Belships Reaches Deal to Sell Its Oldest Bulker

Norwegian shipping company Belships has entered into an agreement for a bareboat charter and subsequent sale of its 50,000 dwt Supramax bulk carrier Beleast.

Under the deal with Marti Shipping & Ship Management of Turkey, the company’s 2006-built vessel will enter the bareboat charter during the fourth quarter of 2019 and Belships will realise a gain of around USD 4 million.

The charterer has an obligation to purchase the vessel within 24 months and the net cash flow during the period will be around USD 3.5 million after repayment of outstanding loans.

The unit is the oldest ship in Belships’ fleet of 22 Supramax and Ultramax vessels, including newbuildings.

“We will continue to take an opportunistic approach to renew and expand our fleet, with the aim of maximising returns for our shareholders,” Lars Christian Skarsgård, Belships CEO, said.