Belships says it is considering another equity issue to continue an expansion drive following its merger with Frode Teigen's Lighthouse.
The equivalent of $15m in equity may be raised in the future, subject to market conditions, the Oslo-based bulker owner said in its first-quarter report.
"It is Belships’ intention to make further steps to increase shareholder base and improve liquidity in the share," the report said.
The shipowner said it had mandated Danske Bank, DNB and Pareto Securities to arrange a series of investor meetings.
Belships bought three secondhand vessels during the first quarter with a mix of cash and newly issued shares and said it would not rule out similar transactions in the future.
"Belships expects that further 'ships for shares' transactions may be available, and intends to pursue such transactions where accretive, but anticipates that growth may also be achieved through cash acquisitions of vessels and long‐term vessel charters," the company said in the report.
Results
Belships saw a sizeable contraction to its net profit during the first quarter this year.
The Norwegian bulker owner's net result was $2.5m for the first three months, sharply down on the $14.2m posted in the final quarter last year.
Earnings per share for the period were $0.01, down sharply on $0.11 per share last quarter.
Belships' net profit for the final three months of 2018 was, however, boosted by purchase bargain gain of $12.8m from the company's reverse acquisition of Lighthouse.
Employment update
Belships' first-quarter report revealed that another of its bulk carriers has been fixed on period charters.
The 63,300-dwt Belsouth (built 2015) was this month fixed to Western Bulk Chartering for a period of six to nine months.
Belships said the vessel's net earnings will equate to $11,950 per day for the rest of 2019.
The company has also shed more light on the employment of an ultramax that it acquired for $24.2m in April.
The 63,000-dwt Sofie Victory (built 2016) is on an index‐based time charter to ED&F Man Shipping until March 2021 with a net floor rate of at $10,800 per day, Belships said.
Two other ultramaxes had their existing timecharters to Cargill extended in April.
The 63,600-dwt Belnippon (built 2015) will be employed with the commodity trader for an extra seven to nine months at a net rate of $10,900 per day.
Cargill has also extended its contract for the 61,300-dwt Belforest (built 2015) for 11‐13 months at a net daily rate of $10,800.
