Belships ASA: Strategic Partnership and Divestment of Technical management business
July 09 2023 - 11:00PM
Belships ASA: Strategic Partnership and Divestment of Technical
management business
Belships has entered into an agreement to divest
its 100 per cent shareholding in Belships Management (Singapore)
Pte Ltd., a technical and crew management company established in
1983, which currently manages dry bulk vessels for Belships ASA and
other international clients. The shares have been acquired by a
company in V.Group. An owned office lease in Singapore is in
process of being sold, and the proceeds will be received by
Belships ASA.
Closing of the transaction was completed on 30th
June 2023, and a book gain of USD 8.5m will be recorded in Q2 2023.
Net cash proceeds will be about USD 12.5m and includes deferred
payment for the office.
Furthermore, Belships has entered into a strategic
partnership with V.Group for Belships’ fleet and ship management
business. Following the acquisition by V.Group, Belships Management
(Singapore) will continue to be the sole provider of ship
management services to Belships ASA, leveraging V.Group’s unique
and fully scalable ship management platform. The Belships
Management (Singapore) organisation will be integrated into
V.Group, forming an industry-leading centre of expertise for dry
bulk operations. This partnership was formalised on 30th June
2023.
“This transaction offers immediate value to our
shareholders and ensures that our fleet will continue to be
maintained to the highest standards. Partnering with V.Group will
also accelerate our digitalisation and decarbonisation
capabilities, and create the flexibility to scale our fleet.”, said
Lars Christian Skarsgård, CEO, Belships ASA.
Including four newbuildings to be delivered
between 2024-2026, the Belships fleet consists of 34x modern
Supra/Ultramax bulk carriers. Furthermore, Belships ASA owns 50.1
per cent of the Lighthouse Navigation Group, a dry bulk operating
company with offices in Bangkok, Oslo, Singapore and Melbourne.
For further information, please contact Lars
Christian Skarsgård, CEO, Belships ASA, phone +47 977 68 061 or
e-mail LCS@belships.no
This information is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act.
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