Investor and shipowner Tor Olav Troim is launching another bulker company, Himalaya Shipping, which has ordered up to 12 LNG-fueled Newcastlemax ships at New Times Shipbuilding. Firm orders have been placed for eight vessels and Himalaya has options for four further ships that must be exercised by September.

The order at the Chinese yard, thought to be worth up to $820m, was first reported in March by TradeWinds but at that time the link to Troim remained mysterious. More clarity emerged in May, when Troim raised cash to fund the newbuildings by selling shares in 2020 Bulkers. The 208,000-dwt ships are the same size as the eight units that Troim and co-investors ordered in 2017 at New Times for Oslo-listed company 2020 Bulkers.

Troim confirmed the latest order to Norwegian daily Finansavisen. He said cost and delivery times are attractive, as the deal was agreed early this year, before the big increase in steel prices. The Himalaya ships are believed to be costing $67m to $68m each. Troim told Finansavisen he thinks the supply and demand balance in the bulker market is similar to the situation between 2003 and 2008.

The first four ships in the series are set for delivery in April 2023, and the next four will come by the end of 2023. The contracts have been negotiated through Troim’s management company, Magni Partners in London. The first instalment was financed with partners in the broking house Affinity and Troim’s partner, Celina Midelfart.

Himalaya’s plan is to seek an introduction to public markets by securing a listing in Oslo’s over-the-counter market, the same as 2020 Bulkers did. After that, Himalaya is likely to go for a full public listing on the Oslo Stock Exchange, according to Finansavisen. 2020 Bulkers’ investors have been informed that Troim’s company Drew Holdings will transfer capital in the firm to Himalaya.

Cash for further shipbuilding instalments will be raised through share issues and capital will be transferred to New Times. Troim will seek further key investors for Himalaya, including charterers and suppliers of LNG, according to Finansavisen. The paper speculated that Koch Industries may become a shareholder in Himalaya.

An investment vehicle owned by the commodities giant became a shareholder in 2020 Bulkers in early May, through a placement of shares sold by Drew Holdings and a private equity firm. Himalaya and 2020 Bulkers are likely to have the same business model, with payments of monthly dividends.