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Newcastlemax Specialist Himalaya Shipping Files for NYSE IPO

An illustration of Himalaya Shipping's Newcastlemax bulk carriers.

Newcastlemax Specialist Himalaya Shipping Files for NYSE IPO

Mike Schuler
Total Views: 1027
March 8, 2023

Dry bulk shipping company Himalaya Shipping has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering on the New York Stock Exchange.

Himalaya Shipping was incorporated in Bermuda on March 17, 2021 with the intent of owning LNG dual fuel Newcastlemax bulk carriers in the range of 210,000 DWT. Its shares have been listed on the Euronext Expand market since April 2022 under the ticker “HSHIP”.

Himalaya Shipping has eleven vessels under construction at New Times Shipyard in China that are expected to be delivered by August 2024, plus one recently delivered vessel, the Mount Norefjell, which has commenced a two-year time charter at $30,000 per day, gross.

All twelve newbuildings will be scrubber-fitted and have sale leaseback financing arrangements.

“We are excited to take delivery of the first vessel, marking the start of commercial operations for Himalaya Shipping,” said Herman Billung, contracted CEO of Himalaya Shipping. “The charter illustrates the superior commercial value our ships deliver to our customers. We are thankful to the shipyard which have delivered a high-quality vessel on time, despite the difficult lock-down situation in China.”

The company expects the delivery of another two vessels within 45 days of the first delivery on March 2, plus three more by the end of the year and the remaining six by the end of third quarter 2024.

Himalaya Shipping is seeking to have its common shares listed on the New York Stock Exchange under the symbol “HSHP”.

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