Belships has confirmed the sale of two of its oldest ships as it looks to take advantage of strong S&P markets to modernise its fleet.

The Oslo-listed shipowner has sold the 58,000-dwt Belstar (built 2009) and the Belnor (built 2010), it said in a regulatory filing.

Belships said delivery of the ships to their new owners is expected to take place by early 2022 and will generate a total gain of about $11m.