Belships ASA (OSE: BELCO) has entered into agreement for period time charter contracts for four of our modern Ultramaxe

Belships ASA (OSE: BELCO) has entered into an agreement for period time charter contracts for four of the Company’s modern Ultramaxes.

• a period time charter for about 2 years (22-25 months) at a gross rate of USD 24 000 per day. The contract is expected to commence end of June 2021.

• a period time charter for about 2 years (21-24 months) at a gross rate of USD 23 000 per day. The contract is expected to commence mid July 2021

• a period time charter for about 2 years (22-25 months) at a gross rate of USD 22 000 per day. The contract is expected to commence mid July 2021.

• a period time charter for about 1 year (11-14 months) at a gross rate of USD 27 000 per day. The contract is expected to commence mid August 2021.

“We have secured contract revenue with reputable couterparts at highly profitable levels which supports our recently announced dividend policy. These contracts also signal the significant earnings prospects for next year,” said Belships CEO, Lars Christian Skarsgård.

Belships has a uniform and modern fleet well-positioned to capitalize on a strong dry bulk market. Five new buildings are expected to be delivered within Q3 2021, all of which have finance arranged. Following completion of all announced transactions, the Belships fleet will count 27 bulk carriers, with an average age of 5 years and average cash breakeven of about USD 10 500 per day. The company’s strategy is to develop Belships as an owner and operator of Ultramax bulk carriers, through the quality of operations and with the purpose of creating and maximizing shareholder value.

Source: Belships