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Belships sells bulk carrier

Published by , Assistant Editor
Dry Bulk,

Belships has entered into agreement for the sale of BELOCEAN. The 58 000 DWT bulk carrier was built in 2011, and is the oldest ship in Belships’ fleet. Delivery is expected to occur within February 2022 and Belships will realise a gain of approximately US$5.6 million in 1Q22. Total net cash flow after delivery of the vessel will be approximately US$13 million after repayment of outstanding loans.

Belships has a uniform and modern fleet of bulk carriers well positioned to capitalise on a strong dry bulk market. Following completion of all announced transactions, the Belships fleet will count 27 Supramax/Ultramax bulk carriers, with an average age below four years and average cash breakeven of US$ 10 500 per day. The contract coverage for 2022 stands at 54% at an average rate of US$ 23 000 net per day per vessel meaning that the cash breakeven for remaining open vessel days is below zero. Based on current market expectations, we expect to generate significant free cash flow and continue to pay quarterly dividends in accordance with our dividend policy.

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Dry bulk shipping market