Belships
Belships ASA owns and operates dry bulk ships worldwide. It operates through Belships and Lighthouse Navigation segments. The company operates a fleet of 38 modern Supra/Ultramax bulk carriers, including newbuildings. It also provides technical, crewing, port agency, and logistical services. The company was founded in 1918 and is headquartered in Oslo, Norway. As of March 7, 2025, Belships ASA wa… Read more
Belships (BELCO) - Net Assets
Latest net assets as of December 2024: Nkr261.85 Million NOK
Based on the latest financial reports, Belships (BELCO) has net assets worth Nkr261.85 Million NOK as of December 2024.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Nkr823.59 Million) and total liabilities (Nkr561.75 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Nkr261.85 Million |
| % of Total Assets | 31.79% |
| Annual Growth Rate | 37.8% |
| 5-Year Change | 74.54% |
| 10-Year Change | N/A |
| Growth Volatility | 118.18 |
Belships - Net Assets Trend (2016–2024)
This chart illustrates how Belships's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Belships (2016–2024)
The table below shows the annual net assets of Belships from 2016 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | Nkr261.85 Million | -14.31% |
| 2023-12-31 | Nkr305.56 Million | +18.79% |
| 2022-12-31 | Nkr257.22 Million | +6.49% |
| 2021-12-31 | Nkr241.54 Million | +61.01% |
| 2020-12-31 | Nkr150.02 Million | -3.91% |
| 2019-12-31 | Nkr156.12 Million | +26.12% |
| 2018-12-31 | Nkr123.78 Million | +369.19% |
| 2017-12-31 | Nkr26.38 Million | +30.97% |
| 2016-12-31 | Nkr20.14 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Belships's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 14402800000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Nkr120.14 Million | 47.48% |
| Other Components | Nkr132.90 Million | 52.52% |
| Total Equity | Nkr253.04 Million | 100.00% |
Belships Competitors by Market Cap
The table below lists competitors of Belships ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Metro Brands Limited
NSE:METROBRAND
|
$399.87 Million |
|
Columbus McKinnon Corporation
NASDAQ:CMCO
|
$399.93 Million |
|
Nanjing Canatal Data Centre Environmental Tech Co Ltd Class A
SHG:603912
|
$399.97 Million |
|
Major Drilling Group International Inc
PINK:MJDLF
|
$400.06 Million |
|
Ares Acquisition Corporation II
NYSE:AACT-UN
|
$399.77 Million |
|
China Bicycle Co Holdings Ltd
SHE:000017
|
$399.65 Million |
|
MLP SE
PINK:MLPKF
|
$399.62 Million |
|
Ho Chi Minh City Infrastructure Investment JSC
VN:CII
|
$399.60 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Belships's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 270,671,000 to 253,036,000, a change of -17,635,000 (-6.5%).
- Net income of 58,165,000 contributed positively to equity growth.
- Dividend payments of 76,874,000 reduced retained earnings.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Nkr58.16 Million | +22.99% |
| Dividends Paid | Nkr76.87 Million | -30.38% |
| Other Changes | Nkr1.07 Million | +0.42% |
| Total Change | Nkr- | -6.52% |
Book Value vs Market Value Analysis
This analysis compares Belships's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 20.33x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 48.39x to 20.33x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2016-12-31 | Nkr0.42 | Nkr20.35 | x |
| 2017-12-31 | Nkr0.55 | Nkr20.35 | x |
| 2018-12-31 | Nkr0.68 | Nkr20.35 | x |
| 2019-12-31 | Nkr0.72 | Nkr20.35 | x |
| 2020-12-31 | Nkr0.63 | Nkr20.35 | x |
| 2021-12-31 | Nkr0.96 | Nkr20.35 | x |
| 2022-12-31 | Nkr1.02 | Nkr20.35 | x |
| 2023-12-31 | Nkr1.07 | Nkr20.35 | x |
| 2024-12-31 | Nkr1.00 | Nkr20.35 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Belships utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 22.99%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 14.13%
- • Asset Turnover: 0.50x
- • Equity Multiplier: 3.25x
- Recent ROE (22.99%) is above the historical average (11.64%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2016 | -74.22% | -68.64% | 0.20x | 5.35x | Nkr-16.62 Million |
| 2017 | 24.22% | 27.84% | 0.22x | 3.92x | Nkr3.70 Million |
| 2018 | 15.06% | 14.22% | 0.44x | 2.43x | Nkr6.11 Million |
| 2019 | 2.30% | 2.27% | 0.39x | 2.62x | Nkr-11.68 Million |
| 2020 | -13.83% | -9.03% | 0.47x | 3.23x | Nkr-34.29 Million |
| 2021 | 43.05% | 12.75% | 1.02x | 3.30x | Nkr79.83 Million |
| 2022 | 57.10% | 15.78% | 0.93x | 3.89x | Nkr121.16 Million |
| 2023 | 28.04% | 13.47% | 0.60x | 3.45x | Nkr48.83 Million |
| 2024 | 22.99% | 14.13% | 0.50x | 3.25x | Nkr32.86 Million |
Industry Comparison
This section compares Belships's net assets metrics with peer companies in the Marine Shipping industry.
Industry Context
- Industry: Marine Shipping
- Average net assets among peers: $637,790,994
- Average return on equity (ROE) among peers: 9.30%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Belships (BELCO) | Nkr261.85 Million | -74.22% | 2.15x | $399.83 Million |
| ADS Maritime Holding Plc (ADS) | $4.63 Million | -4.21% | 0.02x | $1.46 Million |
| Bruton Limited (BRUT) | $30.78 Million | -0.48% | 0.01x | $43.50K |
| Hafnia Ltd (HAFNI) | $2.01 Billion | 37.41% | 0.95x | $52.04 Million |
| Havila Shipping ASA (HAVI) | $-712.54 Million | 0.00% | 0.00x | $8.40 Million |
| Klaveness Combination Carriers ASA (KCC) | $359.87 Million | 22.62% | 0.70x | $168.30 Million |
| Odfjell SE (ODF) | $759.48 Million | -14.16% | 2.11x | $237.10 Million |
| Odfjell B (ODFB) | $992.80 Million | 15.65% | 1.05x | $227.05 Million |
| Solstad Offsho (SOFF) | $2.23 Billion | 5.03% | 1.42x | $156.45 Million |
| Stainless Tankers ASA (STST) | $66.92 Million | 21.87% | 1.18x | $31.91K |