Belships has signed letters of intent to buy a secondhand ultramax bulk carrier and take another on a 10-year bareboat charter.
Both vessels will enter the Oslo-listed bulker owner's fleet in 2020.
Chief executive Lars Christian Skarsgard said the additions were "another significant milestone for Belships".
Since July, the shipowner has announced deals to add a total of six Japan-built ultramaxes to its fleet, most of which will arrive in 2020, with the last vessel being delivered in early 2021.
Belships will pay $24.5m for the 2017-built ultramax, of which half will be paid in shares at a subscription price of NOK 7.15 each.
The remainder will be paid in cash when the Japan-built ship is delivered in the second quarter of 2020, following its intermediate drydocking survey.
Belships said it plans to finance up to 60% of the vessel's purchase price using the accordion tranche of a $140m loan it secured in March, which should translate to a $2.45m gain.
"Utilising share issues and low financing cost is an effective way to grow for us," Skarsgard told TradeWinds on Tuesday.
"We are looking at several things in order to further develop the company. Not only in terms of the fleet, but probably expanding the business of Lighthouse Navigation, which has proven to be a great platform for our commercial activities."
Bareboat bulker
Belships will pay $3m on signing the contract for the 64,000-dwt bareboated vessel, which is a newbuilding that will be delivered from an unnamed Japanese shipyard during the second half of 2020.
The agreement comes with purchase options at below current market values, which can be exercised after the fourth year until the end of the charter, Belships said.
The company said the estimated cash breakeven for the vessel upon delivery is about $10,750 per day including operational expenses.
"We continue to expand and modernise our fleet whilst maintaining capital discipline in our quest to develop the company further," Skarsgard said in a release on Tuesday.
"The goal of this growth remains focused on creating value for our shareholders and increasing the attractiveness of trading our shares."
Meanwhile, Belships' 50,000-dwt supramax Beleast (built 2006) has been delivered to its bareboat charterer, Turkish owner Marti Shipping & Ship Management.
Marti has an obligation to purchase the vessel within 24 months, for which Belships should realise a net gain of around $3.5m, after outstanding debt on the vessel has been repaid.
