Oslo-listed Himalaya Shipping has fixed one of its newcastlemax vessels on a fresh time charter, locking in improved earnings.

The Tor Olav Troim-backed owner said the 2023-built Mount Ita has been chartered for a period of 11 to 14 months. The new contract is due to kick in during the second half of January, once the vessel is redelivered from its current charter.

Himalaya said the ship will earn an index-linked rate at a “significant premium” to the Baltic 5TC benchmark. The agreement also includes options to convert the index-linked hire to fixed rates, based on the prevailing forward freight agreement (FFA) curve.

The deal continues Himalaya’s strategy of keeping exposure to the spot market while retaining the flexibility to lock in forward earnings when pricing is attractive. Led by chief executive Lars-Christian Svensen, the company controls a fleet of 12 LNG dual-fuel newcastlemax bulkers, all delivered between 2023 and 2024 and under technical management by OSM Thome and Wilhelmsen Ship Management.