Belships ASA: Commercial update

Lighthouse Navigation has had a strong start in 2022, with an EBITDA of USD 16m for the first two months of the year. During this period Lighthouse has operated a fleet of 65 vessels, which is consistent with previous quarters.

TCE for the Belships fleet in Q1 2022 is expected to be about USD 23 900 net per vessel per day. For the following four quarters, contract coverage stands at 55 per cent at about USD 23 000 net per vessel per day.

The group currently has no vessels or cargo contracts directly affected by the conflict in Ukraine.

Based on current market expectations, we expect to generate significant free cash flow and aim to pay quarterly dividends as announced with our dividend policy. Additionally, an extraordinary dividend payment is planned to be announced with the Q1 2022 report.

Belships ASA is a fully integrated owner and operator of geared bulk carriers. The owned fleet consists of 27 Supra/Ultramax bulk carriers with an average age of 3.7 years and daily cash breakeven for 2022 of about USD 10 000 per vessel. Lighthouse Navigation, a subsidiary of Belships, is a dry bulk operator with offices in Oslo, Bangkok, Singapore and Melbourne.

For further information, please contact Lars Christian Skarsgård, Belships CEO, phone +47 977 68 061 or e-mail [email protected].

This stock exchange announcement was published by Edwin Johansen, Accounting Manager in Belships ASA on 22 March 2022 at 11:45 CET.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act