Himalaya Shipping Ltd. was incorporated in Bermuda and operates a fleet of twelve Newcastlemax dry bulk vessels each equipped with dual fuel LNG technology and scrubbers. The company’s primary activity is the ownership and operation of these vessels to provide maritime transportation of dry bulk commodities such as iron ore bauxite and coal. Himalaya Shipping Ltd. is listed on the New York Stock Exchange and Euronext Oslo Bors under the ticker HSHP.

The company generates revenue mainly through charter agreements for its vessels. Under these agreements charterers pay hire rates that are either linked to the Baltic 5TC Index plus a premium or set at fixed rates for agreed periods. In addition the company receives a scrubber benefit derived from the spread between high sulphur fuel oil and very low sulphur fuel oil when the vessels use scrubbers to enable cheaper fuel consumption.

Himalaya Shipping Ltd. positions itself as a operator of a young and modern fleet with an average vessel age of about 2.2 years which is well below the industry average for Capesize vessels. The company’s competitive advantages include scrubbers on all vessels dual fuel capability and fuel saving devices that lower operating costs and emissions. Its main competitors are other owners of Capesize and Newcastlemax vessels including both independent operators and state owned entities in a highly fragmented market.

The company serves major commodity companies and multi modal transport operators that charter its vessels for the movement of iron ore bauxite coal and other dry bulk goods. Specific customer names are not disclosed in the filing but the counterparties are described as large established players in the global dry bulk trade.