Himalaya Shipping's Commencement of LNG bunkering
Himalaya Shipping has announced that two of its ships, Mount Norefjell and Mount Matterhorn, have bunkered with LNG in Singapore over the last week.
A Newcastlemax running on LNG reduces its CO2 emissions by 43% compared to a standard Capesize ship, in addition to significantly reducing SOx and NOx.
On July 31, 2023, LNG prices (adjusted for calorific values) were $472/t1 compared to $537/t for HFO2 and $610/t for VLSFO2.
“We are pleased to see the first LNG bunkering of the Himalaya ships. Both the environmental and economic benefit of running on LNG makes us confident in our choice to invest in dual fuel engines. The high LNG prices seen in the wake of the Russia-Ukraine conflict seems to be normalizing, and we believe, over time, LNG prices will trade at a discount to oil. Of the around 2000 Capesize+ dry bulk ships in the world, less than 2% can run on LNG, hence, Himalaya Shipping is well positioned to benefit from the environmental regulations being introduced” says CEO Herman Billung.
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