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1. Company Snapshot

1.a. Company Description

Belships ASA owns and operates dry bulk ships worldwide.It operates through Own Ships, Lighthouse Naviagtion, and Ship Management segments.The company operates a fleet of 34 Supra/Ultramax bulk carriers.


It also provides commercial and ship management, technical, crewing, port agency, and logistical services.The company was founded in 1918 and is headquartered in Oslo, Norway.

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1.b. Last Insights on BELCO

Belship ASA's recent stock performance was driven by high insider ownership, with insiders holding around 32% of shares. The company's strong earnings release on December 23, 2024, also contributed to the positive sentiment. Additionally, Belship's acquisition of a 51% stake in a Norwegian shipping firm and its plans to launch a new digital logistics platform are expected to drive growth.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.81%)

6. Segments

Lighthouse Navigation

Expected Growth: 5%

Lighthouse Navigation's 5% growth is driven by increasing demand for eco-friendly shipping solutions, expansion into new markets, and strategic partnerships. Additionally, investments in digitalization and vessel optimization have improved operational efficiency, reducing costs and enhancing competitiveness. Furthermore, the growing importance of sustainable shipping practices and regulatory pressures have created opportunities for Lighthouse Navigation to capitalize on its green shipping expertise.

Belships

Expected Growth: 9%

Belships ASA's 9% growth is driven by increasing demand for dry bulk shipping, strategic fleet expansion, and cost-saving initiatives. The company's focus on eco-friendly vessels and operational efficiency also contributes to its growth. Additionally, Belships' strong balance sheet and ability to capitalize on market opportunities further support its growth momentum.

7. Detailed Products

Supramax Vessels

Belships ASA operates a fleet of Supramax vessels, which are designed to transport dry bulk cargoes such as grains, minerals, and coal.

Ultramax Vessels

Belships ASA's Ultramax vessels are designed for efficient and flexible transportation of dry bulk cargoes, with a larger cargo capacity than Supramax vessels.

Ship Management Services

Belships ASA provides ship management services, including technical management, crew management, and commercial management, to ensure safe and efficient vessel operations.

Commercial Management Services

Belships ASA offers commercial management services, including chartering, operations, and logistics, to optimize vessel utilization and revenue.

8. Belships ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Belships ASA operates in a niche market with limited substitutes, but there are some alternatives available to customers.

Bargaining Power Of Customers

Belships ASA has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Belships ASA relies on a few key suppliers, which gives them some bargaining power, but the company's size and reputation also give it some negotiating power.

Threat Of New Entrants

The shipping industry has high barriers to entry, including significant capital requirements and regulatory hurdles, which limits the threat of new entrants.

Intensity Of Rivalry

The shipping industry is highly competitive, with many established players competing for market share, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.31%
Debt Cost 3.95%
Equity Weight 67.69%
Equity Cost 7.61%
WACC 6.42%
Leverage 47.72%

11. Quality Control: Belships ASA passed 9 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Danaos

A-Score: 7.1/10

Value: 8.5

Growth: 6.4

Quality: 7.6

Yield: 6.9

Momentum: 5.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Euroseas

A-Score: 7.0/10

Value: 7.6

Growth: 8.2

Quality: 7.8

Yield: 8.1

Momentum: 8.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Odfjell

A-Score: 6.8/10

Value: 8.5

Growth: 7.7

Quality: 6.2

Yield: 9.4

Momentum: 6.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Clarkson

A-Score: 6.2/10

Value: 5.2

Growth: 7.3

Quality: 8.2

Yield: 5.6

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Belships

A-Score: 5.9/10

Value: 6.8

Growth: 6.0

Quality: 6.2

Yield: 7.5

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Pyxis Tankers

A-Score: 5.1/10

Value: 9.1

Growth: 6.1

Quality: 4.3

Yield: 3.8

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

20.35$

Current Price

20.35$

Potential

-0.00%

Expected Cash-Flows