Belships has signed a deal to lease two more ultramax bulkers that will be delivered from an unnamed Japanese shipyard in 2028.
The additional 64,000-dwt newbuildings mean the Norwegian shipowner is awaiting delivery of 10 ultramaxes from shipyards in Japan by 2028. The first delivery is expected in the final quarter of this year.
Much like the others, the two latest newbuildings have been acquired on long-term leases, but the shipowner did not specify for how long. The other vessels in the programme will be leased for between seven and 10 years from delivery.
“These newbuildings represent growth prospects for the company, packaged with financing, which solves the predicament of very long lead times for new ships without jeopardising return on capital in the meantime,” Belships chief executive Lars Christian Skarsgard said.
“The acquisitions will also contribute to retaining a low and competitive cash breakeven in the future as the fixed-cost structure for the newbuildings will blend with existing vessels with lower leverage or free of debt.”
Belships is not required to make any down payments for the vessels and has purchase options for the pair but is not obliged to exercise them.
The purchase options will be priced “around current market levels”, according to the company.
The daily cash breakeven rate for the vessels upon delivery will be about $14,250 on average.
Belships said the fact it is not using any equity to acquire the vessels means the newbuilding programme will not have any impact on its cash and dividend capacity between now and 2028.
It has said previously that the newbuildings are being built to Japanese designs, which have not been disclosed, that offer the highest quality and lowest fuel consumption available in the market, which will help Belships cut the intensity of its carbon emissions.
It is due to report first-quarter results on 8 May.
