Belships Secures Financing for Supramax Newbuild Duo

Oslo-listed shipping company Belships has secured a post-delivery financing offer for two 61,000 dwt Supramax bulk carriers being built at Japanese shipyard Imabari.

The two fuel efficient newbuilds are scheduled for delivery in September 2015 and March 2016.

Total newbuilding commitments amounts to USD 56.5 million of which USD 14.13 million are paid. Further payments are USD 2.83 million on 30 March 2015, USD 2.83 million at launching and the remaining USD 16.95 million upon delivery, the company said in its annual report.

The loan facility covers the lower of 70% of contract price, with a maturity of 7 years. Belships expects that this contract will secure long-term financing of the newbuildings.

The group had an operating income of USD 22 million for the year. Its operating result decreased by USD 1.3 million and is mainly explained by impairment of ships and expensing of share option to CEO. The group reported a full-year net loss of  USD 1.6 million

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