Belships ASA Acquires Supramax Bulk Carrier for $12.0 Million


Belships ASA has agreed to acquire the 55,866 dwt bulk carrier M/V Sephora from Prospero Marine Ltd, a company controlled by Greek shipowner Elias Kulukundis, says an article published in Dry Cargo International.

MV Sephora

MV Sephora was built by Kawasaki Heavy Industries, Japan in 2007 and the agreed purchase price for it is USD 12.0 million.

Half of the purchase price will be paid in cash and remaining through a proposed issue of 7,405,114 new Belships shares to the seller of the vessel. The agreed share price is NOK 7.00 per share.

No influence on cash holding

Belships expects the cash payment to be fully financed within the previously announced financing package.

Hence, the vessel purchase is not expected to significantly influence the group’s cash holdings.

Belships fleet

The transaction is Belships’ third acquisition in less than a month and the group expects to take delivery of M/V Sephora in July 2019.

Following the transaction, the Belships fleet will count 19 Supramax/Ultramax bulk carriers, including a new building being delivered from Imabari Shipbuilding, Japan in the first half of 2020.

Belship’s Strategy

Belships strategy going forward is to grow aggressively as a fully integrated shipowner and operator of geared bulk carriers.

The recent acquisitions and proposed share issue will, in accordance with the group’s shareholder strategy, expand Belships’ shareholder base and improve share liquidity.

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Source: DryCargoInternational


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