Imabari to Build Third Supramax Bulker for Belships

belships supramaxBelships ASA announced their intentions today to exit the product tanker market and concentrate exclusively on the dry bulk sector upon the expiration of the current charter of the M/T Belaia.

The Belaia will be redelivered to owners at expiry of current charter to Lauritzen Tankers around March 2014. Belships notes these owners are closely related to Imabari Shipbuilding and will in return replace the redelivered ship with a new 61,000 dwt Supramax bulk carrier with a delivery planned for Q1 2017. The ship will be placed on long term lease and include purchase options.

The terms for this new lease agreement will be very close to the terms for the redelivered ship, except that the lease period will be for minimum 8 years plus 3 yearly options.

Belships notes the option to purchase the vessel can be declared from end of year 4 onwards, starting at JPY 2.91 billion and decreasing annually by JPY 110 million. Through this new lease agreement Belships ASA will have three identical Supramax bulk carriers with eco-design from Imabari for delivery between Q4 2015 and Q1 2017.

To support the three bulk carriers that Belships already has in service, the company also notes that long term financing has just been secured consisting of a new 6-year loan facility of USD 50 million.