Blue Northern is offering 20.5 Norwegian crowns per share, a 29.4% premium to the closing price on the day the deal was announced and even 19.4% higher than the volume-weighted average price over the past month. Internal shareholders, including board members and senior management, have pledged to support the deal with their shares.

For Blue Northern, choosing Belships is not accidental. In recent years, Belships has attracted the attention of many investors with its high-quality Ultramax fleet, refined operational capabilities and stable cash flow returns. Since 2017, after six years of steady development, the company has achieved a total return rate of 455% (including dividends). This amazing growth rate is the core attraction that Blue Northern is targeting.

In addition, Belships' current major shareholder Frode Teigen took control of the company after a fierce battle for equity. Today, his two investment companies Kontrari and Kontrazi hold 53.9% of Belships' shares. As Frode Teigen publicly expressed his intention to sell, Blue Northern quickly seized the opportunity and launched this "precision strike". From Blue Northern's perspective, Belships is undoubtedly a "value for money" investment target: it has a modern fleet and a flexible asset management platform, which makes it an ideal choice for building a shipping investment portfolio.

EnTrust Global's Blue Ocean Strategy fund currently manages more than $5 billion in assets. One of its core strategies is to expand its investment portfolio by acquiring potential shipping platforms. After completing the acquisition of Norwegian offshore service provider Offshore Merchant Partners in May this year, Blue Ocean Strategy has shown a strong interest in the Nordic market, and Belships is obviously an important step in this strategy.

Svein Engh, senior managing director of Blue Northern, made it clear that after acquiring Belships, it will continue to develop its fleet size and operational capabilities. In other words, this transaction is not just a takeover of the company by capital, but also an integration and optimization of shipping resources.

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