Belships’ Bulker to Continue Working for Cargill

Norwegian dry bulk shipowner Belships has received a charter contract extension from Geneva-based operator Cargill for one of its vessels.

Under the agreement between the parties, Belships’ 61,252 DWT vessel Belforest would continue working for Cargill for a period of another eleven to thirteen months. The 2015-built vessel was scheduled to be complete its contract in September 2017.

The charter party extension, scheduled to start from October 3, is expected to generate an EBITDA of USD 2 million over the average period.

Besides Belforest, the Norwegian owner has another ship chartered to the same company, the 58,018 DWT dry bulk carrier Belocean, which will be open in December.

Earlier in August, Belships released its financial report for the second quarter of 2017, in which it said that its net result for the period stood at USD 0.73 million, decreasing from USD 0.75 million seen in the first quarter of the year.

For the first half of 2017, the company managed to deliver a net result of USD 1.48 million, compared to a net loss of USD 16.1 million reported in the first six months of 2016.

Belships has five Supramax/Ultramax vessels in service, three of which have continued the long‐term contracts to Canada-based Canpotex, while the remaining two are on time charter to Cargill.

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