The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.03 as from today, April 18, 2024.
News Tag: Regulatory
Himalaya Shipping Ltd. (HSHP) – Commercial Update and Key Information Relating to the Cash Distribution for March 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.
Himalaya Shipping Ltd. (HSHP) files 2023 Annual Report on Form 20-F
Hamilton, Bermuda, March 27, 2024
Himalaya Shipping Ltd. (the “Company”) has filed its Annual Report on Form 20-F for the Year Ended December 31, 2023 (the “2023 Annual Report”) with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2024. The report is attached to this release.
The Company’s 2023 Annual Report can be downloaded from the SEC’s website (http://www.sec.gov) and is also available on the Company’s website (https://www.himalaya-shipping.com). Hard copies of the Company’s 2023 Annual Report can be obtained, free of charge, upon request by writing to us at:
Himalaya Shipping Ltd.
S.E. Pearman Building, 2nd Floor,
9 Par-la-Ville Road,
Hamilton HM11,
Bermuda
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For queries, please contact:
Herman Billung, Contracted CEO
Telephone +47918 31590
Himalaya Shipping Ltd. (HSHP) – Ex dividend US$0.03 today
The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.03 as from today, March 18, 2024.
Himalaya Shipping Ltd. (HSHP) – Commercial Update and Key Information Relating to the Cash Distribution for February 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.
Himalaya Shipping Ltd. (HSHP) – Ex dividend US$0.01 today
The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.01 as from today, February 21, 2024.
Himalaya Shipping Ltd. (HSHP) – Grant of Share Options
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.
Himalaya Shipping Limited Announces its Preliminary Results for the Quarter Ended December 31, 2023
Hamilton, Bermuda, February 15, 2024
Himalaya Shipping Limited (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the quarter ended December 31, 2023.
Highlights for the quarter ended December 31, 2023
– Total operating revenues of $18.3 million, which is an average time charter equivalent (“TCE”) earnings of approximately $34,400 per day, gross. Average Baltic 5TC Capesize Index was US$28,128 per day.
– Net income of $4.6 million and EBITDA of $13.4 million for the quarter ended December 31, 2023.
– Secured time charter agreements for the three remaining uncontracted vessels for 24 months’ time charters with an evergreen structure to commence in the first half of 2024, at an index-linked rate reflecting a significant premium to the Baltic 5TC index (BCI). With these charters, the Company has secured employment of the entire fleet.
– Extended index linked time charters for six of our vessels by an additional year, until the end of 2026.
– Converted index linked charters to fixed rate charter for five vessels for varying periods from December 1, 2023 to March 31, 2024 at the following average rates: $33,417 for five vessels in December 2023; $25,465 for five vessels in January 2024; $23,508 for three vessels in February 2024; and $23,508 for three vessels in March 2024. Two vessels will earn a fixed scrubber premium of $2,500 per day from December 1, 2023, to March 31, 2024. The remaining three vessels will continue to earn scrubber premium according to the terms of the existing time charter agreements.
– Settlement of installment payments on three of our newbuilding vessels totaling $20.7 million financed by pre-delivery financing with CCB Financial Leasing Company Limited (“CCBFL”).
– Completion of the private placement of new shares at a price of $5.64 per share, raising net proceeds of approximately $17.0 million.
Subsequent events
– Successful delivery and commencement of operations of three additional 210,000 dwt Newcastlemax dual fuel newbuildings ordered from New Times Shipyard (“NTS”), resulting in a total delivered fleet of nine vessels, with three additional vessels to be delivered in 2024.
– Execution of financing on the three delivered vessels by sale leaseback facilities provided by Jiangsu Financial Leasing Co. Limited (“Jiangsu”) and CCBFL, totaling $98.6 million and $49.3 million, respectively.
– Conversion of index linked charters on Mount Bandeira and Mount Hua to fixed charters from February 1, 2024 to June 30, 2024 at an average rate of $26,866. They will continue to earn scrubber premium according to the terms of their existing time charter agreements.
– Declaration of cash distribution for January 2024 of $0.01 per common share.
Contracted CEO, Herman Billung commented:
“We currently have nine vessels sailing, with the remaining three vessels expected to be delivered shortly. With this, the Company has developed into a fully operating company, offering one of the most modern and fuel-efficient fleets in the dry bulk industry. 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 index. We believe this is one of the highest premiums in the industry, showing the attractiveness of our fleet.
The strategy of Himalaya Shipping remains consistent with a focus on capital discipline, and returning most of the cash generated after debt service to our shareholders. Our simple structure, low G&A costs and the right financing should position the Company to deliver solid returns.”
Questions should be directed to:
Herman Billung: Contracted CEO, +4791831590
Himalaya Shipping Ltd. (HSHP) – Commercial Update and Key Information Relating to the Cash Distribution for January 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 |
[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.
Himalaya Shipping Ltd. (HSHP) – Special General Meeting Results Notification
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 23rd, 2024.”
The Board of Directors
Himalaya Shipping Ltd.
Hamilton, Bermuda
January 24, 2024