What Belships does

Belships AS is a Norwegian shipowner and operator of geared Ultramax dry bulk carriers, headquartered in Oslo with operating geographies spanning every major commodity trade lane globally. The group is privately held following a Q1 2025 take-private by EnTrust Global's Blue Ocean Funds (74.99%) alongside the F. Laeisz Group (25.01%), having previously been listed on the Oslo Stock Exchange since 1937. Including 12 newbuildings scheduled for delivery between 2025 and 2028, the controlled fleet consists of 40 Ultramax vessels, with 28 currently operating — described as one of the world's largest Ultramax owners and the youngest such fleet in the world at an average age below 4 years.

The asset platform is uniform by design: geared Ultramax bulk carriers equipped with on-board loading and discharging cranes, enabling operations at ports lacking shore-side infrastructure — including trans-shipment from barges and other ships directly into production or storage facilities. Vessels are built to eco-design specifications that combine higher cubic cargo capacity with lower fuel and energy consumption than the broader segment average. The group also operates a 67%-owned commercial management subsidiary, Norwegian Bulk Carriers AS, which handles parcelling, ship agency, and commercial management for 60–70 vessels in total, well beyond the Belships-owned tonnage. Technical and crewing management is outsourced to V.Ships in Singapore.

Belships generates revenue principally from time charter and voyage charter contracts for dry bulk seaborne transportation, with cargoes spanning coal, grain, iron ore, bauxite, and other bulk commodities — serving mining companies, trading houses, agricultural exporters, and industrial manufacturers globally. Pricing is determined by prevailing dry bulk freight rates (linked to Baltic Dry Index dynamics), vessel size, route, and contract duration. A secondary revenue stream comes from commercial management fees earned by Norwegian Bulk Carriers AS on third-party vessel accounts. Marketing is conducted through direct B2B relationships with charterers and via participation in industry conferences such as Geneva Dry.

Name

Belships

Legal name

Belships AS

Website

https://belships.com

Company type

Private

Founded year

1918

Operating status

Operating

Headcount range

11–50 employees

Short description

Belships AS is a privately held Norwegian shipowner and operator of geared Ultramax dry bulk carriers, controlling one of the world's largest and youngest such fleets of around 40 vessels (28 operating plus 12 newbuildings), serving global dry bulk commodity shippers through time and voyage charter contracts.

Ownership category

akta.pro rank

Product category

Dry Bulk Shipping Services

NAICS

Deep Sea, Coastal, and Great Lakes Water Transportation (48311)

SIC

Water Transportation (4400), Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

akta.pro secondary industry

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA)

Keywords

• Dry bulk shipping
• Ultramax bulk carriers
• Ocean freight services
• Shipowner operator
• Vessel chartering services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. Shipping Transportation Services: Belships operates a fleet of Ultramax bulk carriers providing dry bulk shipping transportation services globally. Revenue is generated through time charter contracts and voyage contracts with customers requiring dry bulk cargo transportation.
2. Commercial Management Services: Norwegian Bulk Carriers AS (67% owned) operates 60-70 vessels on long and short-term period, single voyages and commercial management for third parties, generating management fee revenue.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Belships AS is a shipowner and operator of geared Ultramax bulk carriers providing global dry bulk shipping transportation services. The company operates a modern uniform fleet of 40 Ultramax vessels (28 currently operating plus 12 newbuildings through 2025-2028) averaging below 4 years of age, with vessels equipped for self-loading and discharging at ports lacking shore-based equipment. Commercial management is provided through 67%-owned subsidiary Norwegian Bulk Carriers AS, which also operates 60-70 vessels for third parties.

Product overview

Belships AS operates as a shipowner and operator of geared Ultramax bulk carriers, offering global shipping transportation services through a modern uniform fleet. The core offering is Ultramax bulk carrier shipping, with a fleet of 39 vessels averaging about 4 years in age, including 12 newbuildings scheduled for delivery between 2025-2028. The company also provides commercial management services through its 67%-owned subsidiary Norwegian Bulk Carriers AS (which operates 60-70 vessels), while technical and crewing management is outsourced to V.Ships in Singapore.

