- The vessels will commence a 22 to 26 months’ time charter, plus an option exercisable by the counterparty for further 11 to 13 months, upon delivery.
- The time charters also include a profit sharing of any economic benefit derived from operating the vessels’ scrubber or running on LNG.
- The Company has chartered out 9 of its 12 twelve dual fuel Newcastlemax bulk carriers and we are witnessing strong interest for the 3 remaining vessels.
Himalaya Shipping is pleased to announce it has entered into time charter agreements for two vessels with a substantial and reputable counterparty.
Time charter contracts
The vessels will commence a 22 to 26 months’ time charter, plus an option exercisable by the counterparty for further 11 to 13 months, upon delivery from New Times Shipyard between January and July 2024.
Both vessels will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index (BCI).
Profit sharing of economic benefit
The time charters also include a profit sharing of any economic benefit derived from operating the vessels’ 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.
Highest achieved contracts
The Company has chartered out 9 of its 12 twelve dual fuel Newcastlemax bulk carriers and we are witnessing strong interest for the 3 remaining vessels.
“The premium agreed on these charter agreement is to our knowledge the highest achieved so far, even compared to our own previous agreements” says Herman Billung, contracted CEO of Himalaya Shipping.
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Source: Cision
