Dry bulk carrier Himalaya Shipping has taken delivery of the fifth of 12 new dual-fuel Newcastlemax vessels and completed first LNG bunkering in Singapore.
The Mount Matterhorn was delivered, following fabrication by New Times Shipyard in Jiangsu Province of China.
"We are excited to take delivery of the fifth vessel, which is chartered to a leading commodity trading house. The shipyard has again delivered a high-quality vessel slightly ahead of schedule," Herman Billung, CEO of Himalaya Shipping, said.
Weighing 210,000 deadweight-tonnes, the Mount Matterhorn was joined by sister vessel Mount Norefjell in Singapore for inaugural LNG bunkering operations.
“We are pleased to see the first LNG bunkering of the Himalaya ships. Both the environmental and economic benefit of running on LNG makes us confident in our choice to invest in dual fuel engines,” Billung commented.
The Mount Matterhorn has started a 32-to-38-month time charter with an option for 11 to 13 months and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel. Himalaya estimates the new ships will reduce CO2 emissions by up to 43% and become increasingly sought after as new environmental regulations come into force.
“The high LNG prices seen in the wake of the Russia-Ukraine conflict seems to be normalizing, and we believe, over time, LNG prices will trade at a discount to oil. Of the around 2000 Capesize+ dry bulk ships in the world, less than 2% can run on LNG, hence, Himalaya Shipping is well positioned to benefit from the environmental regulations being introduced,” Billung added.
Bermuda-based Himalaya Shipping is set to receive its sixth Newcastlemax, the Mount Neblina, this August. This forms part of a wider expansion strategy with another six vessels lined up for delivery in 2024. Mount Bandeira and Mount Hua will be delivered in January. February will bring the arrival of Mount Elbrus, followed by Mount Denali in June. The expansion will then culminate in July with the final additions, Mount Aconcagua and Mount Emai.
