It said the loan facility covers the lower of 70% of contract price or market value at the time of drawdown, with a maturity of seven years.

The Oslo-listed shipowner, writing in its annual report, said this will secure the long-term financing of the newbuildings.

Belships said the loan has an agreed interest rate is Libor plus a margin of 2.50%, while the minimum market value of the ships will be 115% of the outstanding loan balance.

In