Himalaya Shipping secures new time charters for two vessels

Himalaya Shipping has entered into new time charter agreements for two vessels with an existing charterer, extending their contractual employment under index-linked arrangements.

The new agreements commenced on 3 November 2026 and provide for a minimum charter period until 1 October 2027. They also include a three-year evergreen structure thereafter, allowing the arrangements to continue beyond the initial period under the agreed contractual framework.

The contracts replace the vessels’ previous charter agreements, which had been scheduled to expire on 31 December 2026. As a result, the new terms took effect before the original agreements reached their expiry date.

Under the revised arrangements, both vessels will earn rates linked to the Baltic 5TC index, with the company stating that the agreed terms reflect significant premiums to the benchmark. The Baltic 5TC is widely used as a reference for Capesize dry bulk freight market conditions.

The index-linked structure means that charter earnings will remain exposed to movements in the underlying freight market, while the negotiated premiums provide an additional component to the vessels’ contractual rates.

Himalaya Shipping did not disclose the identities of the two vessels, the precise premium over the Baltic 5TC index or the financial value of the agreements. The announcement also did not provide further details on the conditions governing the evergreen structure.

The agreements provide continued employment for the two vessels beyond their previously scheduled charter expiry dates, while maintaining exposure to dry bulk market rates through the index-linked pricing mechanism.