Tor Olav Troim’s Himalaya Shipping has been downgraded by DNB Markets amid concerns about rising challenges in the dry bulk market.
The Norwegian bank cut its recommendation for the bulker owner to “sell” from “hold” on Monday, pushing the owner’s shares down in morning trading.
“Despite Himalaya Shipping now having a fully delivered top-modern fleet, with limited need for further capital investment, we remain concerned about what we view as material headwinds for dry bulk in the months ahead,” DNB analyst Jorgen Lian said in a note.
