Norway's Belships resumes acquisitions with 2023-built Ultramax bulker

The company confirmed to Riviera the acquisition of 2023-built, 64,000-dwt Pavo Breeze, which has already been renamed Belorient. Earlier this year, shipbrokers reported the sale to undisclosed buyers, though pricing details were mixed. British sources valued the deal at around US$36M, while Greek reports suggested a price of US$32M.

Earlier in the summer, Riviera reported on Belships’ en bloc sale of 63,000-dwt Ultramaxes Belinda, Belatlantic, Belsouth and Belmont to Singapore-based Stamford Shipping. Three of the vessels were built in 2016, with Belsouth delivered in 2015. Two of these ships, Belinda and Belsouth, have been renamed Dixon and Tambling, confirming Stamford Shipping’s new ownership.

Demand for modern Ultramaxes remains strong, with Allied Shipbroking also reporting several resale deals over the past week.

According to Doric Shipbrokers’ latest weekly report, there is no shortage of vessels on the market, with an abundance of Panamaxes, Supramaxes and other classes available. Demand is equally robust, with significant interest from savvy owners in modern and eco-friendly tonnage, the analysts noted.

Management transition

Belships, which manages a fleet of 41 bulk carriers – including vessels under construction – has recently completed a leadership and ownership transition. At the end of 2024, the company announced an agreement with a newly formed entity backed by EnTrust Global – a global asset manager – to launch a voluntary cash offer for all shares in Belships. The offer was unanimously recommended by the Belships board and completed during Q1 2025.

Following the transaction, Belships was delisted from the Oslo Stock Exchange and is now 74.99% indirectly owned by Blue Ocean Funds, a maritime investment platform managed by EnTrust Global. The remaining 25.01% stake is held by the F Laeisz Group, a diversified, family owned enterprise with a 200-year history in the shipping industry.