Belships sells two oldest Supramaxes to modernize its fleet

Norwegian shipping company Belships has entered into agreements for the sale of two 58,000 dwt bulk carriers.

As informed, the two vessels, Belstar and Belnor, were built in 2009 and 2010 respectively, and are the two oldest vessels in the company’s fleet.

Delivery is expected to occur between December 2021 and January 2022 and Belships expects to realize a gain of approximately $5.1 million in Q4 2021 and $5.9 million in Q1 2022. The total net cash flow after delivery of the vessels will be approximately $24.5 million after repayment of outstanding loans, according to the company.

Furthermore, the Norwegian shipowner has signed a period time charter contract with an undisclosed company. The deal, which includes one vessel, is signed for a period of about 11-13 months at a gross rate of $25,000 per day. The contract is expected to start at the end of December 2021.

“These transactions solidify Belships’ position, with a strong balance sheet and the most modern fleet within our segment. We will continue the strategic approach to develop our company, with the aim of maximising returns for our shareholders,” said Belships CEO Lars Christian Skarsgård.

The move is in line with the companies new strategic plans of modernizing the fleet. In July this year, Belships also sold its oldest supramax bulk carrier Belfri to Chinese bulker operator Jinhui Shipping and Transportation.