Norwegian bulker owner Belships has acquired a geared ultramax bulker in the secondhand market using cash and its shares.
The Oslo-listed company said it has bought a 2017-built vessel constructed at a Chinese shipyard for $21.75m, but did not reveal any further details.
The vessel is expected to be delivered this quarter and is currently employed on a time charter at a rate that Belships described on Thursday as "marginally cash-positive".
