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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.
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.
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