Bermuda-based Himalaya Shipping, a dry bulk owner, said on Wednesday its 210,000 dwt dual-fuel newcastlemaxes Mount Norefjell and Mount Matterhorn have bunkered with LNG in Singapore over the last days.

The company explains that a newcastlemax running on LNG reduces its CO2 emissions by 43% compared to a standard capesize ship, in addition to significantly reducing SOx and NOx.

This is the first LNG bunkering of the Himalaya ships, whilst the dramatic fall in prices has meant that two of the company´s bulk carriers have been able to bunker with LNG for the first time.

The chief executive officer Herman Billung of Himalaya Shipping believes that LNG prices will trade at a discount to oil.

“Both the environmental and economic benefit of running on LNG makes us confident in our choice to invest in dual fuel engines. The high LNG prices seen in the wake of the Russia-Ukraine conflict seems to be normalizing, and we believe, over time, LNG prices will trade at a discount to oil.”

As the top management explains, of the around 2000 Capesize+ dry bulk ships in the world, less than 2% can run on LNG, hence, Himalaya Shipping is well positioned to benefit from the environmental regulations being introduced.

The CEO of Himalaya believes that CO2 savings are coming from a dual-fuel newcastlemax running on LNG compared to a standard capesize ship.

As reported by Shipping Telegraph in July the ship Mount Matterhorn is the fifth ship of the twelve 210,000 dwt newcastlemax dual-fuel newbuildings the company has on order from New Times Shipyard.

The remaining newbuildings are expected to be delivered by July 2024.

“The Himalaya ships, which can reduce CO2 emissions by up to 43%, are prepared to meet and benefit from more environmental regulations coming into force,” said Herman Billung.