Belships Completes Private Placement, Raises USD 8 Mn

Norway-based bulk ship operator Belships has raised NOK 72.6 million (USD 8.3 million) through a private placement of its shares.

The Oslo-listed dry bulk owner allocated around 10.3 million shares at a subscription price of NOK 7.00 (USD 0.80) per share, adding that the book was composed of private and institutional investors.

Net proceeds would be used to support the company’s stated strategy to grow accretively as a fully integrated shipowner and operator of geared dry bulk vessels, including financing of the cash consideration associated with future vessel acquisitions, as well as general corporate purposes.

“We are pleased to have reached another important milestone for the company. We will continue to execute our growth strategy with the aim of value creation, increasing the liquidity and attractivity of owning our shares,” Lars Christian Skarsgård, Belships’ CEO, said.

The private placement, revealed on May 28, was launched with an intent of raising up to USD 15 million.

Following registration of the of the new share capital pertaining to the private placement, the company will have 185,490,180 shares outstanding, each with a par value of NOK 2.00.