Higher costs hit Himalaya Shipping bottom line and dividends

Newcastlemax owner Himalaya Shipping saw a big rise in earnings during the fourth quarter but its bottom line was hit by higher costs.

Demand for newcastlemaxes was also hit during the period by panamax bulkers cannibalising coal cargoes from the capesize market, the Oslo-list firm said.

Net profit before tax totalled $1.03m