is a subsidiary of Belships in Singapore that handles the crew and manages bulk vessels for the dry bulk shipping line and other international customers sold to V.Group, according to a statement released Monday.
The transaction closed on June 30, 2023, and a written profit of $8.5 million will be reported in the second quarter. This approaches NOK 92 million at today’s exchange rate.
Net proceeds will be approximately $12.5 million – plus NOK 135 million – and include deferred payments for office buildings.
“The transaction provides immediate value to our shareholders, and ensures that our fleet continues to be maintained to the best standards,” says Belships CEO Lars Christian Skarsgård.
At the same time, the shipping company enters into a strategic partnership with V.Group specifically for Belship’s fleet activities and management. Following the acquisition of Belships Management, V. Group will be Belships’ sole vessel management supplier.
If you add four new terminals expected to be delivered in 2024-2026, the shipping company has a fleet of 34 dry bulk vessels in the supramax and ultramax classes.
In addition, Belships owns 50.1 percent of the shares of Lighthouse Navigation Group, an operating company with offices in Bangkok, Oslo, Singapore and Melbourne.
So far this year, the Belships have generated total revenue of 24.2 percent, after rising 2.5 percent on Friday. The shipping company is now valued at approximately NOK 4.2 billion.
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