Hamilton, Bermuda, February 27, 2025
Himalaya Shipping Ltd. advises that the 2025 Annual General Meeting of the Company will be held on May 21, 2025 at its registered office in Bermuda. The record date for voting at the Annual General Meeting is set to March 11, 2025.
A copy of the notice, agenda and associated material will be distributed to shareholders by normal distribution methods prior to the meeting and will also be made available on the Company’s website at www.himalaya-shipping.com.
Hamilton, Bermuda, February 20, 2025
Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the three and twelve months ended December 31, 2024.
Highlights for the Fourth Quarter of 2024
Subsequent Events
Contracted CEO, Herman Billung commented:
“The average Baltic Capesize Index (BCI) for 2024 concluded at $22,593 per day. After nine months of relative stability, the BCI experienced a decline, averaging $18,301 per day in the fourth quarter of 2024. The first three quarters of 2024 saw growth in ton miles: a 6.7% increase in iron ore, a 13.7% increase in bauxite, but a 4.6% decrease in coal, leading to an overall increase of 5.5%. However in the fourth quarter of 2024, ton miles declined by 0.8%, primarily driven by an 8.6% decrease in coal. This decrease can be attributed to the splitting of Capesize coal cargoes into smaller sizes for transportation by Panamax vessels, as evidenced by the 4.2% increase in ton miles in the fourth quarter.
As we enter the first quarter of 2025, the Capesize market continues to face challenges, with BCI rates averaging $8,807 per day. This decline is partly seasonal, but the ongoing cannibalization of the coal trade in favor of smaller ships remains a negative factor.
Despite the short-term pressures, we maintain a positive long-term outlook for large dry bulk ships. The current order book of new Capesize vessels stands at a historic low of only 7.2% of the existing fleet, and yard capacity is down 50% from its peak. Additionally, 20% of the entire fleet will be 20 years old by 2028, which is the earliest opportunity for meaningful fleet expansion. Furthermore, 23% of the total Capesize fleet will require drydocking in 2025 due to 5, 10, 15 and 20-year Special Surveys compared to only 13.6% in 2024.
The Company remains optimistic about significant growth in ton miles, driven by increased iron ore production capacity in the Atlantic from Guinea (120 MT) and Brazil (50 MT), both producers of high-quality iron ore. Should these volumes replace domestically produced iron ore in China, we anticipate a need for an additional 232 Capesize vessels, which is nearly 60% higher than the current order book. Additionally, we expect continued growth in bauxite exports out of Guinea, further fuelling the demand for ton miles.
In the long-term, we expect rising global population and industrialization, coupled with the growing distance between raw material production and end consumers, to lead to sustained demand for large dry bulk vessels. Historically, ton mile demand for Capesize vessels has increased by 5.9% since 2002.
All of our 12 vessels are employed on index-linked charters, earning on average a premium of 42.5% over the Baltic 5TC index, with profit sharing of any economic benefit derived from operating the vessel’s scrubber or running on LNG. As a result of our long-term financing, our breakeven point is approximately $16,000 per day on a Capesize index equivalent basis. Most of the excess cash-flow above this threshold is expected to be returned to shareholders through monthly dividends.”
[1] The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP) including average TCE earnings, gross and Adjusted EBITDA. Average TCE earnings, gross, as presented above, represents time charter revenues and voyage charter revenues adding back address commissions and divided by fleet operational days. Please refer to the appendix of this release for a reconciliation of this non-GAAP measure to the most directly comparable financial measures prepared in accordance with US GAAP.
[2] Adjusted EBITDA as presented above represents our net income (loss) plus depreciation of vessels and equipment; any loss from equity method investment; total financial expenses, net; and income tax expense. Please refer to the appendix of this report for a reconciliation of Adjusted EBITDA to net income.
The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.005 as from today, February 20, 2025.
Due to the shortening of the Settlement Cycle in the US markets, ex cash distribution date for shares traded on the New York Stock Exchange will be on February 21, 2025.
Hamilton, Bermuda, February 11, 2025
Commercial update:
In January 2025, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$17,900 per day, gross[1], including average daily scrubber and LNG benefits on eleven vessels of approximately US$2,100 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$16,700 per day, gross, including average daily scrubber and LNG benefits.
The Baltic 5TC Capesize Index averaged US$10,150 during January 2025.
The Company has entered into a new time charter agreement for the Mount Norefjell. The vessel will commence a 14 to 38 month time charter, following the planned redelivery from its current charterer in late February 2025. The vessel will earn an index linked rate, reflecting a premium to the Baltic 5TC index that is higher than the average premium on our current charters of 42.25%. 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 rates based on the prevailing FFA curve from time to time.
