News Tag: Regulatory

Himalaya Shipping Ltd. (HSHP) – Commercial Update

Hamilton, Bermuda, October 12, 2023

In September 2023, the Company achieved average time charter equivalent (“TCE”) earnings of approximately US$23,500 per day, gross[1]. The Company’s five vessels trading on index-linked time charters earned approximately US$22,200 per day, gross, including average daily scrubber and LNG benefits of approximately US$1,500 per day. The Company’s only vessel trading on a fixed time charter earned US$30,000 per day, gross.

The Baltic 5TC Capesize Index averaged US$14,110 during September 2023.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +4791831590  

About Himalaya Shipping Ltd.: 

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has six vessels in operation and six Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by Q3 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 September 30, 2023
Time charter revenues $ 4.1
Address commission $ 0.1
Operating revenues, gross $ 4.2
Fleet operational days 180
Average TCE Earnings, gross $ 23,500

[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) – Time charters of two vessels

Hamilton, Bermuda, 9 October 2023

Himalaya Shipping is pleased to announce it has entered into time charter agreements for two vessels with a major commodity trading company.

The vessels will commence a 24-month time charter with an evergreen structure upon delivery from New Times Shipyard in the first half of 2024. The vessels will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index, and 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 charters to fixed rates based on the prevailing FFA curve from time to time.

The company has fixed 1 of its vessels on fixed time charter and the 10 vessels fixed on index linked charter will on average earn a premium of 42% to the Baltic 5TC.

“We are pleased that our vessels are achieving market high premiums. Our simple structure, with index linked charters earning a significant premium, low G&A cost and financing with 7-year fixed bareboat rates puts us in a good position to deliver solid returns to our shareholders”, says Herman Billung contracted CEO of Himalaya Shipping.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +4791831590  

About Himalaya Shipping Ltd.:  

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has ordered 12 LNG dual fuel Newcastlemax dry bulk carriers, 6 of them delivered this year and the remaining 6 to be delivered  by Q3 2024.  

Forward-Looking Statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Himalaya Shipping Ltd. believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein.

Himalaya Shipping Ltd. (HSHP) – Commercial Update

Hamilton, Bermuda, September 12, 2023

In August 2023, the Company achieved average time charter equivalent (“TCE”) earnings of approximately US$20,800 per day, gross[1]. The Company’s five vessels trading on index-linked time charters earned approximately US$18,700 per day, gross, including average daily scrubber benefits of approximately US$1,700 per day. The Company’s only vessel trading on a fixed time charter earned US$29,200 per day, gross.

The Baltic 5TC Capesize Index averaged US$12,942 during August 2023.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +47 918 31 590  

About Himalaya Shipping Ltd.: 

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has six vessels in operation and six Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by July 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 August 31, 2023
Time charter revenues $ 3.1
Address commission $ 0.1
Operating revenues, gross $ 3.2
Fleet operational days 155
Average TCE Earnings, gross $ 20,800

[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) – Delivery of Mount Neblina and commencement of charter

Hamilton, Bermuda,  August 29, 2023

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

The vessel (“Mount Neblina”) will commence a minimum 24-month time charter 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 excited to take delivery of the sixth vessel, which is chartered to a leading commodity trading house. The shipyard has again delivered a high-quality vessel slightly ahead of schedule. Mount Neblina will add another state-of-the-art vessel to the youngest dry bulk fleet on the water today. It is encouraging that three vessels of the Himalaya fleet have bunkered with LNG in Singapore over the last month, which makes us confident in our choice to invest in dual fuel engines. Less than 2% of the Capesize fleet can run on LNG which brings the company in the pole position to benefit from the environmental regulations being introduced” says Herman Billung, contracted CEO of Himalaya Shipping.

For further queries, please contact:

Herman Billung, Contracted CEO

Telephone +4791831590

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has six vessels in operation and six Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by July 2024.

Forward Looking Statements

This announcement includes forward-looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions, and include statements relating to our statements with respect to the delivery of Mount Neblina and the terms of its charter, statements with respect to the vessels already delivered and our business. The forward-looking statements in this announcement are based upon various assumptions regarding the Company’s present and future business, many of which are based, in turn, upon further assumptions. Although Himalaya Shipping Ltd. believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events, including the Company’s actual results, performance or achievements, to differ materially from the expectations expressed or implied by the forward-looking statements included herein.
 

