Hamilton, Bermuda, May 30, 2024
Himalaya Shipping Ltd. advises that the 2024 Annual General Meeting will be held on August 15, 2024. The record date for voting at the Annual General Meeting is set to June 11, 2024. The notice, agenda and associated material will be distributed prior to the meeting.
Hamilton, Bermuda, May 23, 2024
Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the quarter ended March 31, 2024.
Highlights for the quarter ended March 31, 2024
Subsequent events
Contracted CEO, Herman Billung commented:
“We are proud of the rapid development of the Company. By the end of June, upon the delivery of our remaining two newbuilds, we are expected to have a sailing fleet of twelve state of the art vessels representing the youngest and most fuel-efficient dry bulk fleet on the water today. All vessels have been employed by reputable counterparties, with the index linked charters earning on average a premium of 42.25% to the Baltic 5TC (BCI) index.
In line with the Company’s strategy to ensure capital discipline and return excess cash flow after debt service and working capital requirements to our shareholders, during the first quarter of 2024, the Company declared its first cash distributions and hopes that these distributions can continue to increase with improving market conditions.”
Questions should be directed to:
Herman Billung: Contracted CEO, +4791831590
The shares in Himalaya Shipping Ltd. will be traded ex cash distribution US$0.04 as from today, May 22, 2024.
Hamilton, Bermuda, May 8, 2024
Commercial update:
In April 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$32,100 per day, gross1, including average daily scrubber and LNG benefits on nine vessels of approximately US$2,600 per day. The Company’s four vessels trading on fixed time charters earned approximately US$33,100 per day, gross, including average daily scrubber and LNG benefits on three vessels. The Company’s six vessels trading on index-linked time charters earned approximately US$31,300 per day, gross, including average daily scrubber and LNG benefits.
The Baltic 5TC Capesize Index averaged US$20,034 during April 2024.
The Company has agreed to convert the index linked charters to fixed charter rates for Mount Blanc and Mount Neblina from May 1, 2024 to June 30, 2024 at an average rate of US$37,275 per day plus scrubber premium according to the terms of their existing time charter agreement.
The Company will have the following average rates fixed for vessels that were previously on index linked charters:
May to June 2024: 5 vessels at an average of US$33,819 per day, gross
July to December 2024: 1 vessel at US$40,810 per day, gross
These vessels will continue to earn scrubber premium according to the terms of their respective existing time charter agreements.
“In light of the improved market conditions and the final two ships scheduled to be delivered in June, we have decided to increase the dividend for April 2024 to US$0.04 per share. It is the expectation of the Company that with the delivery of our last two ships and if market conditions continue to improve, the Company should benefit from increased cash flow, and with no further investment plans, it is the intention of the Company to return excess cashflow to shareholders through increasing dividends” says CEO Herman Billung.
Cash distribution:
The Board has approved a cash distribution of US$0.04 per share for April 2024. 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 June 6, 2024.
Date of approval: May 7, 2024
Last day including right: May 21, 2024
Ex-date: May 22, 2024
Record date: May 23, 2024
Payment date: On or about June 6, 2024.
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 11, 2024.
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 ten vessels in operation and two Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by Q2 2024.
Forward Looking Statements:
This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to the expected delivery date of our remaining newbuildings under construction and other 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 include risks relating to the delivery of our remaining newbuild vessels including the timing thereof and other risks, including those set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F 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.
1Average TCE earnings 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 operational days. Our management believes average TCE earnings 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, 2024 | |
| Time charter revenues | $ | 8.7 |
| Address commission | $ | 0.3 |
| Operating revenues, gross | $ | 9.0 |
| Fleet operational days | 279 | |
| Average TCE Earnings, gross | $ | 32,100 |
Hamilton, Bermuda, April 22, 2024
Himalaya Shipping Ltd. is pleased to announce that it has successfully taken delivery of the tenth of the twelve 210,000 dwt Newcastlemax dual fuel newbuildings the Company has on order from New Times Shipyard. The remaining two vessels are scheduled to be delivered during the month of June.
The vessel (“Mount Denali”) has been delivered to a major commodity trading company for an initial charter term until December 31, 2026, with an evergreen structure thereafter, and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel. The time charter also includes a profit sharing of any economic benefit derived from operating the vessel´s scrubber or running on LNG, as well as certain rights to convert the time charter to fixed rate based on the prevailing forward freight agreement (FFA) curve from time to time.
“We are proud of the rapid evolvement of the Company. By the end of June we will have a sailing fleet of twelve state of the art vessels representing the youngest and most fuel efficient dry bulk fleet on the water today” says Herman Billung, contracted CEO of Himalaya Shipping
For further queries, please contact:
Herman Billung, Contracted CEO
Telephone +4791831590
The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.03 as from today, April 18, 2024.
Hamilton, Bermuda, April 9, 2024
Commercial update:
In March 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$34,300 per day, gross[1], including average daily scrubber and LNG benefits on eight vessels of approximately US$3,100 per day. The Company’s six vessels trading on fixed time charters earned approximately US$28,800 per day, gross, including average daily scrubber and LNG benefits on five vessels. The Company’s three vessels trading on index-linked time charters earned approximately US$45,200 per day, gross, including average daily scrubber and LNG benefits.
The Baltic 5TC Capesize Index averaged US$31,245 during March 2024.
The Company will have the following average rates fixed for vessels that were previously on index linked charters:
April to June 2024: 3 vessels at an average of US$31,514 per day, gross
July to December 2024: 1 vessel at US$40,810 per day, gross
These vessels will continue to earn scrubber premium according to the terms of their respective existing time charter agreements.
Cash distribution:
The Board has approved a cash distribution of US$0.03 per share for March 2024. 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 May 3, 2024.
Date of approval: April 8, 2024
Last day including right: April 17, 2024
Ex-date: April 18, 2024
Record date: April 19, 2024
Payment date: On or about May 3, 2024.
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, 2024.
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 nine vessels in operation and three Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by Q2 2024.
Forward Looking Statements:
This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to the expected delivery date of our remaining newbuildings under construction and other 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 include risks relating to the delivery of our remaining newbuild vessels including the timing thereof and other risks, including those set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F 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.
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, 2024 | |
| Time charter revenues | $ | 9.2 |
| Address commission | $ | 0.3 |
| Operating revenues, gross | $ | 9.5 |
| Fleet operational days | 279 | |
| Average TCE Earnings, gross | $ | 34,300 |
[1] Average TCE earnings 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 operational days. Our management believes average TCE earnings 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.
The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.03 as from today, March 18, 2024.
Hamilton, Bermuda, March 6, 2024
Commercial update:
In February 2024, Himalaya Shipping Limited (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$30,000 per day, gross[1]. The Company’s six vessels trading on a fixed time charter earned US$28,300 per day, gross, including average daily scrubber and LNG benefits on five vessels of approximately US$3,100 per day. The Company’s three vessels trading on index-linked time charters earned approximately US$33,300 per day, gross, including average daily scrubber and LNG benefits of approximately US$2,000 per day.
The Baltic 5TC Capesize Index averaged US$21,557 during February 2024.
The Company has agreed to convert the index linked charter to a fixed charter rate for Mount Etna from April 1, 2024 to December 31, 2024 at US$40,810 per day plus scrubber premium according to the terms of its existing time charter agreement. The average cash-break even is approximately US$24,600 per vessel per day, meaning that Mount Etna should generate US$4.4 million of free cash-flow to equity (assuming US$2,500 per day of scrubber benefit) for the remainder of the year.
Currently, Himalaya has 8 vessels trading on index linked charters. Once all vessels are delivered, which are expected to be by June 2024, Himalaya will have 11 vessels on index linked charters which can be converted to the prevailing FFA market rates in similar fashion as Mount Etna. One ship is fixed on a fixed time-charter rate.
Following the conversion of the time charter for Mount Etna, the Company will have the following average rates fixed for vessels that were previously on index linked charters:
March 2024: 5 vessels at an average of US$24,852 per day, gross
April to June 2024: 3 vessels at an average of US$31,514 per day, gross
July to December 2024: 1 vessel at US$40,810 per day, gross
In addition, two vessels will continue to earn a fixed scrubber premium of US$2,500 per day in March 2024. The remaining vessels will continue to earn scrubber premium according to the terms of their respective existing time charter agreements.
Cash distribution:
The Board has approved a cash distribution of US$0.03 per share for February 2024. The distribution will be made from the Company’s Contributed Surplus account which consists of previously paid in share premium transferred from the Company’s Share Premium 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 April 5, 2024.
Date of approval: March 5, 2024
Last day including right: March 15, 2024
Ex-date: March 18, 2024
Record date: March 19, 2024
Payment date: On or about April 5, 2024.
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 10, 2024.
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 nine vessels in operation and three Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by Q2 2024.
Forward Looking Statements:
This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to the expected delivery date of our remaining newbuildings under construction and other 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 include risks relating to the delivery of our remaining newbuild vessels including the timing thereof and other risks, including those set forth under the heading “Risk Factors” in our Registration Statement on Form F-1/A 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.
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 29, 2024 | |
| Time charter revenues | $ | 7.5 |
| Address commission | $ | 0.3 |
| Operating revenues, gross | $ | 7.8 |
| Fleet operational days | 261 | |
| Average TCE Earnings, gross | $ | 30,000 |
[1] Average TCE earnings 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 operational days. Our management believes average TCE earnings 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.
The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.01 as from today, February 21, 2024.