Norwegian bulker owner Belships is expanding its ultramax fleet with the acquisition of modern Japanese-built vessels and signing up for a pair of newbuildings. The Oslo-listed company said it had agreed to buy an unnamed 64,000 dwt vessel built in 2024 for $41m, with delivery set for the first quarter of 2025. The Lars Christian Skarsgård-led outfit has also bolstered its shipbuilding campaign at Japanese shipyards to 12, with the latest duo delivering in 2027 and 2028. The vessels are 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. In addition, the company has declared a purchase option for the 2021 Imabari-built ultramax Belmar at $25.5m and said it expects to take ownership of the vessel in the fourth quarter of this year. Earlier this year, Belships sold its two remaining 2016-built supramaxes to US bulker owner Pangaea Logistics Solutions for $56.6m and once all deliveries, including newbuilds, are completed, the company’s fleet should stand at 41 ultramaxes. “These acquisitions add to a pipeline of growth, increasing our company’s fleet and earnings potential by a third over the next few years, said chief executive Skarsgård, adding: “Access to the highest-quality vessels and shipyards combined with financing is our competitive advantage, and we firmly believe this will continue to create value for our company and shareholders.” googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsNorway