News Tag: Other Corporate Information

Hamilton, Bermuda, June 6, 2025

Commercial update:

In May 2025, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$25,100 per day, gross[1], including average daily scrubber benefits on twelve vessels of approximately US$1,100 per day. The Company’s two vessels trading on fixed time charters earned approximately US$32,100 per day, gross, including average daily scrubber benefits. The Company’s ten vessels trading on index-linked time charters earned approximately US$23,700 per day, gross, including average daily scrubber benefits.

The Baltic 5TC Capesize Index averaged US$15,675 during May 2025.

Cash distribution:

The Board has approved a cash distribution of US$0.03 per share for May 2025. The distribution will be made from the Company’s Contributed Surplus account.

Note to shareholders registered in Euronext VPS, the Norwegian Central Security Depository:

Due to implementation of the Central Securities Depository Regulation (CSDR) in Norway, please note the information regarding the payment date for the shares registered in Euronext VPS below.

Key information:

Distribution amount: US$0.03 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on July 3, 2025.

Date of approval: June 5, 2025

Record date: June 18, 2025

Payment date: On or about July 3, 2025.

The following dates apply to shares traded on Euronext:

Last day including right: June 16, 2025

Ex-date: June 17, 2025

Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about July 8, 2025.

Due to the shortening of the Settlement Cycle in the US markets, the following dates apply to shares traded in the New York Stock Exchange:

Last day including right: June 17, 2025

Ex-date: June 18, 2025

This information is published in accordance with the requirements of the Continuing Obligations.

For further queries, please contact:  
Lars-Christian Svensen, Contracted CEO  
Telephone +47476 38756  

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks are set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

[1] Average TCE earnings, gross is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. Average TCE earnings, gross, when used by the Company, means time charter revenues and voyage charter revenues adding back address commissions, and divided by fleet operational days. Our management believes average TCE earnings, gross can provide additional meaningful information for investors to analyze our fleets’ daily income performance. Our calculation of such figure may not be comparable to that reported by other companies. Please see Appendix A for reconciliation of this measure to the nearest U.S. GAAP measure.

Appendix A – Reconciliation of Non-U.S. GAAP Measures

Time Charter Equivalent (“TCE”) Earnings, gross

The following table sets forth a reconciliation of time charter revenues to the average TCE earnings, gross (unaudited) for the period presented:

(In millions of U.S. dollars except per day data)	For the one-month period ended May 31, 2025
Time charter revenues	$	9.0
Address commission	$	0.3
Operating revenues, gross	$	9.3
Fleet operational days		372
Average TCE Earnings, gross	$	25,100

Himalaya Shipping Ltd. (the “Company”) advises that the 2025 Annual General Meeting of the Company was held on May 21, 2025 at 9:00 Bermuda local time at the Company’s registered office at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda. The audited consolidated financial statements of the Company for the year ended December 31, 2024 were presented at the Meeting.

The following resolutions were passed:

1. To set the maximum number of Directors to be not more than seven.
2. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorized to fill such vacancies as and when it deems fit.
3. To re-elect Mr Bjørn Isaksen as a Director of the Company.
4. To re-elect Mr Carl E. Steen as a Director of the Company.
5. To re-elect Ms Jehan Mawjee as a Director of the Company.
6. To re-elect Ms Mi Hong Yoon as a Director of the Company.
7. To elect Ms Alexandra Kate Blankenship as a Director of the Company.
8. To re-appoint PricewaterhouseCoopers AS as auditors and to authorize the Directors to determine their remuneration.
9. To approve directors’ fees payable to the Company’s Board of Directors of a total amount of fees not to exceed US$400,000 for the year ending December 31, 2025.

Himalaya would like to thank Ms Georgina Sousa who retired from Himalaya’s Board of Directors today. Her contribution to the Company has been invaluable and we wish her well.

Following her election today as a Director, Himalaya also welcomes Ms Kate Blankenship to its Board. The Company looks forward to benefiting from her relevant and extensive experience in the future.

Hamilton, Bermuda
May 21, 2025

Hamilton, Bermuda, May 8, 2025

Commercial update:

In April 2025, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$25,800 per day, gross[1], including average daily scrubber and LNG benefits on twelve vessels of approximately US$1,500 per day. The Company’s two vessels trading on fixed time charters earned approximately US$32,700 per day, gross, including average daily scrubber and LNG benefits. The Company’s ten vessels trading on index-linked time charters earned approximately US$24,400 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$16,022 during April 2025.

Cash distribution:

The Board has approved a cash distribution of US$0.025 per share for April 2025. The distribution will be made from the Company’s Contributed Surplus account.

Note to shareholders registered in Euronext VPS, the Norwegian Central Security Depository:

Due to implementation of the Central Securities Depository Regulation (CSDR) in Norway, please note the information regarding the payment date for the shares registered in Euronext VPS below.

Key information:

Distribution amount: US$0.025 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on June 3, 2025.

Date of approval: May 7, 2025

Record date: May 20, 2025

Payment date: On or about June 3, 2025.

The following dates apply to shares traded on Euronext:

Last day including right: May 16, 2025

Ex-date: May 19, 2025

Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about June 6, 2025.

Due to the shortening of the Settlement Cycle in the US markets, the following dates apply to shares traded in the New York Stock Exchange:

Last day including right: May 19, 2025

Ex-date: May 20, 2025

This information is published in accordance with the requirements of the Continuing Obligations.

For further queries, please contact:
Lars-Christian Svensen, Contracted CEO
Telephone +47476 38756

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks are set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

[1] Average TCE earnings, gross is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. Average TCE earnings, gross, when used by the Company, means time charter revenues and voyage charter revenues adding back address commissions, and divided by fleet operational days. Our management believes average TCE earnings, gross can provide additional meaningful information for investors to analyze our fleets’ daily income performance. Our calculation of such figure may not be comparable to that reported by other companies. Please see Appendix A for reconciliation of this measure to the nearest U.S. GAAP measure.

Appendix A – Reconciliation of Non-U.S. GAAP Measures

Time Charter Equivalent (“TCE”) Earnings, gross

The following table sets forth a reconciliation of time charter revenues to the average TCE earnings, gross (unaudited) for the period presented:

(In millions of U.S. dollars except per day data)	For the one-month period ended April 30, 2025
Time charter revenues	$	9.0
Address commission	$	0.3
Operating revenues, gross	$	9.3
Fleet operational days		360
Average TCE Earnings, gross	$	25,800

Hamilton, Bermuda, April 4, 2025

Commercial update:

In March 2025, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$30,400 per day, gross[1], including average daily scrubber and LNG benefits on twelve vessels of approximately US$1,300 per day. All twelve vessels were trading on index-linked time charters in March 2025.

The Baltic 5TC Capesize Index averaged US$20,802 during March 2025.

Cash distribution:

The Board has approved a cash distribution of US$0.04 per share for March 2025. The distribution will be made from the Company’s Contributed Surplus account.

Note to shareholders registered in Euronext VPS, the Norwegian Central Security Depository:

Due to implementation of the Central Securities Depository Regulation (CSDR) in Norway, please note the information regarding the payment date for the shares registered in Euronext VPS below.

Key information:

Distribution amount: US$0.04 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on May 2, 2025.

Date of approval: April 3, 2025

Record date: April 15, 2025

Payment date: On or about May 2, 2025.

Due to the shortening of the Settlement Cycle in the US markets, the following dates apply to shares traded in the New York Stock Exchange:

Last day including right: April 14, 2025

Ex-date: April 15, 2025

The following dates apply to shares traded on Euronext:

Last day including right: April 11, 2025

Ex-date: April 14, 2025

Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about May 8, 2025.

This information is published in accordance with the requirements of the Continuing Obligations.

For further queries, please contact:  
Lars-Christian Svensen, Contracted CEO  
Telephone +47476 38756  

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks are set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

[1] Average TCE earnings, gross is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. Average TCE earnings, gross, when used by the Company, means time charter revenues and voyage charter revenues adding back address commissions, and divided by fleet operational days. Our management believes average TCE earnings, gross can provide additional meaningful information for investors to analyze our fleets’ daily income performance. Our calculation of such figure may not be comparable to that reported by other companies. Please see Appendix A for reconciliation of this measure to the nearest U.S. GAAP measure.

Appendix A – Reconciliation of Non-U.S. GAAP Measures

Time Charter Equivalent (“TCE”) Earnings, gross

The following table sets forth a reconciliation of time charter revenues to the average TCE earnings, gross (unaudited) for the period presented:

(In millions of U.S. dollars except per day data)	For the one-month period ended March 31, 2025
Time charter revenues	$	10.9
Address commission	$	0.4
Operating revenues, gross	$	11.3
Fleet operational days		372
Average TCE Earnings, gross	$	30,400

Hamilton, Bermuda, April 1, 2025

Transition of new CEO and announcement of new CFO in Himalaya Shipping Ltd.

Himalaya Shipping Ltd. (the “Company”) is pleased to announce that Lars-Christian Svensen has commenced his role as Contracted Chief Executive Officer of Himalaya Shipping Ltd. on April 1, 2025, as well as Chief Executive Officer of 2020 Bulkers Ltd., under the management agreement between 2020 Bulkers Management AS and Himalaya Shipping Ltd.

In addition, we are pleased to announce that Vidar Hasund has been appointed the role of Contracted Chief Financial Officer of the Company from the same date, as well as continuing as Chief Financial Officer of 2020 Bulkers Ltd., under the management agreement between 2020 Bulkers Management AS and Himalaya Shipping Ltd.

Herman Billung will step down from his position as Chief Executive Officer for Himalaya Shipping Ltd. and commence his new role as Senior Advisor to the Board.
 
The Chairman of the Board, Bjørn Isaksen stated:
“We would like to thank Mr Billung for his hard work and dedication during his tenure as CEO for Himalaya Shipping. We are glad to retain his knowledge, network, and vast experience within the Company as he embarks on his advisory role.

I am pleased to have observed a good handover period over the last six months with regards to our CEO transition, and I believe the Company is well positioned for the future with Lars-Christian at the helm. In addition, we are excited to welcome a strong resource in Mr Vidar Hasund to the Company, which solidifies the Management Team. “

For further queries, please contact:
Lars-Christian Svensen, Contracted CEO
Telephone +47476 38756

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks are set forth under “Item 3. Key Information — D. Risk Factors” in our
Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

Hamilton, Bermuda, March 28, 2025

Himalaya Shipping Ltd. (the “Company”) has previously announced on February 27, 2025 that it has scheduled its 2025 Annual General Meeting for May 21, 2025. A copy of the Notice of Annual General Meeting and Form of Proxy, and associated information including the 2024 Annual Report on Form 20-F is attached to this press release and can be found on the Company’s website at www.himalaya-shipping.com.

Hamilton, Bermuda, 19 March 2025

Himalaya Shipping Ltd. (NYSE and Euronext Expand: HSHP) (the “Company”) is pleased to announce the completion of a private placement (the “Private Placement”) of the NOK equivalent of approximately USD 15 million in 2,650,000 new shares (the “Offer Shares”), each with a par value of USD 1.00. The subscription price per Offer Share is NOK 60.50 (the “Offer Price”), the NOK equivalent to the USD closing price on the New York Stock Exchange (“NYSE”) on 19 March 2025.

The purpose of the Private Placement is to attract key, strategic shareholders to the Company, and to raise proceeds to be used for general corporate purposes.

The Company has, after being approached by a high-quality strategic investor, directed the Private Placement primarily towards this investor, subscribing for the NOK equivalent to USD 10 million in the Private Placement. Further, certain members of the Company’s board, management and certain proactive key shareholders, including Drew Holdings Ltd., have requested and been allocated Offer Shares.

The Company’s CEO, Herman Billung, says the following: “We are excited about a strong new strategic shareholder, and we think over time it can bring more value than just capital to the Company. The increased investor interest in Himalaya Shipping is a testament to the quality of the ships and our solid operations. With USD 15 million of additional working capital, an improving market, and no further expected significant investment plans, we will be able to accelerate further returns to our shareholders.”

The issue and allocation of Offer Shares have today been resolved by the Company’s board of directors (the “Board”). The date for settlement of the Offer Shares allocated in the Private Placement is expected to be on or about 26 March 2025 through a delivery versus payment settlement (“DVP“). The Offer Shares are expected to be pre-paid by the Managers, pursuant to a pre-payment arrangement, to facilitate prompt issuance of the Offer Shares. The Company may, at its own discretion, change the date for settlement at any time and for any reason. The Offer Shares will upon delivery be recorded in Euronext Securities Oslo (the VPS). No Offer Shares will be offered or sold to the public in the United States or in transactions on the NYSE. The Private Placement is conditional upon the settlement for the Offer shares as described above.

The Private Placement has been directed towards Norwegian and international investors subject to and in compliance with applicable exemptions from relevant registration, filing and prospectus requirements, and subject to other applicable selling restrictions.

The Company has considered the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and the rules on equal treatment under Oslo Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo Stock Exchange’s Guidelines on the rule of equal treatment, and the Board is of the opinion that the contemplated transaction is in compliance with these requirements and guidelines. The Board has concluded that structuring the transaction as a private placement is in the common interest of the Company and its shareholders, having taken into account the obligation of equal treatment of shareholders. Key considerations in this respect are the fact that the capital market is currently experiencing significant volatility due to inter alia substantial geopolitical uncertainty, that the private placement is carried out at the prevailing market price immediately prior to the completion of the Private Placement, and the cost and effectiveness of a private placement makes it appropriate for the transaction in question.

Clarksons Securities AS acts as Joint Lead Manager and Bookrunner and Fearnley Securities AS as Joint Lead Manager in connection with the Private Placement (jointly the “Managers”). Ro Sommernes advokatfirma DA is acting as legal advisor to the Company in connection with the Private Placement.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange notice was published by Alfi Lao, Chief Accounting Officer, on the date and time as set out in the release.

About Himalaya Shipping Ltd.: Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve Newcastlemax dry bulk vessels in operation.

Important note: This announcement is not being made in or into Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution is for information purposes only and does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States (“U.S.”) or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or applicable state securities laws and may not be offered or sold in the United States or to U.S. persons unless such securities are registered under the U.S. Securities Act, or an exemption or exclusion from the registration requirements of the U.S. Securities Act is available.

Forward looking statements: This announcement includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including a potential issuance of Offer Shares, the conditions to the Private Placement, the use of proceeds therefrom, expected timing of the closing of the Private Placement, expectations regarding dividends and other statements relating to the Private Placement, and other non-historical statements. These forward-looking statements are subject to risks, uncertainties, and assumptions, including risks relating to the contemplated Private Placement, including conditions to completion of the Private Placement, risks related to the Private Placement and other risks included in our filings with the Securities and Exchange Commission including those set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission, and in prospectus filed with the Norwegian Financial Supervisory Authority (FSA). Forward-looking statements reflect knowledge and information available at, and speak only as of, the date they are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, after the date hereof or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on such forward-looking statements.

Hamilton, Bermuda, March 11, 2025

The Company has agreed to convert the index-linked charters to fixed rate time charters for the Mount Norefjell and Mount Hua from April 1, 2025 to December 31, 2025.

The agreed conversion rate for the Mount Norefjell is US$32,000. The Mount Norefjell recently came off a fixed rate time charter of US$30,000 at the end of February and subsequently entered into a new index-linked time charter with conversion options.

The agreed conversion rate for the Mount Hua is US$31,500.

In addition, the above vessels will continue to earn scrubber premium according to the terms of the existing time charter agreements.

Following this, the Company will have 10 vessels trading on index-linked time charters.

For further queries, please contact:
Herman Billung, Contracted CEO
Telephone +47918 31590

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks are set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

Hamilton, Bermuda, March 7, 2025

Commercial update:

In February 2025, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$14,300 per day, gross[1], including average daily scrubber and LNG benefits on eleven vessels of approximately US$1,400 per day. The Company’s one vessel trading on a fixed time charter earned approximately US$30,000 per day, gross. The Company’s eleven vessels trading on index-linked time charters earned approximately US$12,900 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$7,936 during February 2025.

Cash distribution:

The Board has approved a cash distribution of US$0.005 per share for February 2025. The distribution will be made from the Company’s Contributed Surplus account.

Note to shareholders registered in Euronext VPS, the Norwegian Central Security Depository:

Due to implementation of the Central Securities Depository Regulation (CSDR) in Norway, please note the information regarding the payment date for the shares registered in Euronext VPS below.

Key information:

Distribution amount: US$0.005 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on April 22, 2025.

Date of approval: March 6, 2025

Record date: March 19, 2025

Payment date: On or about April 22, 2025.

Due to the shortening of the Settlement Cycle in the US markets, the following dates apply to shares traded in the New York Stock Exchange:

Last day including right: March 18, 2025

Ex-date: March 19, 2025

The following dates apply to shares traded on Euronext:

Last day including right: March 17, 2025

Ex-date: March 18, 2025

Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about April 25, 2025.

This information is published in accordance with the requirements of the Continuing Obligations.

For further queries, please contact:  
Herman Billung, Contracted CEO  
Telephone +47918 31590  

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks are set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

[1] Average TCE earnings, gross is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. Average TCE earnings, gross, when used by the Company, means time charter revenues and voyage charter revenues adding back address commissions, and divided by fleet operational days. Our management believes average TCE earnings, gross can provide additional meaningful information for investors to analyze our fleets’ daily income performance. Our calculation of such figure may not be comparable to that reported by other companies. Please see Appendix A for reconciliation of this measure to the nearest U.S. GAAP measure.

Appendix A – Reconciliation of Non-U.S. GAAP Measures

Time Charter Equivalent (‘TCE”) Earnings, gross

The following table sets forth a reconciliation of time charter revenues to the average TCE earnings, gross (unaudited) for the period presented:

(In millions of U.S. dollars except per day data)	For the one-month period ended February 28, 2025
Time charter revenues	$	4.6
Address commission	$	0.2
Operating revenues, gross	$	4.8
Fleet operational days		336
Average TCE Earnings, gross	$	14,300