Norway-based shipping company Belships has signed an agreement to sell a 55,000 deadweight tonnage (DWT) bulk carrier, named BELFRI, for $15.18m to Jinhui Shipping and Transportation.

Built in 2007, BELFRI is said to be the oldest vessel in Belships’ fleet.

The vessel is anticipated to be delivered at the end of this year’s third quarter.

Belships expects a gain of about $4.6m from the deal. After the repayment of outstanding loans, the net cash flow will be nearly $9m upon delivery.

Meanwhile last month, the company reached an agreement for period time charter contracts involving four modern Ultramaxes.

Under the first contract, which was expected to commence at the end of June, a vessel was chartered for roughly 22-25 months at a gross rate of $24,000 per day.

As per the second contract, which is anticipated to start in mid-July, a ship was chartered for 21-24 months at a gross rate of $23,000 per day.

The company signed another contract, also expected to begin in mid-July, for roughly 22-25 months at a gross rate of $22,000 per day.

Under the fourth contract, which is expected to commence in mid-August, a vessel was chartered for 11-14 months at a gross rate of $27,000 per day.

After the completion of all the announced transactions, the Belships fleet will include 27 bulk carriers with an average age of five years.