Himalaya Shipping is a young Norwegian dry bulk shipping company — founded in 2021 and operating a fleet of modern, dual-fuel methanol-ready Newcastlemax vessels. As one of the newest entrants to the Oslo Børs dry bulk sector, Himalaya Shipping has the most modern fleet in the Signycle BDI universe, giving it superior earnings at any given BDI level.
Why BDI Drives Himalaya Shipping
Himalaya Shipping operates 12 modern Newcastlemax vessels — large dry bulk carriers capable of carrying 210,000 DWT of iron ore or coal. The BDI captures the rate cycle for these vessels directly. When BDI falls below 900, Himalaya's vessels earn minimal cash flow. When BDI recovers, the modern dual-fuel vessels command a premium over older competitors — making Himalaya's earnings recovery faster and larger than older-fleet operators.
Himalaya's methanol-ready dual-fuel engines position it well for the IMO 2030 emission targets — potentially commanding green premium rates when methanol infrastructure develops.
The 2022–2024 Cycle: +71% in 22 Months
Note: Himalaya listed on Oslo Børs in December 2021, meaning this is only a partial cycle. BDI fell from peaks in late 2021 to lows around 900–1,000 in late 2022 as Chinese steel demand contracted. Himalaya fell to $8.5. The recovery — driven by increased Chinese infrastructure spending — lifted the stock to $14.5 by October 2024. A gain of 71% in 22 months, modest compared to the more complete cycles of Golden Ocean (+264%) and Star Bulk (+252%).
The BDI Today — 2,028 Points
As of 20 March 2026, the BDI stands at 2,028 — up dramatically from 1,240 just days ago. This reflects both the Hormuz crisis disrupting global trade routes and increased Chinese steel production. At 2,028, BDI is in neutral territory (buy below 900, sell above 3,000) but trending strongly upward.
Key Risks
Himalaya's main risks are its short listed history (limited cycle data), high debt levels from vessel acquisitions, and the still-developing methanol infrastructure that limits the green premium benefit. The company's small size makes it more volatile than Golden Ocean or Star Bulk.
Cycle Performance Summary
| Parameter | Value |
|---|---|
| Exchange | Oslo Børs |
| Signal | Baltic Dry Index (BDI) |
| Buy date | December 2022 |
| Buy price | $8.5 |
| Sell date | October 2024 |
| Sell price | $14.5 |
| Return | +71% |
| Duration | 22 months |
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