Newcastlemax pure-player Himalaya Shipping is looking to list on the New York Stock Exchange (NYSE) with plans for an IPO in the US.
The Oslo-listed Herman Billung-led bulker shipowner confirmed on Wednesday that it has filed a registration statement on Form F-1 with the Securities & Exchange Commission (SEC).
It said the timing, number of common shares to be offered and the offer size have not yet been announced.
DNB Markets will act as sole global coordinator, joint bookrunner and representative of the underwriters for the offering, while Clarksons Securities will serve as joint bookrunner and underwriter.
The shipowner intends to apply to have its common shares listed on the NYSE under the ticker HSHP.
Following the offering, it will continue to be listed under HSHIP on the Euronext Expand in Norway.
Himalaya said the offering is expected to occur after “the SEC completes its review process, subject to market and other conditions”.
The shipowner boasts a fleet of 12 newcastlemax bulkers, all being built at China’s New Times Shipbuilding, which are expected to hit the water by August 2024.
The first of the scrubber-fitted vessels — the 210,000-dwt Mount Norefjell — was delivered this month.
Two more vessels are expected to be delivered over the next 45 days, and a further three by the end of the year. The remaining six vessels are expected to be delivered by the end of the third quarter of 2024.
The ships cost $70m on average and are lease-financed with bareboat charters back to Himalaya, which is spending $2.4m on each scrubber-fitting.
Fearnley Securities recently initiated coverage of Himalaya with a “buy” recommendation, describing it as a “bulker play for the risk-willing investor, where we see risk/reward skewed to the upside”.
Analyst Oystein Vaagen views the shipowner as a “high-leverage play” on the dry bulk market recovery, estimating a net loan-to-value of 80%.
Himalaya is the second Oslo-listed shipowner to announce plans to seek a listing in the US in the past month.
Cool Company, the LNG shipowner backed by Singapore’s Eastern Pacific Shipping, is set to list in New York on 15 March.
