Belships ASA: Purchase Option Declaration and Fleet Expansion

26 Jun 2024 14:00 CEST

Belships has declared a purchase option for BELMAR, which has been leased since
its delivery as a newbuilding in 2021. The purchase price is USD 25.5m and the
vessel will be taken over in Q4 2024. The acquisition will be financed from the
company's available cash.

Furthermore, Belships has agreed to acquire a Japanese-built Ultramax of 64 000
dwt built in 2024 from an unrelated party. The purchase price is USD 41.0m and
the vessel will be delivered within Q1 2025. The intention is to utilise our
available Accordian Tranche which implies financing for 60 per cent of the
purchase price and the remaining will be financed from the company's available
cash.

The sale of the two Supramax vessels BELFRIEND and BELTIDE announced previously
are expected to be handed over to their new owners within Q3 2024. As the
vessels are free of debt the sales proceeds of USD 56.6m will add to Belships'
strong cash position.

Lastly, Belships has expanded its newbuilding program with two new 64 000 dwt
Ultramax bulk carriers which will be delivered in 2027 and 2028. The vessels are
leased on similar terms as previously announced transactions, and Belships is
not required to make any down payments for these vessels. Belships now has a
total of 12x newbuildings under construction at Japanese shipyards with delivery
between 2024 and 2028. All vessels are 100 per cent financed through lease
agreements for 7 to 10 years with purchase options. Belships is not using any
equity, therefore this will not have any impact on cash and dividend capacity
during the construction period.

"These acquisitions add to a pipeline of growth, increasing our company's fleet
and earnings potential by a third over the next few years. Access to the
highest-quality vessels and shipyards combined with financing is our competitive
advantage, and we firmly believe this will continue to create value for our
company and shareholders," said Lars Christian Skarsgård, CEO of Belships ASA.

Including the announced transactions, and newbuilding program, the Belships
fleet will count 41x vessels consisting entirely of Ultramax bulk carriers with
an average year of build of 2021.

For further information, please contact Lars Christian Skarsgård, CEO, Belships
ASA, phone +47 977 68 061 or e-mail LCS@belships.no
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This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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