Himalaya Shipping Ltd. – 2023 AGM Results Notification

Himalaya Shipping Ltd. (the “Company”) advises that the 2023 Annual General Meeting of the Company was held on August 10, 2023 at 10:00 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2022 were presented to 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 Erik Steen as a Director of the Company.
  5. To re-elect Ms Georgina E. Sousa as a Director of the Company.
  6. To re-elect Ms Mi Hong Yoon as a Director of the Company.
  7. To re-elect Ms Jehan Mawjee 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 remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$370,000 for the year ending December 31, 2023.

Hamilton, Bermuda

August 10, 2022

Himalaya Shipping Ltd. (HSHP) – Commercial Update

Hamilton, Bermuda, August 10, 2023

In July 2023, the Company achieved average time charter equivalent (“TCE”) earnings of approximately US$22,300 per day, gross[1]. The Company’s four vessels trading on index-linked time charters earned approximately US$20,100 per day, gross, including average daily scrubber benefits of approximately US$1,600 per day. The Company’s only vessel trading on a fixed time charter earned US$30,000 per day, gross.

The Baltic 5TC Capesize Index averaged US$13,192 during July 2023.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +47 918 31 590  

About Himalaya Shipping Ltd.: 

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has five vessels in operation and seven Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by July 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 July 31, 2023
Time charter revenues $ 3.0
Address commission $ 0.1
Operating revenues, gross $ 3.1
Fleet operational days 140
Average TCE Earnings, gross $ 22,300

[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) – Results for the second quarter and first half of 2023

Hamilton, Bermuda, August 8, 2023

Himalaya Shipping Limited (“Himalaya”, “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the six months ended June 30, 2023.

Highlights for the First Half of 2023

  • Completed Initial Public Offering (“IPO”) in the U.S. in April 2023, raising net equity proceeds of $44.9 million including the partial exercise of the over-allotment option.
  • Successful delivery and commencement of operations of four of the twelve 210,000 dwt Newcastlemax dual fuel newbuildings ordered from New Times Shipyard, generating total operating revenues of $8.2 million, which is an average time charter equivalent (“TCE”) earnings of approximately $25,700 per day, gross. 
  • Cash and cash equivalents of $24.2 million at the end of the first half of 2023.
  • EBITDA of $4.2 million for the six months ended June 30, 2023.
  • Amendment to the sale leaseback agreements in February 2023 with AVIC International Leasing Co. (“AVIC”) for the first four newbuildings to finance 90% of the cost to install the exhaust gas cleaning systems (EGCS) or “scrubbers” or $2.2 million for each vessel. 
  • Final installments for the first four delivered vessels were financed by sale leaseback facilities provided by AVIC totaling $200.0 million.
  • Installment payments on five of our newbuilding vessels totaling $48.0 million financed by pre-delivery financing with CCB Financial Leasing Company Limited (“CCBFL”) and Jiangsu Financial Leasing Co. Ltd. (“Jiangsu”).
  • Secured time charter agreements for two vessels for 22 to 26 months’ time charter, plus an option exercisable by the counterparty for a further 11 to 13 months between January and July 2024. Both vessels will earn an index-linked rate, reflecting a significant premium to the Baltic 5TC index (BCI).   

Subsequent events

  • In July 2023, Mount Matterhorn was successfully delivered and commenced its 32-to-38 month index-linked time charter.
  • In July 2023, the charterers of  “Mount Norefjell” and “Mount Matterhorn” decided to bunker LNG on these vessels. The LNG bunker operations were completed successfully. 

Contracted CEO, Herman Billung commented:

“The first half of 2023 has been transformational for Himalaya Shipping. From starting with an idea, to already having five ships in operations and being listed on the New York Stock Exchange (NYSE), we have achieved the first stepping stone in what is going to be many exciting years ahead. 

We strongly believe that we have the right ships, at the right time. The order book for Capesize vessels is below 5%, a 25-year low. Most yards don’t have capacity to build large dry bulk ships before well into 2027, and the prices quoted are above $86 million for similar ships to ours. In addition, the aging fleet coupled with the new environmental regulations coming, means we should have improved utilization for the coming years. Further, we have the right ships. Our dual fueled Newcastlemaxes have demonstrated their attractiveness to charterers, and consequently have been fixed at the highest premium to Capesize index rates we know about. The ships can reduce CO2 emissions by more than 40% when running on LNG and are prepared to meet as well as benefit from, more environmental regulations coming into force. With natural gas prices decreasing, being able to fuel our ships with LNG can give further economic benefit to Himalaya. We have the right financing with 7-years fixed rate interest rates, giving the Company an attractive cash break-even. Finally, the strategy we are following, with no plans for further investments in ships, means that most of the cash generated after debt service will be distributed to shareholder through monthly dividends. We think this is the right approach in a cyclical industry.”

