China’s New Times Shipyard has handed over a second Newcastlemax vessel to Bermuda-based Himalaya Shipping.

Named Mount Ita, the new ship is the second of 12 Newcastlemax newbuilds ordered by the Bermudian company.

The dual-fuel, long-range Newcastlemax vessels will each have a deadweight tonnage (dwt) of 210,000.

The newly delivered ship will begin a 32 to 38-month time charter, which includes an 11 to 13-month option, while earning an index-linked rate.

Profit sharing of any economic benefit generated from operating the vessel on liquefied natural gas (LNG) or its scrubber is also included in the time charter.

Furthermore, the deal includes certain rights for the conversion of the time charter to fixed rates depending on the ‘prevailing forward freight agreement (FFA) curve from time to time’.

Himalaya Shipping contracted CEO Herman Billung said: “We are excited to take delivery of the second vessel, which is chartered on an index-linked time charter, earning a significant premium to a standard Capesize vessel.

“We are thankful to the shipyard, which have delivered a high-quality vessel on time, despite the difficult lock-down situation in China.”

Last week, Himalaya Shipping took delivery of the first dual fuel and long-range Newcastlemax vessel from New Times Shipyard.

This vessel will start a two-year time charter at $30,000 a day, gross, stated the company.