Belships acquires two Ultramax bulkers under construction

Norwegian owner Belships has entered into letters of intent for the acquisition of two new vessels.

The 61,000DWT Ultramax bulk carriers of Japanese design are expected to be delivered upon completion of construction at a Chinese yard between August and September 2021.

The vessels will be financed through 10-year bareboat charters. Belships will pay a sum of US$2.6 million per vessel upon signing of the contract, which is expected to occur by the end of the first quarter of 2021.

The agreements come with purchase options below current market values and can be exercised after the fourth year until the end of the charters. There are no obligations to purchase the vessels.

The agreements are conditional upon certain subjects being lifted by the parties involved.