Belships has entered into agreements for the acquisition of three new 64,000 Ultramax bulk carriers which are being constructed at Japanese shipyards. Delivery of each vessel is expected in fourth quarter 2024, fourth quarter 2025 and first quarter 2026. The vessels are fully financed through time charter lease agreements, each for a period of 7 up to 10 years, with purchase options at current market levels during the charter.

There is no obligation to purchase the vessels. Belships is not required to make any down payment for this transaction. Cash breakeven for the vessels upon delivery will be about USD 14,000 per day.

The agreements are conditional upon certain steps to be completed by the parties involved. Belships will be taking over new vessels whilst the orderbook and supply side approaches the lowest levels seen in 30 years. New Japanese-design Ultramax bulk carriers represent the quality and lowest fuel consumption available in the market.