Belships ASA

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<b>Belships is a shipping company quoted on Oslo Stock Exchange and is active in dry cargo, gas and the product tank markets.</b>

<b>Handysize product tank</b><br> Belships has three product tankers which are managed by the wholly owned subsidiary Belships Tankers. The fleet carries refined petroleum products, mainly between the industrialised countries. <b>Gas</b><br> Belships owns 60% of Gibson Gas Tankers, based in Edinburgh. The company owns 6 gas tankers of between 2 000 and 7 000 cbm. The ships carry industrial and petroleum gasses such as butane, propane, etc. <b>Handymax dry cargo</b><BR> Belships owns one handymax dry cargo ship. The handymax dry cargo fleet carries mostly semi-finished goods for industry and operates all over the world. Panmax and capesize dry cargo Through the wholly owned subsidiary Belships Trading there is considerable involvement as an operator in the panmax dry cargo market. The company takes cargo positions and covers them with chartered ships. The panmax fleet mainly carries commodities such as coal, ore and grain all over the world. Belships also has an ownership stake in a capesize ship. <b>Ship management</b><br> Belships is involved in ship management through Belships Management in Singapore and in Oslo. The companies are responsible for ship management both for Belships own ships and on behalf of other shipping companies.

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