rss icon Subscribe
desktop mobile

Belships Gets USD140Mln to Expand Fleet

 Pic: Belships

Shailaja A. Lakshmi

Norway's dry bulk owner Belships Group has secured a USD 140 million loan facility. The loan replaces the Group's current senior debt of USD 105 million.

The new loan will be available in two tranches, said a press release from the bulk ship operator and management company. An initial tranche of USD 110 million will replace Belships existing loan and strengthen the Group's working capital. An accordion tranche of USD 30 million will be available for fleet expansion.

Following the merger with Lighthouse Group in December 2018, Belships currently owns twelve supramax and ultramax dry bulk vessels. In addition, the Group operates three ultramax on time and bareboat charter with purchase options. An ultramax newbuilding being delivered next year will bring the fleet to a total of sixteen vessels.

The Group has a balanced portfolio, with ships operating both on time charter and in the spot market. Belships is actively pursuing an expansion strategy and expects to acquire additional supramax and/or ultramax vessels going forward.

The new loan enables fleet growth while also further improving the Group's financial robustness. Under the new financial framework, the Group will be cash positive (after opex, overhead and debt service) at a day rate of approximately USD 7,000 for the remaining open ship days in the coming 24 months.

In addition Belships' cash holding upon completion of tranche one of the refinancing will be approximately USD 30 million.

The loan has a margin of 275 basis points with the first downpayment in Q3 2020. The initial tranche is based on a loan-to-value ratio (LTV) of 55%, while the accordion tranche is based on an LTV of 60%. Lenders for the new loan facility are DNB Bank, Danske Bank and Sparebank 1 SR-Bank.

Mar 14, 2019

 

People & Company News

Hamburg’s Traffic on the Rise in Q1

Pic: Hafen Hamburg Marketing @Hapag-Lloyd

Germany’s largest universal port is again on a growth path, achieving a distinct advance in the

Golar Spins Off TFDE LNG Biz

Pic: Golar LNG

Liquefied natural gas (LNG) shipper Golar announced that it has decided to proceed with a spin-off

Dutch Royal Couple Visits MV WERFTEN

Peter Fetten informs the royal couple about the construction of the Global Class cruise ships. © MV WERFTEN

Their Majesties King Willem-Alexander and Queen Máxima of the Netherlands called at MV WERFTEN’s

Bulk Carriers

Ocean Yield Takes Delivery of Two Ships

Image: Ocean Yield ASA

Norway-based ship owning company Ocean Yield ASA has taken delivery of two 2017-built Ultramax dry

Grounded Bulker Refloated off Oman

(Photo: Resolve Marine Group)

A bulk cement carrier that ran aground off beaches of Al-Fazayah Beach, Salalah in Oman has been

Pacific Basin Closes New Credit Facility

Pic: Pacific Basin Shipping Limited

Hong Kong-based dry bulk shipping company Pacific Basin Shipping Limited has closed a new USD 115

Maritime Apps