Norwegian bulker owner Belships believes shipping has a crucial part to play in pulling the world out of the economic slump caused by the coronavirus pandemic.
In a letter to shareholders, chairman Peter Frolich and chief executive Lars Christian Skarsgard said the new decade could not have started more dramatically, with Covid-19 becoming a serious threat to health and financial well-being.
"Our seafarers are prevented from returning home to their families and our staff on shore have adopted to working remotely," they said.
"We have been able to keep our business running and we are benefiting from having a substantial part of our fleet contractually covered for 2020."
The executives added that shipping is an integral part of the world's engine for economic development.
"We believe shipping is part of the solution in what is expected to be a recovery in the wake of the current situation," they said.
More acquisitions planned
The company said it will remain focused on supramaxes and ultramaxes, where the cargo base is diversified resulting in a more attractive risk/reward scenario.
"We shall seek further growth opportunities and aim to continue delivering high quality operations with an industry-low cost base," the Frolich and Skarsgard said.
During 2019 Belships actively pursued vessel transactions with a combination of ship-for-share deals and bareboat charters with purchase options, sealing nine acquisitions and selling two older ships.
This meant a cash outlay of $3m and the issuing of new shares worth $33m.
The company now owns 23 supramax and ultramax ships.
Belships was formed in 2018 and merged with Lighthouse Group little over a year ago.
It has been listed on the Oslo Stock Exchange since 1937.
