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Thursday, December 8, 2022

Himalaya Shipping Secures Time Charters for Four More Ships

Maritime Activity Reports, Inc.

October 18, 2022

Himalaya Shipping on Monday announced it has entered into time charter agreements for four dry bulk vessels with Koch Shipping Pte Ltd.

The bulk carrier newbuilds will commence a 24-month time charter with an evergreen structure upon delivery from China's New Times Shipyard in the second and third quarter of 2023, with certain options to roll two charters to 2024.

Himalaya Shipping said the vessels will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index, and 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 FFA curve from time to time.

Herman Billung contracted CEO of Himalaya Shipping, said, “We have now chartered out six vessels on index linked charters with our vessels achieving market high premium to the Baltic 5TC index. The reception for the vessels in the market has been above expectations. Our simple structure, with index linked charters earning a significant premium, low G&A cost and financing with seven-year fixed bareboat rates puts us in a good position to deliver solid returns to our shareholders.”

Earlier this month, Himalaya Shipping announce it entered into time charter agreements for two vessels with a major commodity company. The 32-38 month time charters include options for 11-13 months, and will also commence upon delivery from New Times Shipyard.

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