Following this, the Company will have 12 vessels trading on index-linked time charters.
Cash distribution:
The Board has approved a cash distribution of US$0.005 per share for January 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 March 5, 2025.
Date of approval: February 10, 2025
Record date: February 21, 2025
Payment date: On or about March 5, 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: February 20, 2025
Ex-date: February 21, 2025
The following dates apply to shares traded on Euronext:
Last day including right: February 19, 2025
Ex-date: February 20, 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 March 10, 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 January 31, 2025 |
|
| Time charter revenues | $ | 6.4 |
| Address commission | $ | 0.2 |
| Operating revenues, gross | $ | 6.6 |
| Fleet operational days | 372 | |
| Average TCE Earnings, gross | $ | 17,900 |
The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.005 as from today, January 20, 2025.
Due to the shortening of the Settlement Cycle in the US markets, ex cash distribution date for shares traded on the New York Stock Exchange will be on January 21, 2025.
Hamilton, Bermuda, January 8, 2025
Commercial update:
In December 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$20,200 per day, gross1, including average daily scrubber and LNG benefits on eleven vessels of approximately US$2,900 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$19,300 per day, gross, including average daily scrubber and LNG benefits.
The Baltic 5TC Capesize Index averaged US$11,573 during December 2024.
Cash distribution:
The Board has approved a cash distribution of US$0.005 per share for December 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$0.005 per share
Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on February 5, 2025.
Date of approval: January 7, 2025
Record date: January 21, 2025
Payment date: On or about February 5, 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: January 17, 2025
Ex-date: January 21, 2025
The following dates apply to shares traded on Euronext:
Last day including right: January 17, 2025
Ex-date: January 20, 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 February 10, 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 December 31, 2024 |
|
|
Time charter revenues |
$ |
7.3 |
|
Address commission |
$ |
0.2 |
|
Operating revenues, gross |
$ |
7.5 |
|
|
|
|
|
Fleet operational days |
|
372 |
|
Average TCE Earnings, gross |
$ |
20,200 |
The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.01 as from today, December 13, 2024.
Due to the shortening of the Settlement Cycle in the US markets, ex cash distribution date for shares traded on the New York Stock Exchange will be on December 16, 2024.
Hamilton, Bermuda, December 6, 2024
Commercial update:
In November 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$31,300 per day, gross1, including average daily scrubber and LNG benefits on eleven vessels of approximately US$1,700 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$31,400 per day, gross, including average daily scrubber and LNG benefits.
The Baltic 5TC Capesize Index averaged US$20,899 during November 2024.
Cash distribution:
The Board has approved a cash distribution of US$0.01 per share for November 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$0.01 per share
Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on January 3, 2025.
Date of approval: December 5, 2024
Record date: December 16, 2024
Payment date: On or about January 3, 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: December 13, 2024
Ex-date: December 16, 2024
The following dates apply to shares traded on Euronext:
Last day including right: December 12, 2024
Ex-date: December 13, 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 January 8, 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.
1Average 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 November 30, 2024 |
|
|
Time charter revenues |
$ |
10.9 |
|
Address commission |
$ |
0.4 |
|
Operating revenues, gross |
$ |
11.3 |
|
|
|
|
|
Fleet operational days |
|
360 |
|
Average TCE Earnings, gross |
$ |
31,300 |
Hamilton, Bermuda, December 3, 2024:
On December 3, 2024, Mr. Lars-Christian Svensen acquired 8,000 shares in Himalaya Shipping Ltd. at an average price of NOK62.74 per share. Mr. Svensen is the Contracted Chief Commercial Officer of Himalaya Shipping Ltd. and thus, as per the Market Abuse Directive, a person discharging managerial responsibilities in Himalaya Shipping Ltd.
Following the transaction, Mr. Svensen owns 9,186 shares and 65,000 share options in Himalaya Shipping Ltd.
Please refer to the attached form of notification of a transaction by a person discharging managerial responsibilities.
This information is disclosed as required by Regulation EU596/2014 (“MAR“), article 19 and section 5-12 of the Norwegian Securities Trading Act.
Questions should be directed to:
Herman Billung, Contracted CEO,
+47918 31590
The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.04 as from today, November 15, 2024.
Due to the shortening of the Settlement Cycle in the US markets, ex cash distribution date for shares traded on the New York Stock Exchange will be on November 18, 2024.