Belships Sells Its Ship Management Business To V.Group And Forms Strategic Partnership

OSLO, NORWAY: Belships, a dry bulk shipping company, has announced that it has sold its 100 percent shareholding in Belships Management (Singapore) Pte Ltd., a technical and crew management company, to a company in V.Group, a leading global provider of ship management and marine services.

Belships has also agreed to sell its owned office lease in Singapore and will receive the proceeds from the sale.

The transaction was completed on 30th June 2023, and Belships will record a book gain of USD 8.5m in Q2 2023. The net cash proceeds from the transaction will be about USD 12.5m and include deferred payment for the office.

In addition, Belships has entered into a strategic partnership with V.Group for its fleet and ship management business. Belships Management (Singapore) will continue to be the sole provider of ship management services to Belships, using V.Group’s scalable and innovative ship management platform. The Belships Management (Singapore) organization will be integrated into V.Group, creating a center of excellence for dry bulk operations. The partnership was formalized on 30th June 2023.

Lars Christian Skarsgård, CEO of Belships, said: “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 digitalization and decarbonization capabilities and create the flexibility to scale our fleet.”

Belships operates a fleet of 34 modern Supra/Ultramax bulk carriers, including four new buildings to be delivered between 2024-2026. Belships also owns 50.1 percent of the Lighthouse Navigation Group, a dry bulk operating company with offices in Bangkok, Oslo, Singapore, and Melbourne.

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