Himalaya Shipping has chartered its newcastlemax bulker Mount Ita for 11 to 14 months, starting in January, at a premium rate linked to the Baltic 5TC.
Oslo-listed Himalaya Shipping has fixed one of its newcastlemax bulkers on a new time charter, reports Singapore's Splash 247.
The Tor Olav Troim-backed company announced that the 2023-built Mount Ita has been chartered for a duration of 11 to 14 months. The contract is set to commence in the second half of January, following the vessel's redelivery from its current hire.
Himalaya stated that the ship will earn an index-linked rate at a significant premium to the Baltic 5TC benchmark. Additionally, the agreement allows for conversion to fixed rates based on the forward freight agreement curve.
This deal reflects Himalaya's strategy of maintaining exposure to the spot market while retaining the flexibility to secure forward earnings. Chief Executive Lars-Christian Svensen leads the firm's fleet of 12 LNG dual-fuel newcastlemax bulkers, which are being delivered between 2023 and 2024, under the technical management of OSM Thome and Wilhelmsen Ship Management.