Belships has agreed to acquire two ultramax bulkers under construction in China as it continues with its fleet renewal efforts.
The 61,000-dwt vessels, which are said to be of Japanese design, are expected to be delivered between August and September, the company said.
The Oslo-listed shipowner said the vessels will be financed through 10-year bareboat charters with purchase options, but no obligation to buy the two bulkers.
Belships said on Monday that the estimated cash breakeven for the vessels upon delivery is about $10,700 per day, including operational expenses.
The Lars Christian Skarsgard-led shipowner said the purchase options were “below current market values” and can be exercised after the fourth year until the end of the charters.
The company will pay a $2.6m per vessel upon contract signing, which is expected to occur by the end of the first quarter.
“Belships are taking over existing contracts for two brand new vessels soon ready for delivery whilst the orderbook approaches the lowest levels seen in 30 years,” the company said.
Competitive advantage
“With the supply at a historical low and spot rates not seen in a decade, the future earning prospects for these vessels are excellent.”
Belships claimed its latest transactions signalled that it has a “competitive advantage” in sourcing ship finance.
“Japanese-design ultramax bulk carriers entering the fleet represent the highest quality and lowest fuel consumption available in the market today,” the shipowner added.
On 25 February, Belships recorded a small profit for the final quarter of 2020 and said it was now looking ahead to stronger markets in 2021 and further growth opportunities.
Belships offloaded two of its oldest vessels during the first quarter with the 50,000-dwt Belorient (built 2008) sold for $7m in February and sistership Belfort (built 2008) divested to an Asian buyer in January for $6.2m, according to broker reports.
Meanwhile, the company has two new vessels entering its fleet with the delivery of the 64,000-dwt ultramax Belfast in January from Japan’s Imabari Shipyard and the 64,000-dwt Belmar expected to be delivered by the end of the third quarter.
The Belships fleet will number 23 vessels, comprising supramax and ultramax bulkers, with an average age of five years, following the completion of the latest transaction.
