships owns 50% of.

It has been an active week in the shipbuilding market, especially in the dry bulk sector, according to Clarkson Hellas's 'Weekly S+P report'. Apart from a single Panamax order and declaration of some Capesize options, ordering has been primarily focussed on the smaller Handysize and Supramax sectors. Starting with the Capes and taking its total orderbook at the yard to 12 firm vessels, we understand that Clients of Frontline 2012 have declared four further options for 180,000 DWT bulk carriers at SWS. Delivery of these latest vessels is scheduled towards the end of 2015 and into the first half of 2016. It was also reported that Tai Chong Cheang S.S. has declared an option for the second in a series of 76,500 DWT Panamax bulkers at Imabari’s Marugame facility.