Himalaya Shipping, i.e. HSHP (1)

Index linked charters and the Newcastlemax trade (vs Standard Capesize)

Although the main focus of this service has been the oil tanker and OSV (offshore support vessel) trades, I have been increasingly interested in dry bulk, in particular the Capesize market. Below is Part 1 of a conversation with Lars-Christian Svensen, the CEO of Himalaya Shipping.

Himalaya is a pure play: it owns 12 dual-fuel Newcastlemax dry bulk vessels. My aim, in Part 1, is to focus on Newcastlemaxes and how they fit into the broader Capesize market. (Think of “Nukes” as just “bigger Capes”).

Once you are more familiar with the Newcastlemax segment, I will present the specifics of the Himalaya story — its opportunities and risks. Svensen has agreed to discuss these unflinchingly. My hope is that when we’re done, you’ll have a much better understanding of whether or not you want to be involved.

But this is not just an article about one company: if you own or are considering buying Himalaya Shipping (HSHP), Star Bulk (SBLK), 2020 Bulkers (2020.OL), Golden Ocean (GOGL), or CMB.Tech (former Euronav), these articles should be helpful.

Please note: I have written 3 previous articles about the Capesize market:
Part 1 (trade routes + the basics)
Part 2 (more basics)
Part 3 (focus on demand drivers)