From GlobeNewswire:

Belships ASA has reported strong financial results, with an EBITDA of USD 40.8m for the quarter, including USD 9.6m from Lighthouse Navigation. The net result was USD 22.6m, and a dividend of NOK 0.60 per share was declared. 81% of ship days in Q1 2024 are fixed at USD 17,000 gross per day.

Belships has made significant debt repayments, increased the number of unencumbered vessels to four, and entered into agreements to charter out three Ultramax vessels on index-linked contracts. The vessels will earn a premium of between 116-120% of the Baltic Supramax Index.

The company’s net result for Q4 2023 was USD 22.6m, compared to USD 15.3m in Q3 2023. Lighthouse Navigation delivered an EBITDA contribution of USD 9.6m, and the fleet sailed without significant off-hire, with a total of 2,743 on-hire vessel days in Q4 2023.

Belships currently has nine vessels chartered out on floating index-linked contracts on varying durations, at an average premium of 116% to the Baltic Supramax Index. Cash breakeven for 2024 is expected to be about USD 10,900 per vessel per day.

The company has eight Ultramax bulk carriers under construction at Japanese shipyards, with expected deliveries ranging from Q4 2024 to Q2-Q3 2027. These vessels are leased on time charter for a period of 7 to 10 years from the date of delivery with purchase options around current market levels during the charter.

Lighthouse Navigation recorded an EBITDA of USD 9.6m for the quarter and continues to contribute to Belships’ profitability and dividend capacity. Belships aims for high standards in corporate governance and is well placed to deliver emission cuts in line with industry ambitions for 2030.

At the end of the quarter, Belships had cash and cash equivalents of USD 128.3m, whilst interest-bearing bank debt amounted to USD 103.4m. The company aims to distribute quarterly cash dividends targeting about 50% of the net result adjusted for non-recurring items.

In the fourth quarter, the Baltic Supramax Index (BSI-58) averaged USD 14,159 per day, significantly up from USD 10,028 per day in the preceding quarter. The Baltic Ultramax Index (BSI-63) averaged USD 16,189 per day in the fourth quarter, up from USD 11,837 per day in the third quarter.



Read more: Belships ASA: Report 4th quarter 2023