Belships has recently made an agreement to acquire a new 64,000 Ultramax bulk carrier which is currently being constructed at a shipyard in Japan. The delivery of the vessel is expected to take place between Q4 2025 and Q1 2026, and it will be financed on a similar structure as the three previously announced vessel acquisitions in February. The agreement is conditional upon certain steps being completed by all parties involved.
With this latest acquisition, Belships will now have a total of four newbuildings under construction in Japan between 2024 and 2026. Belships is not required to make any down payments for these transactions. All four vessels are fully financed through time charter lease agreements for a period of 7 to 10 years, with purchase options around current market levels during the charter. There is no obligation to purchase the vessels. Cash breakeven for the vessels upon delivery will be about USD 14 000 per day.
Belships is taking over these new vessels at a time when the dry bulk market's order book and supply side are approaching the lowest levels in decades. The new Japanese-design Ultramax bulk carriers are of the highest quality and lowest fuel consumption available in the market today.
Including these announced transactions, Belships' owned fleet will consist of 35 Supra/Ultramax bulk carriers, with an average of about 4 years. The company expects to generate significant free cash flow based on current market expectations and aims to pay quarterly dividends as previously announced with its dividend policy.