Belships adds to ultramax orderbook

Norwegian bulker owner Belships has expanded its newbuilding campaign with one more ultramax.

The Oslo-listed company revealed in its quarterly earnings results the 64,000 dwt newbuild would join the fleet in 2027 and be named Belcargo.

The Lars Christian Skarsgård-led outfit added the unit would be financed on a similar structure as the previous newbuilds—through time charter lease agreements, each for a period of seven to 10 years, with purchase options during the charter.

Belships took delivery of its first newbuilding, the Belgrace, in September and chartered it out for 18 months. Following the latest orderbook boost, the company has 12 ultramaxes delivering between 2025 and 2028.

Belships said it would be taking delivery of the new vessels while the orderbook and the supply growth rate approach the lowest levels in 30 years, adding that these Japanese-design bulkers entering the fleet “represent the highest quality and lowest fuel consumption available in the market today”. The company’s fleet on a fully delivered basis currently stands at 42 ships.