Oslo-listed dry bulk owner and operator Belships has inked a sale and leaseback agreement with the Japanese company Canpotex for a 61,000dwt Ultramax bulk carrier M/S Belisland.

The eco-design bulker, currently under construction at Imabari Shipbuilding in Japan, is expected to be delivered in March 2016.

Belships said that, at the time of delivery, the vessel will be sold and leased back for a period of 15 years with purchase options from year five.

This agreement is forecast to improve the Norwegian company's cash balance with about US$6m to US$8m, depending on market value at the time of delivery.

Belships said that the contract price for the vessel was US$28.25m.