Supramax owner Belships had another profitable quarter in the final three months of 2022 thanks to forward cover that proved all the more lucrative as the freight market dove during the period.

The Oslo-listed is paying out around 70% of its net results in dividends to shareholders and said it will continue to do so.

Belships, which has a fleet of 31 supramax and ultramax bulkers, recorded $34.2m