Stamford Shipping linked to four-vessel acquisition of Belships' Ultramaxes

Multiple shipbroking sources reported last week that a Singapore-based shipping company has acquired 63,000-dwt Ultramaxes Belinda, Belatlantic, Belsouth and Belmont. All four vessels were built in 2016, with the exception of Belsouth, which was delivered in 2015.

Shipbroking and market sources have linked Stamford Shipping to the acquisition of the Ultramax series owned by Norway-based Belships. Both companies have been contacted for comment.

Asian and European shipbrokers estimate the total cost of the reported en bloc deal at approximately US$84.0M, or about US$21.0M per vessel. Recent Greek shipbroking reports suggest the market value of a 10-year-old Ultramax currently stands between US$22.0M and US$22.5M.

Company profiles

Stamford Shipping, founded in Singapore by shipping and finance veterans, was established to address the growing need for a maritime investment fund, according to its website. Its fleet includes six vessels – two Ultramax bulkers and four product tankers – all named after former Chelsea football players.

Belships currently manages a fleet of 42 bulk carriers and is undergoing a leadership 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.