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Belships ASA: Period charter contracts

Belships has entered into agreements to charter out two vessels for period time charter contracts as follows:

  • 11-13 months at a gross rate of USD 24 800 per day
  • 21-24 months at a gross rate of USD 21 400 per day

The contracts are expected to commence in Q1 2022.

The total contract coverage for 2022 now stands at about 62 per cent at an average rate of USD 22 900 net per day per vessel.

Belships has a modern fleet of 27 Supra/Ultramax bulk carriers with an average age of 3.7 years and cash breakeven of about USD 10 500 per vessel. Our strategy is to develop Belships as an owner and operator of geared bulk carriers, through quality of operations and pursue accretive growth opportunities for the purpose of maximising shareholder value. Based on current market expectations, we expect to generate significant free cash flow and aim to pay quarterly dividends as announced with our dividend policy.
Source: Belships ASA

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