Belships Reports Strong Q4, Expanding Fleet

Belships ASA, a leading shipowning company specializing in Ultramax vessels, reported solid financial results for the fourth quarter of 2024, showcasing the growth of its fleet and robust profitability amidst challenging market conditions.

:Belships posted an EBITDA of $19.4 million and a net profit of $7.5 million for Q4 2024. Despite a softer freight market, the company achieved a time charter equivalent (TCE) of $15,552 gross per day for its owned fleet, outperforming the Baltic Exchange index for Ultramax vessels, which averaged $13,865 gross per day.

Belships’ fleet has expanded to 42 Ultramax vessels, including 12 newbuildings scheduled for delivery between 2025 and 2028. In Q1 2025, Belships will welcome BELSAKURA, a 64,000 dwt Japanese-built Ultramax, further enhancing its operational capacity. The company's strategy focuses on maintaining a uniform, high-quality fleet with low fuel consumption and reduced carbon emissions.

Belships has secured fixed-rate contracts for 72% of its ship days in Q1 2025 at an average of $13,600 per day, and 27% of ship days over the next four quarters at $14,350 per day. The company continues to benefit from a mix of fixed-rate and index-linked contracts, providing flexibility to optimize earnings based on market conditions.

On December 19, 2024, Belships announced a recommended voluntary cash offer from Blue Northern BLK Ltd, backed by global asset manager Entrust Global. The offer, set at NOK 20.5 per share, represents a 29.4% premium over the last closing price before the announcement. The offer has received pre-acceptance from 68.43% of shareholders and is unanimously recommended by Belships' board.

In looking ahead, Belships noted that while the dry bulk market faces seasonal lows, itremains optimistic about market improvements in 2025. With secured financing, a growing fleet of efficient vessels, and strategic contract coverage, the company is well-positioned for continued profitability and value creation for shareholders.

Newbuildings

Japanese-design 64 000 dwt Ultramax bulk carriers

Updated delivery schedule:

BELFORTUNE    expected delivery Q4 2025

BELFOX               expected delivery Q4 2025

BELFUTURE       expected delivery Q2 2026

BELAVANTI         expected delivery Q4 2026

BELTEMPO         expected delivery Q4 2026

BELROSSO         expected delivery Q1 2027

BELSTAR             expected delivery Q3 2027

BELCARGO         expected delivery Q3 2027

BELVICTORY      expected delivery Q3 2027

BELNOR              expected delivery Q1 2028

BELOCEAN         expected delivery Q3 2028

BELFRIEND        expected delivery Q3 2028