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    BELCO   NO0003094104

BELSHIPS ASA

(BELCO)
  Report
Real-time Quote. Real-time Oslo Bors - 10/21 08:06:26 am
13.8 NOK   -0.72%
10/14BELSHIPS ASA : Fleet expansion and period charter contract
AQ
10/14Belships Enters into Agreement for a Period Time Charter Contract
CI
10/14Belships Announces Fleet Expansion
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

BELSHIPS : presentation - Pareto Conference 15 Sep 21

09/16/2021 | 02:42am EDT

BELSHIPS ASA | PARETO CONFERENCE

15. September 2021

Belships ASA - Owner and operator of bulk carriers

The most

Fully integrated

Strong financial

Leading in

attractive midsize

shipowner and

position and

corporate

fleet

operator

sponsors

governance

Average age 4 years

Quality in-house

Capital discipline and

Track record for

management platforms

delivering profits

track record of accretive

transparency and zero

growth

conflicts of interest

27 vessels

6 offices

USD 10 500

Founded 1918

Supra/Ultramax bulk carriers

global company

cash break-even per day 2021

stock listed since 1937

| BELSHIPS ASA |

2

Highlights - Q2 2021

STRONG MARKET - RETURNING VALUE TO SHAREHOLDERS

  • Operating income of USD 140.4m (USD 28.6m)
  • EBITDA of USD 36.0m (USD 1.9m) including USD 14.5m from Lighthouse Navigation
  • Net result of USD 22.5m (USD -14.6m)
  • Declared dividend of USD 11.4m (NOK 0.40 per share)
  • Net TCE per ship of USD 18 031 per day
  • Entered into agreements to acquire five new Ultramax bulk carriers
  • Two oldest Supramax vessels sold
  • 42 per cent of available ship days in the next four quarters are booked at about USD 22 400 net per day. 80 per cent of available days in 2022 remain open.
  • Modern fleet of 27 vessels with an average age of about 4 years and average cash breakeven of about USD 10 500 per day

Earnings summary

Q2 2021Q2 2020

Average TCE

Average TCE

USD 18 031/day

USD 6 927/day

EBITDA

EBITDA

USD 36.0m

USD 1.9m

Net result

Net result

USD 22.5m

USD -14.6m

Financial position

Assets

Equity and liabilities

Owned ships

Equity

USD 203.8m

USD 203.9m (38%)

Leased ships

Mortgage loans

USD 179.4m

USD 123.2m

Cash and cash equivalents

Lease liabilities

USD 63.4m

USD 156.1m

Other assets

Other liabilities

USD 92.6m

USD 56.0m

| BELSHIPS ASA |

3

Growth delivered - Returning value to shareholders

Key milestones 2019 - 2021

MERGER

Merger between Belships ASA and Lighthouse Group

12 x BAREBOAT LEASES

Agreements with purchase options leveraging Belships longstanding access to Japanese shipbuilders and financing

SHIP MANAGEMENT

NEW DIVIDEND POLICY

Doubled number of ships under

technical management

Dividend of NOK 0.40 per share paid for Q2 2021

5 x SHIP-FOR-SHARE TRANSACTIONS

Utilising cash and equity issues to finance acquisitions

COMMERCIAL PLATFORM

FLEET RENEWAL

Expansion of Lighthouse Navigation to

Divestment of the six oldest

Oslo, Singapore and Melbourne

vessels in the fleet

7 → 27 bulk carriers

USD 30m → 390m

Shift from Supra to Ultramax fleet

Market cap increased by 13x

| BELSHIPS ASA |

4

Lighthouse Navigation - Dry cargo operator

Lighthouse Navigation was established in 2009 and is the commercial arm of Belships ASA providing chartering and operations with a long track record of positive results. The commercial operations and operating activities have expanded and is now present in Bangkok, Oslo, Singapore and Melbourne. Lighthouse is also the commercial manager of seven handysize vessels owned by SFL Corporation Ltd.

EBITDA growth

Record $14.5m EBITDA in second quarter 2021

Track record

Profitable every year since inception in 2009.

Vessels under management

More than 70 vessels managed last quarter

Global operation

Present in 5 countries with over 80 employees

Lighthouse Navigation - EBITDA

USD million

$17 000

$15 000

$13 000

$11 000

$9 000

$7 000

$5 000

$3 000

$1 000

Q1-19Q2-19Q3-19Q4-19Q1-20Q2-20

Q3-20Q4-20Q1-21Q2-21

-$1 000

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Belships ASA published this content on 16 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2021 06:41:05 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 432 M - -
Net income 2021 91,1 M - -
Net Debt 2021 320 M - -
P/E ratio 2021 4,58x
Yield 2021 9,00%
Capitalization 423 M 420 M -
EV / Sales 2021 1,72x
EV / Sales 2022 1,31x
Nbr of Employees 456
Free-Float 24,3%
Chart BELSHIPS ASA
Duration : Period :
Belships ASA Technical Analysis Chart | BELCO | NO0003094104 | MarketScreener
Technical analysis trends BELSHIPS ASA
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 1,67 $
Average target price 1,93 $
Spread / Average Target 15,3%
EPS Revisions
Managers and Directors
Lars Christian Skarsgård Chief Executive Officer
Osvald Fossholm Chief Financial Officer
Peter Frølich Chairman
Birthe Cecilie Lepsøe Independent Director
Sverre Jørgen Tidemand Director