Belships ASA, a prominent Norwegian shipowner specialising in Ultramax bulk carriers, announced on 19 December 2024 that it has accepted a takeover offer from US-based private equity fund EnTrust Global. The acquisition, valued at approximately $458 million, will be executed through a public tender offer (TOB) of NOK 20.5 per share, amounting to a total of NOK 5.18 billion.
Photo courtesy= Belships、EnTrust Global
The deal will see EnTrust Global acquire Belships’ fleet of 42 Ultramax bulk carriers, including vessels under construction. Belships’ board of directors has recommended shareholders accept the offer, which has already been endorsed by the company’s largest shareholder and director, Frode Teigen, along with other key executives. Together, they control 61.23% of the company’s shares.
The TOB will be carried out by a special purpose vehicle established by Blue Ocean, EnTrust’s maritime investment division. The tender process is expected to conclude by 24 January 2025, with the acquisition finalised in the first half of the year, after which Belships will delist from the Oslo Stock Exchange.
Belships’ fleet boasts an average vessel age of just three years, with the majority constructed at Japanese shipyards. The company has also been proactive in securing long-term charter agreements with Japanese shipowners for newbuild vessels.
While the acquisition was reportedly considered by some Japanese firms, EnTrust Global, which manages assets exceeding $15 billion, successfully secured the deal.
In a joint statement, Belships Chairman Peter Frølich and CEO Lars Christian Skarsgård expressed their satisfaction with the offer, describing it as “a fair valuation.” Svein Engh, Senior Managing Director at EnTrust, highlighted the strategic value of the acquisition, stating, “This investment provides an attractive and versatile platform equipped with a modern Ultramax fleet, enabling us to further expand our maritime portfolio.”
EnTrust has been active in maritime investments, having established London-based Purus Marine in 2021 to focus on environmentally advanced vessels.
This acquisition follows other significant maritime mergers and acquisitions this year. In February, Japanese financial giant Orix Corporation acquired Osaka-based shipowner Santoku Senpaku, which owns a fleet of 67 vessels, in a deal worth approximately ¥300 billion, including debt.
As of November 2024, Belships operated a fleet of 28 Handymax bulk carriers and had one 64,000-DWT newbuild scheduled for delivery in early 2025. Additionally, the company has secured long-term charters for 13 more 64,000-DWT vessels, set to be delivered by 2028, with 12 being built by Imabari Shipbuilding and one by Nantong COSCO KHI Ship Engineering (NACKS).
〆米ファンドがノルウェー船主ベルシップス（Belships）を買収する。
ファンドは株式公開買い付けで4億5800万米ドルを投資し、バルカー42隻を獲得する
ウルトラマックスバルカー主力のノルウェー船主ベルシップス（本社・オスロ）は２０２４年１２月19日、米国ファンドのエントラスト・グローバル（EnTrust Global）による買収手続きの開始を受け入れると発表した。エントラストはオスロ証券取引所に上場するベルシップスの株主に対し、１株当たり20・５ノルウェー㌛でのＴＯＢ（株式公開買い付け）を開始。ＴＯＢ総額は計51億８２００万ノルウェー㌛（約4億5800万米ドル）を見込む。買収によりベルシップス保有のウルトラマックス42隻(新造発注残含む）を一括で手に入れる。
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