Belships Returns to Profit, Expands Fleet

Oslo-based bulk ship operator Belships returned to black during the twelve months ended December 31, 2017.

The company said that its net result for the period reached USD 6.4 million, against USD ‐14.6 million reported in 2016 which was affected by impairment of the fleet of USD 13.8 million. Impairment reversal in 2017 amounted to USD 2.5 million.

Operating income during the year increased to USD 27.3 million from USD 25.4 million seen in 2016.

Belships’ net result for the fourth quarter of 2017 was USD 3.2 million, up from USD 1.7 million reported a year earlier, while its operating income reached USD 7.6 million, compared to USD 6.6 million in the fourth quarter of 2016. The figure for fourth quarter includes impairment reversal of USD 2 million.

Following year end, the company expanded its fleet as it took delivery of M/S Belnippon on January 24, 2018. The ship, which was delivered by Imabari Shipbuilding, has been fixed on time charter to Cargill for 10‐13 months at USD 11,500/day.

The company operates six Supramax/Ultramax vessels, of which M/S Belstar, M/S Belnor and M/S Belisland have continued the long‐term contracts to Canpotex of Canada, while M/S Belforest and M/S Belocean are both on time charter to Cargill.

Belships has one 63,000 dwt eco‐design Ultramax bulk carrier remaining on order with Imabari Shipbuilding. The newbuilding has a long‐term time charter agreement including purchase option for delivery within the first half of 2020.

Belships’ vessels are fully covered until October 2018 when M/S Belocean becomes open, followed by M/S Belforest in November and M/S Belnippon in January 2019.

The company said that it is well positioned for a dry bulk market that “we believe will be strengthening in 2018‐19.”