Himalaya Shipping welcomes fifth of twelve newcastlemax and Starts Charter

Bermuda-based Himalaya Shipping, a dry bulk owner, has successfully taken delivery of the fifth of the twelve 210,000 dwt newcastlemax dual fuel newbuildings the company has on order from New Times Shipyard.

The ship Mount Matterhorn will commence a 32-to-38-month time charter plus an option for 11 to 13 months and will earn an index-linked rate, reflecting a significant premium to a standard capesize vessel, as the dry bulk company claims.

The shipowner has also disclosed that the time charter includes a profit sharing of any economic benefit derived from operating the vessel´s scrubber or running on LNG, as well as certain rights to convert the time charter to fixed rate based on the prevailing forward freight agreement (FFA) curve from time to time.

Herman Billung, contracted CEO of Himalaya Shipping said “We are excited to take delivery of the fifth vessel, which is chartered to a leading commodity trading house. The shipyard has again delivered a high-quality vessel slightly ahead of schedule. Mount Matterhorn will add another state-of-the-art vessel to the youngest dry bulk fleet on the water today. 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”.

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

The shipowner in the previous month has fixed two of its vessels with a premium agreed which is the highest achieved so far, even compared to its own previous agreements.

A “substantial and reputable counterparty” has taken the duo on time charter for between 22 and 26 months, upon delivery from New Times Shipyard between January and July 2024. The deal comes with an option exercisable by the counterparty for further 11 to 13 months.

The dry bulk owner has five vessels now in operation and seven newcastlemax dry bulk vessels under construction at New Times Shipyard in China.

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