Belships Eyes Fleet Growth as It Gets New Loan

Norway-based bulk ship operator Belships Group has secured a USD 140 million loan facility that will enable the company to add further Ultramaxes and Supramaxes to its fleet. 

As informed, the new loan replaces the group’s current senior debt of USD 105 million.

The new loan will be available in two tranches. An initial tranche of USD 110 million will replace Belships existing loan and strengthen the group’s working capital.

An accordion tranche of USD 30 million will be available for fleet expansion, Belships said.

Following the merger with Lighthouse Group in December 2018, Belships currently owns twelve Supramax and Ultramax dry bulk vessels. In addition, the group operates three Ultramaxes on time and bareboat charter with purchase options.

An Ultramax newbuilding being delivered next year will bring the fleet to a total of sixteen vessels.

What is more, Belships said it is actively pursuing an expansion strategy and expects to acquire additional Supramax and/or Ultramax vessels going forward.