Differentiator

Problem solved

Functional benefit

Products and services

• Ultramax Bulk Carrier Shipping Services Shipowner and operator of geared Ultramax bulk carriers providing global dry bulk shipping transportation services to mining companies, commodity trading houses, agricultural exporters, and industrial manufacturers. The uniform fleet is equipped with onboard cranes enabling self-loading and discharging at ports lacking shore-based equipment.
• Norwegian Bulk Carriers AS Commercial Management Services Dry bulk operating company offering parceling, ship agency, and commercial management services for both the Belships owned fleet and third-party vessels. Operates 60-70 vessels on long and short-term period, single voyages, and commercial management, generating management fee revenue.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Norwegian Bulk Carriers AScoreStrategic or Co-development PartnerBelships owns 67% of Norwegian Bulk Carriers AS, which handles commercial management of the fleet. NBC offers services within dry bulk operating, parcelling, ship agency, and commercial management. Founded in 2020, NBC operates 60-70 vessels on long and short-term period, single voyages and commercial management.
• V.ShipscoreTechnology or IntegrationTechnical and crewing management for Belships fleet is handled by V.Ships in Singapore. V.Ships is a leading maritime services provider offering technical management, crew management, and vessel support services.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Genco Shipping & Trading: Diversified dry bulk owner across Capesize, Ultramax and Supramax segments. Competes for similar Ultramax charter business and was similarly taken private by US-listed peers, providing a comparable exposure to dry bulk freight cycles.
• Eagle Bulk Shipping: Pure-play Supramax/Ultramax dry bulk operator (taken private by Star Bulk in 2024). Closest pure-play comparable to Belships by vessel class focus, fleet size, and geared-vessel strategy targeting niche-trade and infrastructure-constrained ports.
• D/S Norden: Danish-based dry bulk and product tanker operator with a mixed dry bulk fleet. Belships' CEO (Ivar Myklebust) was previously CFO of D/S Norden, and the company serves overlapping charterer relationships in the global dry bulk trades.
• Safe Bulkers: Dry bulk specialist operating Panamax, Kamsarmax, Post-Panamax and Supramax vessels. Operates in the same dry bulk freight market and competes for similar customer relationships, particularly in coal, grain, and iron ore trades.
• Diana Shipping: Dry bulk owner operating Capesize, Kamsarmax, Panamax and Ultramax vessels on time charters. Competes directly with Belships for time-charter contracts and serves similar global commodity-trader customers.
• Star Bulk Carriers: One of the largest global dry bulk shipowners with a fleet of Newcastlemax, Capesize, Kamsarmax, Panamax and Ultramax vessels. Competes directly with Belships in the Ultramax segment and shares the same global charterer base among major commodity traders like Trafigura, Cargill, and mining houses.
• Pangaea Logistics Solutions: Dry bulk owner/operator focused on niche high-margin trades with specialized ice-class and smaller geared vessels. Targets similar customers requiring versatile port access, parallel to Belships' geared Ultramax strategy.

Broad incumbents

• Golden Ocean Group: John Fredriksen-controlled dry bulk owner with a predominantly Capesize/Newcastlemax fleet. Provides a competing capital pool for vessel acquisitions and competes for the same charterer relationships globally, though skewed toward larger vessel classes.

Others

• V.Ships: Global third-party ship management company providing technical and crewing management to Belships' fleet. While not a competitor, it is a key operational partner and a representative of the broader industry enabler ecosystem in which Belships operates.

Emerging players

• Western Bulk: Norwegian/European dry bulk operator with a mix of owned and chartered tonnage across Handysize, Supramax/Ultramax and Panamax. Overlaps with Belships in the Nordic commercial management ecosystem and serves similar European/Atlantic charterers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/belships
• Facebookfacebook.com/belships
• LinkedInlinkedin.com/company/belships-asa-ns6-

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Belships