Himalaya Shipping raises more cash to fund LNG bulkers

Tor Olav Trøim’s Himalaya Shipping is raising more cash to fund the company’s newbuilding program of LNG-powered dry bulk carriers.

The firm, registered on Euronext NOTC, has earlier this week revealed a private placement comprising up to $45 million in new depository receipts.

However, according to a statement on Friday, the company decided to upsize the private placement to $50 million in gross proceeds following strong investor demand.

“The bookbuilding period will close on October 8, 2021 at 16:00 CEST,” the statement said.

Himalaya Shipping said it would use the net proceeds to pay instalments under the company’s newbuilding program at China’s New Times Shipbuilding, as well as general working capital purposes.

Also, the company’s depositary receipts are currently quoted on Euronext NOTC.

However, Himalaya Shipping expects to apply for a listing on a recognized exchange with an estimated listing by the end of this year, it said.

Himalaya Shipping is a new venture of Norwegian businessman and investor, Tor Olav Trøim, who is also the chairman of Golar LNG.

The firm has newbuilding contracts for twelve 208,000-dwt LNG-powered Newcastlemax ships at New Times. Brokers previously said the contracts have a price tag of up to $800 million.

New Times should deliver the LNG-powered vessels in 2023 and 2024.

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