News Tag: Regulatory

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

The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.01 as from today, February 21, 2024.

Hamilton, Bermuda, February 20, 2024

In September 2021, the Board established a long-term incentive plan for the Group’s directors and other key human resources (the “LTI Plan”) and approved a set of general rules for the LTI Plan. Furthermore, the Board allocated 800,000 of the Company’s authorised but unissued share capital as settlement of the exercised options granted under the LTI Plan.

The Board has resolved to grant 115,000 share options to key human resources and one director under the Company’s LTI Plan. Each share option gives the holder the right to purchase one share in the Company at an exercise price of USD 8.00. The share options will vest over a period of three years and expire five years after the grant date.

Following the grant, the total number of outstanding share options is 761,000.

The following primary insider was granted options:

Jehan Mawjee (Director), was granted 50,000 options, following which she holds in total 50,000 options.

Please see the attached form of notification and public disclosure by the PDMR.

This information is subject to the disclosure requirements in article 19 of the Regulation (EU) 596/2014 (the Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

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.

Hamilton, Bermuda, February 8, 2024

Commercial update:

In January 2024, the Company achieved average time charter equivalent (“TCE”) earnings of approximately US$28,400 per day, gross[1]. The Company’s six vessels trading on a fixed time charter earned US$28,600 per day, gross, including average daily scrubber and LNG benefits on five vessels of approximately $2,800 per day. The Company’s three vessels trading on index-linked time charters earned approximately US$28,000 per day, gross, including average daily scrubber and LNG benefits of approximately US$3,000 per day. The index linked vessels were delivered to their respective charterers to commence their time charters between the 8th and the 15th of January. The Company’s cash break-even TCE is estimated to be approximately $24,600 per day.

The Baltic 5TC Capesize Index averaged US$20,565 during January 2024.

The Company has agreed to convert its index linked charters to fixed rate time charters for Mount Bandeira and Mount Hua from February 1, 2024 to June 30, 2024. Following the conversion of the charters for these two vessels, the Company will have the following average rates fixed for vessels that were previously on index linked charters:

February 2024:              5 vessels at an average of $24,852 per day, gross

March 2024:                  5 vessels at an average of $24,852 per day, gross

April to June 2024:        2 vessels at an average of $26,866 per day, gross

In addition, two vessels will continue to earn a fixed scrubber premium of $2,500 per day from February 1, 2024 to March 31, 2024. The remaining three vessels will continue to earn scrubber premium according to the terms of their existing time charter agreements.

Cash distribution:

The Board has approved a cash distribution of US$0.01 per share for January 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$0.01 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, 2024.

Date of approval: February 7, 2024

Last day including right: February 20, 2024

Ex-date: February 21, 2024

Record date: February 22, 2024

Payment date: On or about March 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 March 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 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 January 31, 2024
Time charter revenues	$	6.9
Address commission	$	0.2
Operating revenues, gross	$	7.1
Fleet operational days		249
Average TCE Earnings, gross	$	28,400

Himalaya Shipping Ltd. (the “Company”) advises that a Special General Meeting of the Company was held on January 23, 2024 at 10:00 local time, at the Registered Office of the Company, 2nd Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The following resolution was approved by the Company’s shareholders:

“To reduce the Share Premium account of the Company from US$97,876,367.66 to US$0 by the transfer of US$97,876,367.66 of the Share Premium to the Company’s Contributed Surplus account, with effect from January 23^rd, 2024.”

The Board of Directors

Himalaya Shipping Ltd.

Hamilton, Bermuda

January 24, 2024

Hamilton, Bermuda, January 22, 2024

Himalaya Shipping Ltd. (the “Company”) previously announced on December 13, 2023 that the Company will hold a Special General Meeting on Tuesday, January 23, 2024 to approve a reduction of the Company’s Share Premium account (referred to as additional paid in capital in the financial statements of the Company) and to credit the same amount resulting from this reduction to the Company’s Contributed Surplus account, which will enable dividend payments to shareholders.

The Board of Directors has fixed the close of business on Wednesday, December 27, 2023 as the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof.

A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”) and associated information have been distributed to shareholders by normal distribution methods prior to the meeting and made available on the Company’s website at http://himalaya-shipping.com, and attached to this release. 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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

Hamilton, Bermuda, January 12, 2024

In December 2023, the Company achieved average time charter equivalent (“TCE”) earnings of approximately US$34,900 per day, gross[1], including average daily scrubber and LNG benefits of approximately US$2,300 per day. Following the conversion of the index-linked time charters to fixed time charters, all the Company’s six vessels were trading on fixed time charters. The Company’s cash break-even TCE is estimated to be approximately $24,500 per day.

The Baltic 5TC Capesize Index averaged US$37,333 during December 2023.

In addition, Himalaya Shipping Ltd. is pleased to announce that it has successfully taken delivery of three 210,000 dwt Newcastlemax dual fuel newbuildings, which the Company had on order from New Times Shipyard.

The vessels (“Mount Bandeira”) and (“Mount Hua”) will commence time charters, initially expiring in December 2026, with an evergreen structure thereafter, while (“Mount Elbrus”) will commence a 22 to 26 month time charter plus an option exercisable by the counterparty for a further 11 to 13 months. All vessels will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel. The time charters also include 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 a fixed rate based on the prevailing forward freight agreement (FFA) curve from time to time.

“We are excited to have a sailing fleet of nine vessels which are all on charter to counterparties. The shipyard has again proven to be able to deliver high-quality vessels slightly ahead of schedule. The recent development in the freight market has shown a much tighter balance between supply and demand than most analysts had anticipated and resulted in day-rates well above the Company’s estimated Capesize equivalent cash-break even of $15,500 per day. We should still experience volatility for large dry bulk carriers, but with an aging fleet coupled with a historic low orderbook, Management has a constructive long-term market outlook.  We have no intention to invest in new capacity, which will enable us to return most of the cash generated after debt service to our shareholders.” says Herman Billung, contracted CEO of Himalaya Shipping.

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 December 31, 2023
Time charter revenues	$	6.3
Address commission	$	0.2
Operating revenues, gross	$	6.5
Fleet operational days		186
Average TCE Earnings, gross	$	34,900

Himalaya Shipping Ltd. (NYSE and OSE: HSHP) refers to the stock exchange releases on December 12 and 13, 2023 related to the private placement with gross proceeds of approximately $17.5 million (the “Private Placement“).

To arrange for a DVP settlement to the investors who were allocated any of the 3,117,143 offer shares in the Private Placement, estimated on or about  December 15, 2023, of immediately tradeable shares, the Company has today arranged for the shares to be legally and validly issued and fully paid-up in the Company’s Register of Members, pursuant to a prefunding agreement with the managers in the Private Placement.

Following the preparatory issue, the Company’s issued share capital is increased by $3,117,143 to $43,900,000, divided into 43,900,000 shares, each with a nominal value of $1.00 per share.

December 13, 2023

Hamilton, Bermuda

The Board of Directors

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.