Belships ASA, a prominent player in maritime freight and logistics, has recently released its financial report for the fourth quarter of 2023, showcasing robust performance and a promising outlook. Here are the key highlights from their report:
- EBITDA and Net Result: Belships reported an EBITDA of USD 40.8 million, including USD 9.6 million from Lighthouse Navigation, with a net result of USD 22.6 million.
- Dividend Declaration: The company declared a dividend of NOK 0.60 per share, reflecting its commitment to providing returns to shareholders.
- Operational Performance: Belships saw a Time Charter Equivalent (TCE) of USD 18,449 gross per day for its owned fleet, outperforming the market by 30 percent.
- Debt Repayment: Belships prepaid USD 13.2 million of bank debt, further enhancing its financial position and increasing the number of debt-free vessels.
- Contract Coverage and Rates: The company secured significant contract coverage for the upcoming quarters, with 81 percent of ship days in Q1 2024 fixed at USD 17,000 gross per day.
- Newbuildings: Belships has eight Ultramax bulk carriers under construction at Japanese shipyards, enhancing its fleet’s efficiency and environmental sustainability.
- Market Highlights: The Baltic Supramax Index (BSI-58) and Baltic Ultramax Index (BSI-63) showed improvements, reflecting positive market sentiment and rising ship values.
- Outlook: Belships remains optimistic about future prospects, with contract coverage ensuring profitability and new vessels set to further strengthen its position in the market.
Belships’ commitment to financial discipline, operational excellence, and sustainability underscores its position as a leading player in the maritime industry.
The company’s proactive approach to debt management, strategic investments in newbuildings, and focus on shareholder returns are commendable, positioning it for continued success in the dynamic global shipping market.
With a strong foundation and a positive outlook, Belships ASA is poised to navigate through challenges and capitalize on opportunities, delivering value to its stakeholders in the years to come.
The full report can be found here
Source: belships
