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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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Belships (BELCO) investor relations material
Belships Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary11 Feb, 2025
Executive summary
Q4 2024 EBITDA reached USD 19.4m, with a net result of USD 7.5m, and no dividend declared.
A voluntary cash offer for all shares at NOK 20.5 per share was announced, with a 29.4% premium and 68.43% of shareholders pre-accepting; the board unanimously recommends the offer.
The offer is supported by a fairness opinion from Nordea Bank.
Financial highlights
Q4 2024 gross freight revenue was USD 86.3m; net freight revenue was USD 65.2m.
EBITDA for Q4 2024 was USD 19.4m; net result was USD 7.5m.
Cash and cash equivalents at year-end totaled USD 100.2m; interest-bearing debt at USD 525.3m.
Earnings per share for Q4 2024 were USD 0.03, down from USD 0.09 in Q4 2023.
Full-year EBITDA was USD 107.0m, down from USD 157.6m in 2023.
Outlook and guidance
72% of Q1 2025 ship days are fixed at USD 13,600 per day; 27% of the next four quarters at USD 14,350 per day.
Spot market rates for Ultramax vessels started 2025 weak at USD 9,000/day but are expected to improve in Q2.
FFA market indicates an average of USD 13,500/day for the rest of 2025.
Twelve Ultramax newbuildings scheduled for delivery between 2025 and 2028.
How does newbuilding program impact cash?
What's NBC's average quarterly EBITDA?
Detail fixed rate contracts post Q1 2025.
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Eferix Drawings Google Play
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Frequently asked questions
Belships ASA is a Norway-based fully integrated shipowner and operator specializing in dry bulk carriers. The company operates a modern fleet of Supramax and Ultramax vessels, catering to shipping transportation needs across the global market. Belships' operations are strategically managed from its offices located in Oslo, Bangkok, and Singapore, ensuring comprehensive service coverage for its customers and partners worldwide. The company is focused on providing efficient and reliable shipping solutions, leveraging its extensive fleet and international presence to meet the diverse requirements of the dry bulk transportation sector. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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