The ship will be delivered in the fourth quarter of this year after completion of construction at a Chinese yard, and will be financed by a seven-year bareboat charter. Belships will pay $2.9 million when the contract is signed next month, and the deal includes purchase options that can be exercised after the third year before the charter's end.

The vessel's cash breakeven point, including maintenance costs, is about $10,900 per day.

“Belships is again taking over an existing contract for a brand new vessel soon ready for delivery whilst the orderbook approaches the lowest levels seen in 30 years. This vessel transaction signals the competitive advantage Belships has in sourcing ship finance. Belships’ fleet continues to increase and improve with only modest cash investments,” the company announced.

Belships reported a similar transaction earlier this month, in which it will take on two ultramax resales through 10-year charters.

Maritime Business World