Belships has entered into agreements to charter out four vessels for about 2 years period at an average gross rate of about USD 22 000 per day per vessel.

Two of the contracts will commence within Q2 2022, and the remaining two will commence during Q3 2022.

For the next four quarters from Q3 2022 onwards, contract coverage now stands at 70 per cent at a gross rate of about USD 23 600 per day per vessel. For 2023 contract coverage stands at 45 per cent at a gross rate of about USD 23 000 per day per vessel.

Based on our contract coverage and current market expectations, we expect to generate significant free cash flow and aim to pay quarterly dividends as announced with our dividend policy.

Belships ASA is a fully integrated owner and operator of geared bulk carriers. The owned fleet consists of 29 Supra/Ultramax bulk carriers with an average age of about 3.5 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.