Norway’s Himalaya Shipping may be beating rate indices but remained below break-even last month.
The Tor Olav Troim-backed owner of new dual-fuel newcastlemax bulkers said its fleet-wide average time charter equivalent (TCE) figure for August was $20,800 per day, down from $22,300 in July.
The five ships trading on index-linked deals managed $18,700 per day, including average daily scrubber benefits of $1,700.
The company’s only vessel trading on a fixed time charter earned $29,200 per day.
The Baltic Exchange’s 5TC Capesize Index of spot-rate averages across five key routes was $12,942 during August.
Fearnley Securities said Himalaya had managed a 61% premium to this level.
But it said that while these were strong earnings compared to indices, Himalaya continues to burn cash based on the investment bank’s estimate of break-even at $24,000 per day.
Last month, Himalaya filed its first batch of financial results as a fully operational shipowner, having taken delivery of four newbuildings during the first six months of 2023.
The Oslo and New York-listed outfit reported a net loss of $1.1m for the six-month period, which was worse than the $1m loss for the corresponding period last year.
With vessels on the water fixed on long-term contracts, the company was able to book $8.2m in revenue for the interim period.
Proceeds from Himalaya’s IPO on the New York Stock Exchange in April gave the firm a liquidity injection of $44.9m in net equity proceeds.
