Tor Olav Troim’s Oslo-listed dry cargo ventures Himalaya Shipping and 2020 Bulkers have logged a slide in earnings during June, but are comfortably beating the Baltic Exchange’s benchmark index.
Newcastlemax specialist Himalaya Shipping achieved average time charter equivalent (TCE) earnings of $23,100 per day, down from $28,300 per day the previous month.
The three vessels trading on index-linked time charters managed $20,500 per day, including average daily scrubber benefits of $1,600 per day.
This compares to $27,400 per day in May.
The scrubber premium is down from $2,500 the month before, reflecting the overall developments in fuel spreads, Fearnley Securities said.
The only Himalaya bulker trading on a fixed time charter earned $30,000 per day, unchanged from May.
The Baltic 5TC Capesize Index averaged only $13,247 during June.
Himalaya had two vessels operating on index-linked deals in May.
Two more new ships are scheduled for delivery in 2023 and another six in 2024.
In early June, Himalaya fixed the final two of its dual-fuel newbuildings on term deals to a “substantial and reputable counterparty” at what it said is its best-ever rate.
Meanwhile, 2020 Bulkers, which also owns newcastlemaxes, produced average TCE earnings of $21,500 per day, down from $25,600 per day in May.
Index-linked rates drop
The company’s six vessels trading on index-linked time charters brought in $21,000 per day, including average daily scrubber benefits of $2,500 per day.
The index-linked figure has fallen from $27,800 per day, month on month.
The scrubber benefit was $4,400 per day in May.
The two units on fixed-rate deals earned $23,000 per day, including a scrubber top-up, against $21,800 in the previous month.
2020 Bulkers will pay a cash distribution of $0.04 per share for June.
Fearnley Securities said the payout reflected the significant premium to the Baltic 5TC Capesize Index and called it a “strong performance”.
