Third LNG-fueled bulker joins Himalaya Shipping’s fleet

Himalaya Shipping has taken delivery of the third of twelve LNG-powered Newcastlemax bulk carriers in China.

New Times Shipyard delivered the 208,000-dwt LNG dual-fuel, Mount Etna, on April 13, Tor Olav Trøim’s Himalaya said in a statement.

The vessel will start a minimum 24 month charter with an evergreen structure thereafter and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, according to Himalaya.

Also, 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 charters to fixed rates based on the prevailing forward freight agreement (FFA) curve from time to time, the firm said.

“We are excited to take delivery of the third vessel, which is chartered on an index-linked time charter, earning a significant premium to a standard Capesize vessel,” Herman Billung, contracted CEO of Himalaya, said.

Third LNG-fueled bulker joins Himalaya Shipping's fleet
Himalaya Shipping’s vessels at New Times (Image: Himalaya Shipping)

Himalaya recently took delivery of the first vessel in this batch, Mount Norefjell, and the second vessel, Mount Ita, while it also filed for an initial public offering in the United States.

It expects to take delivery of another three vessels by the end of 2023.

The remaining six vessels are expected to be delivered by the end of third quarter 2024.

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