Belships ASA

Report 1st quarter 2024 - Seite 2

Financial results commentary
Belships reports a net result of USD 15.7m for the quarter compared to USD 22.6m in the previous quarter. The lower net result is primarily caused by a lower EBITDA contribution from Lighthouse Navigation.

Time charter equivalent earnings (TCE) in the quarter was USD 16 731 gross per vessel per day. In comparison, the Baltic Supramax Index (BSI-58) averaged USD 12 961 gross per day. Ultramax vessels typically earn 115 to 120 per cent of the Supramax index. The remaining outperformance is due to period time charter contracts at levels above market rates.  

Ship operating expenses amounted to USD 5 512 per vessel per day during the quarter compared to USD 5 403 per vessel per day in the previous quarter.

Fleet status
The fleet sailed without significant off-hire with a total of 2 718 on-hire vessel days in the quarter.

Since December, Belships vessels have not transited the Red Sea, and none of our vessels have been involved in any related incidents.

Contract coverage		Q2 2024	Q3 2024	Q4 2024	Q1 2025
Fixed-rate contracts		74%	46%	32%	20%
Average fixed-rate (USD/day)		16 700	16 600	16 250	16 500
Index-linked contracts		21%	35%	26%	23%
Open/Uncontracted		5%	19%	42%	57%
		100%	100%	100%	100%