Himalaya Shipping owns and operates a fleet of 12 Newcastlemax dry bulk vessels, each approximately 210,000 dwt, which transport bulk commodities — primarily iron ore and bauxite — on long-haul routes between major exporting regions (Australia, Brazil, West Africa) and importing regions (China, broader Asia, Europe). Himalaya Shipping charters its vessels to commodity companies and multi-modal transport companies under time charter agreements, under which the charterer pays a daily hire rate and bears all voyage costs (fuel, port, canal charges), while Himalaya Shipping bears operating costs like crew, insurance, and maintenance. Most of the fleet earns rates linked to the Baltic 5TC Capesize Index, making revenue highly sensitive to spot market conditions, though Himalaya Shipping has some flexibility to lock in fixed rates for shorter periods. All 12 vessels are fitted with scrubbers, allowing them to burn cheaper high-sulfur fuel oil; Himalaya Shipping captures a portion of the resulting fuel savings via a contractual scrubber benefit tied to the spread between fuel grades. Himalaya Shipping outsources technical management to OSM and Wilhelmsen, and commercial management to 2020 Bulkers Management, in which Himalaya Shipping holds a 40% stake. Vessels are financed through sale-and-leaseback arrangements with Chinese leasing companies. Himalaya Shipping's fleet averages 2.2 years in age, well below the broader Capesize fleet average, and the company's primary stated objective is returning capital to shareholders through monthly cash distributions.