Belships (BELCO) Q4 2024 earnings summary

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.