Start-up bulker owner Himalaya Shipping has secured sale-and-leaseback financing for eight of the dual-fuel newcastlemaxes it has under construction in China.
The deal means the Oslo-listed firm has fully financed its 12 newbuildings, which will run on LNG as well as low-sulphur fuel oil (LSFO).
The new financing covers the remaining instalments to the New Times Shipyard and secures what Himalaya called “attractive financing” for seven years after the ships are delivered.
The sale-leaseback financing offers both pre and post-delivery financing, the Tor Olav Troim-backed company said in a filing on Thursday.
Himalaya has purchase options for the vessels at certain dates in the future.
The deal offers both pre and post-delivery financing.
Financial terms have not been disclosed, nor have the leasing companies been named.
The ships are scheduled for delivery from the New Times Shipyard between the second quarter of next year and the end of 2024.
Himalaya received credit approval for the eight-vessel deal in February when it signed sale-sale-and-leaseback deals for its initial four vessels.
At that time, it said it had decided to increase the size of the vessels’ LSFO/gasoil tanks to 4,750 cbm for maximum trading flexibility.
This means the ships will be able to do a full round-voyage from Brazil China both on LSFO and LNG, so the ships can opt for the lowest cost fuel.
Himalaya is paying $68.8m each for the ships, including a dual-fuel system worth about $15m.
In October, Himalaya’s sister company 2020 Bulkers signed a contract to provide technical management of Himalaya's newbuildings.
Herman Billung took over as CEO of both companies in February.
