Presentation

Belships is a pure play drybulk company and the longest listed shipping company on the Oslo Stock Exchange with a history that dates back to 1918. The company became what it is today after it merged with Lighthouse Navigation in 2018, more than doubling the fleet and increasing operational capabilities. Belships has a market capitalization of USD 160m and net debt of 250m as of Q2’20. Frode Teigen is the largest shareholder with a 56.2% stake.

Belships operates in the ultramax/supramax markets, which is more predictable than the more volatility capesize market. The company operates a fleet of 16 ultramaxes (seven owned and nine chartered in, which includes two newbuilds) and seven supramaxes (all owned). The chartered in vessels are mainly on bareboat charters (seven vessels) while two are on TCs. All the contracts stretch to at least 2026 and have purchase options.

Belships continues to build a fleet of high-quality, modern tonnage using ‘ship-for-shares’ transactions. The company has 90% of Q3 fixed at USD 9,000/day but the spot market exposure increases from Q4 and into 2021, a strategy we believe will benefit them as the drybulk market is looking up. Asset values have been on the rise in Belships’s segments (kamsarmaxes) and the market are recognizing the company’s performance, valuing the company in line with NAV and book values.