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Belships acquires two new Ultramax bulk carriers


The Norwegian shipping company is expected to receive the vessels between August and September

Letters of intent were signed for the acquisition of two 61,000dwt China-built vessels featuring Japanese designs. Belships will be financing the vessels through a ten-year bareboat charter structure. The contract will be signed, accompanied by a payment of US$2.6 million by the first quarter of 2021. Purchase options are offered below current market values and can be exercised after the fourth year until the charter’s expiry. Belships is not obliged to purchase the vessels.

Banking on newbuilds

The economic impact of COVID-19 immensely affected the shipbuilding industry with orderbook numbers reportedly reaching its lowest in 30 years. Belships however is taking over existing contracts for two brand new vessels; viewing the earning potential for these vessels as excellent. These transactions also signal the company’s competitive advantage in sourcing for ship finance. Belships’ fleet continues to increase and improve with only modest cash investments.

Japanese-design Ultramax bulk carriers are known in the market for their optimum quality and low fuel consumption. After completing announced transactions, the Belships fleet will count 23 Supramax/Ultramax bulk carriers, with an average age of 5 years.

In a statement, Belships said the company has a uniform and modern fleet of bulk carriers well-positioned to capitalise on recovery for vessel values. They are focused on maintaining a solid balance sheet and liquidity position. Belships’ strategy is to continue developing as an owner and operator of geared bulk carriers, through the quality of operations and accretive growth opportunities.

Shipowners can look to Marine Online’s extensive listing of vessels available for sales and purchase. The team of experienced professionals will be ready to assist shipowners with all related negotiations and documentation.




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