Himalaya Shipping Ltd Q2 2023 Earnings press release
Himalaya Shipping - Q2 2023 results presentation

Himalaya Shipping Ltd. (HSHP) – Commencement of LNG bunkering

Hamilton, Bermuda, August 2, 2023

Himalaya Shipping is proud to announce that two of its ships, Mount Norefjell and Mount Matterhorn, have bunkered with LNG in Singapore over the last days. 

A Newcastlemax running on LNG reduces its CO2 emissions by 43% compared to a standard Capesize ship, in addition to significantly reducing SOx and NOx.

On July 31, 2023, LNG prices (adjusted for calorific values) were $472/t1 compared to $537/t for HFO2 and $610/t for VLSFO2.

“We are pleased to see the first LNG bunkering of the Himalaya ships. Both the environmental and economic benefit of running on LNG makes us confident in our choice to invest in dual fuel engines. The high LNG prices seen in the wake of the Russia-Ukraine conflict seems to be normalizing, and we believe, over time, LNG prices will trade at a discount to oil. Of the around 2000 Capesize+ dry bulk ships in the world, less than 2% can run on LNG, hence, Himalaya Shipping is well positioned to benefit from the environmental regulations being introduced” says CEO Herman Billung.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +4791831590  

 About Himalaya Shipping Ltd.: 

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has five vessels in operation and seven Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by July 2024.

Forward Looking Statements:

This announcement includes forward-looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions, and include statements with respect to the vessels already delivered and our business. The forward-looking statements in this announcement are based upon various assumptions regarding the Company’s present and future business, many of which are based, in turn, upon further assumptions. Although Himalaya Shipping Ltd. believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events, including the Company’s actual results, performance or achievements, to differ materially from the expectations expressed or implied by the forward-looking statements included herein.

1 Platts LNG Singapore price (ex logistics)

2 Platts HFO and VLSFO Singapore bunker price

Himalaya Shipping Ltd. (HSHP) – Delivery of Mount Matterhorn and commencement of charter

Hamilton, Bermuda,  July 14, 2023

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

The vessel (“Mount Matterhorn”) will commence a 32-to-38-month time charter plus an option for 11 to 13 months 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 excited to take delivery of the fifth vessel, which is chartered to a leading commodity trading house. The shipyard has again delivered a high-quality vessel slightly ahead of schedule. Mount Matterhorn will add another state-of-the-art vessel to the youngest dry bulk fleet on the water today. The Himalaya ships, which can reduce CO2 emissions by up to 43%1, are prepared to meet and benefit from more environmental regulations coming into force,” says Herman Billung, contracted CEO of Himalaya Shipping.

1CO2 savings for a dual fuel Newcastlemax running on LNG compared to a standard Capesize ship.

For further queries, please contact:

Herman Billung, Contracted CEO

Telephone +4791831590

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has five vessels in operation and seven Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by July 2024.

Forward Looking Statements

This announcement includes forward-looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions, and include statements relating to our statements with respect to the delivery of Mount Matterhorn and the terms of its charter, statements with respect to the vessels already delivered and our business. The forward-looking statements in this announcement are based upon various assumptions regarding the Company’s present and future business, many of which are based, in turn, upon further assumptions. Although Himalaya Shipping Ltd. believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events, including the Company’s actual results, performance or achievements, to differ materially from the expectations expressed or implied by the forward-looking statements included herein.

Himalaya Shipping Ltd. (HSHP) – Commercial Update

Hamilton, Bermuda, July 11, 2023

In June 2023, the Company achieved average time charter equivalent (“TCE”) earnings of approximately US$23,100 per day, gross[1]. The Company’s three vessels trading on index-linked time charters earned approximately US$20,500 per day, gross, including average daily scrubber benefits of approximately US$1,600 per day. The Company’s only vessel trading on a fixed time charter earned US$30,000 per day, gross.

The Baltic 5TC Capesize Index averaged US$13,247 during June 2023.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +4791831590  

About Himalaya Shipping Ltd.: 

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has four vessels in operation and eight Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by July 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 daily TCE earnings, gross (unaudited) for the period presented:

(In millions of U.S. dollars except per day data) For the one-month period ended June 30, 2023
Time charter revenues $ 2.6
Address commission $ 0.1
Operating revenues, gross $ 2.7
Fleet operational days 115
Average Daily TCE Earnings, gross $ 23,100

[1] Average TCE earnings is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. Average TCE rate, gross, when used by the Company, means time charter revenues and voyage charter revenues excluding address commission, and adjusted from “load to discharge” basis to “discharge to discharge” basis and divided by operational days. Our management believes average TCE revenues 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.