Himalaya Shipping has reported that it has received the third of twelve newly built Newcastlemax vessels with a deadweight tonnage (dwt) of 210,000 from New Times Shipyard.
The vessel, named Mount Etna, is expected to begin a charter of at least 24 months with an evergreen structure, earning an index-linked rate that is significantly higher than the standard Capesize vessel rate.
Additionally, the time charters for the vessel include profit-sharing for any economic benefits resulting from using its scrubber or operating on liquefied natural gas (LNG).
The company also holds certain rights to convert the time charters to fixed rates based on the prevailing forward freight agreement (FFA) curve at any given time.
"We are excited to take delivery of the third vessel, which is chartered on an index-linked time charter, earning a significant premium to a standard Capesize vessel. We are thankful to the shipyard which again has delivered a high-quality vessel slightly ahead of schedule, despite the previous difficult lock-down situation in China," says Herman Billung, contracted CEO of Himalaya Shipping.