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Belships announces fleet expansion

Published by , Assistant Editor
Dry Bulk,

Belships has entered into an agreement for the acquisition of a 64 000 DWT Ultramax new-building resale currently under construction at a Japanese shipyard. Delivery is expected to be January 2023. The intention is to finance the vessel on similar terms as previously acquired new-building resales, which implies a fixed-rate bareboat charter of around 10 years with purchase options. The estimated cash breakeven upon delivery is expected to be approximately US$11 500/d including operational expenses. The agreement is conditional upon certain steps to be completed by the parties involved. Conclusion is expected within 4Q21.

Belships is taking over an existing contract for a vessel already under construction whilst the orderbook and supply side approaches the lowest levels seen in 30 years. Belships’ fleet continues to increase and improve with only modest cash investments. Japanese-design Ultramax bulk carriers entering the fleet represent some of the highest quality and lowest fuel consumption vessels currently available in the market.

Belships has also entered into an agreement for a period time charter contract for one of its modern Ultramaxes of Japanese design for a period of approximately 22 - 24 months at a gross rate of US$26 250/d. The contract is expected to commence by the end of October 2021.

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Dry bulk shipping market