Belships Sells and Leases Back Ultramax Newbuilding

Norwegian dry bulk carrier owner and operator Belships ASA has entered into a sale and lease back agreement for one of its Ultramax newbuildings with an unnamed Japanese company.

The 61,000 dwt bulk carrier M/S Belforest is currently under construction at Imabari Shipbuilding in Japan and will be delivered around September 25.

Belships will sell and lease back the bulker for a period of 12 years, with purchase options from year three.

The transaction is expected to improve Belships’ cash balance with about USD 4 million at time of delivery.

Back in July, Belships announced a charter agreement for Belforest with Cargill, Geneva, for a period of 10 to 14 months.

Belforest’s sister ship – Belisland – will be delivered from Imabari around March 15, 2016, and will be chartered to Canpotex for 5 years.

Besides Belforest and Belisland, the company has one more 63,000 dwt vessel under construction at Imabari, scheduled for delivery in the first half of 2017.

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