Belships Inks Sale and Lease Back Deal for New Bulker

Oslo-listed dry bulk owner and operator Belships has entered into a sale and lease back agreement with a Japanese company for a 61,000 dwt Ultramax bulk carrier M/S Belisland.

The eco-design bulker, currently under construction at Imabari Shipbuilding in Japan, is expected to be delivered in March 2016.

Belships said that, at the time of delivery, the vessel will be sold and leased back for a period of 15 years with purchase options from year five.

This agreement is expected to improve the Norwegian company’s cash balance with about USD 6 – 8 million, depending on market value at time of delivery.

Belships said that the contract price for the vessel was USD 28.25 million.

In September 2015, the company signed a sale and lease back agreement for the 61,000 dwt bulk carrier M/S Belforest for a period of 12 years, with purchase options from year three.

The company has one more 63,000 dwt vessel under construction at Imabari, scheduled for delivery in the first half of 2017.