Belships has entered into agreements for period time charter contracts for three of our vessels for a period of about 11-13 months at a gross rate of USD 22 500, 24 700, and 25 000 per day per vessel. The contracts are expected to commence within December 2021.
The contract coverage for 2022 now stands at 42 per cent at an average rate of USD 22 900 net per day per vessel meaning that the cash breakeven for remaining open days is close to zero.
Belships has a uniform and modern fleet of bulk carriers well positioned to capitalise on a strong dry bulk market. Following completion of all announced transactions, the Belships fleet will count 30 Supramax/Ultramax bulk carriers, with an average age of 4 years and average cash breakeven of about USD 10 500 per day. Our strategy is to develop Belships as an owner and operator of geared bulk carriers, through quality of operations and pursue accretive growth opportunities for the purpose of maximising shareholder value. Based on current market expectations, we expect to generate significant free cash flow and aim to pay quarterly dividends as announced with our dividend policy.