Himalaya News

Himalaya Shipping announced it has taken delivery of the sixth in a series of 12 newbuild 210,000 dwt Newcastlemax dual fuel bulk carriers the company has on order from New Times Shipyard.The vessel, Mount Neblina, will commence a minimum 24-month time charter with an evergreen structure thereafter and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya Shipping said. The time charter also includes a profit sharing of any economic benefit derived from operating the vessel's scrubber or running on liquefied natural gas (LNG)…

Dry bulk shipping company Himalaya Shipping announced it has taken delivery of the fifth in a series of 12 dual-fuel 210,000 dwt Newcastlemax bulk carriers being built by New Times Shipyard.The vessel, 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, Himalaya said. The time charter also includes a profit sharing of any economic benefit derived from operating the vessel's scrubber or running on liquefied natural gas (LNG)…

With the world’s largest sovereign wealth fund, Norway’s financial muscle is beyond question. Howev-er, at a corporate level, the country’s capital markets offer a range of benefits to overseas companies seeking equity, debt … or both. Øivind Amundsen is CEO of Oslo Børs and, as you would expect, a strong advocate of the Norwegian capital as a place to raise money for marine-related projects. The diverse nature of the companies which are listed on the Børs, part of Europe’s largest stock exchange group…

Bulk carrier company Himalaya Shipping has taken delivery of the second of the twelve 210,000 dwt Newcastlemax newbuildings the company has on order at New Times Shipyard. The vessel, named Mount Ita, will start a 32 - 38 month time charter plus option for 11- 13 months and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya Shipping said.Himalaya Shipping further said that the time charters also included a profit sharing of any economic benefit derived from operating the vessel´s scrubber or running on LNG…

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…

The latest in-line shaft generator from ABB is designed to enable ship operators to benefit from the multiple advantages of permanent magnet technology. The new generator brings flexibility and ease of installation to a wide range of vessels including bulk carriers, container carriers, liquid natural gas tankers and ferries transporting passengers and cars.The AMZ 1400 permanent magnet shaft generator is optimized for converter control and enables better efficiency than either induction or electrically excited synchronous machines at both full and partial loading.

ABB will deliver an equipment package for Himalaya Shipping's ultra-large bulk carriers that will feature innovative shaft generators with a Power-Take-Off (PTO) solution, comprising new drive systems and permanent magnet technology.The equipment will improve the energy efficiency of the ultra-large bulk carriers by up to four percent while enhancing operational flexibility, and save about 20 percent of space on board compared to a conventional solution.ABB will deliver an integrated scope of solutions with permanent magnet shaft generators at its core for twelve 210…

On November 9, 2004, The Supreme Court of the United States decided Norfolk Southern Railway Co. v. James N. Kirby, Pty Ltd., docket No. 02¬1028 (Nov. 9, 2004). The Court reversed the Eleventh Circuit and held that Himalaya Clauses in both an NVOCC's bill of lading, and in a VOCC's bill of lading extended the bill of lading COGSA package limitation or other protection to the participating land carrier, the Norfolk Southern Railway Co., which was hired by an affiliate of the VOCC. The opinion also upholds the limitations in the VOCC's bill of lading even though there was no strict privy of contract between Kirby, the cargo interest, and the VOCC. The case involved a shipment of cargo from Australia to Athens, Alabama by way of Huntsville, Alabama.

In a unanimous decision, the U.S. Supreme Court upheld the validity of the Himalaya Clause for in inland carrier. In the instant case, an Australian manufacturer shipped cargo from Australia to Huntsville, Alabama, via Savannah, Georgia. The shipper contracted with a freight forwarder for the shipment and the bill of lading issued by the NVOCC included a Himalaya Clause extending the COGSA liability limitations to downstream parties. The freight forwarder contracted with a vessel operator for actual carriage of the cargo. The bill of lading issued by the vessel operator likewise included a Himalaya Clause. The vessel operator contracted with a railroad company for carriage of the cargo from Savannah to Huntsville. En route, the train derailed and the cargo was damaged.

Following is a more expanded analysis of the recent U.S. Supreme Court decision than the short summary provided yesterday. This analysis was prepared by Chester Hooper or Holland & Knight. On November 9, 2004, The Supreme Court of the United States decided Norfolk Southern Railway Co. v. James N. Kirby, Pty Ltd., docket No. 02­1028 (Nov. 9, 2004). The Court reversed the Eleventh Circuit and held that Himalaya Clauses in both an NVOCC's bill of lading, and in a VOCC's bill of lading extended the bill of lading COGSA package limitation or other protection to the participating land carrier, the Norfolk Southern Railway Co., which was hired by an affiliate of the VOCC.