Belships ASA report on first quarter results

Highlights

• EBITDA of US$31.3 million including US$4.7 million from Lighthouse Navigation.
• Net result of US$15.7 million.
• Declared dividend of NOK 0.60 per share – 100% pay out due to solid cash position.
• TCE of USD 16 731 gross per day for owned fleet – 29% outperformance of BSI-58.
• Prepaid US$13.5 million of bank debt – increasing the number of debt free vessels to four.
• 74% of ship days in 2Q24 are fixed at US$16 700 gross per day.
• 43% of ship days in the next four quarters are fixed at US$16 500 gross per day.
• Cash breakeven for 2024 of about US$10 900 per day per vessel.
• Modern fleet of 40 supra/ultramax vessels including 10 newbuildings.

Subsequent events

Belships has entered into an agreement to divest its stake of 50% in Lighthouse Navigation Pte Ltd, which is a dry bulk operating company based in Asia. In exchange for these shares, Belships has acquired 33% of the shares in Lighthouse Navigation Management AS, increasing Belships’ ownership to 67% in the company which focuses on dry bulk operating in the Atlantic. In addition, Belships will receive a cash consideration of US$14 million which will be paid to Belships over 15 months. This transaction is aimed at focusing and simplifying Belships’ investment within dry bulk operating. Please see further information under ‘Lighthouse Navigation’ below.

Belships has expanded its newbuilding program with two new 64 000 DWT ultramax bulk carriers which will be delivered in 2028. The vessels are leased on similar terms as previously announced transactions, and Belships is not required to make any down payments for these vessels. The agreements are conditional upon certain steps to be completed by the parties involved.

Belships has agreed to amend a US$90 million Term Loan Facility for six vessels, which is the only senior secured bank loan in the company today. Four vessels will remain debt free. The Loan Facility has an interest rate of SOFR+195 bps which is 55 bps lower than the previous facility. The loan matures in April 2029 and the first instalment is due in 2025. Furthermore, a new undrawn Accordion Tranche of US$100 million will be available. The lenders in the Loan Facility are DNB Bank, Nordea and Sparebank 1 SR-Bank.

For full quarter results breakdown follow the link here.

Read the article online at: https://www.drybulkmagazine.com/shipping/08052024/belships-asa-report-on-first-quarter-results/