Belships inks an agreement for the acquisition of an Ultramax bulk carrier built in 2015 by a Japanese shipyard in a cash transaction, says a press release published on their website.
Vessel delivery & finance
Delivery
Delivery of the vessel is expected within October 2021.
Finance
The agreed purchase price is JPY 2.52bn (about USD 22.9m). The vessel is intended to be financed with bank financing for approximately 60 per cent of the purchase price.
The estimated cash breakeven for the vessel upon delivery is about USD 9 500 per day including operational expenses. The agreement is conditional upon certain steps to be completed by the parties involved.
Time charter contract
Belships has entered into agreement for a period time charter contract for one of our modern Ultramaxes of Japanese design for a period of between 22-24 months at a gross rate of USD 23 000 per day. The contract is expected to commence by the end of June 2021.
Sale and lease back agreement
Belships has exercised an option to purchase the Ultramax vessel BELISLAND and subsequently entered into agreement to sell and lease back the vessel on bareboat charter for 11 years with options to purchase the vessel again after the third year at below current market levels.
Daily rate
The new daily rate will reduce the vessels cash breakeven by about USD 1100 per day and have a positive cash effect upon delivery of about USD 2.5 million.
Belships other acquisitions
Belships has previously announced transactions for 4 x Newbuilding resales of 61 000 dwt Japanese design and 1 x Newbuilding resale of 64 000 dwt Japanese design financed through bareboat agreements with purchase options. Two of these will be delivered earlier than expected – so all five vessels are now scheduled to be delivered within August and September 2021.
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Source: BelShips
