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Himalaya Shipping Ltd. (HSHP) – Commercial Update and Key Information Relating to the Cash Distribution for December 2024

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

Himalaya Shipping Ltd. (HSHP) – Ex cash distribution US$0.01 today on Euronext

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.

Himalaya Shipping Ltd. (HSHP) – Commercial Update and Key Information Relating to the Cash Distribution for November 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:

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

Himalaya Shipping Ltd. (HSHP) – Mandatory Notification of Trade by PDMR

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

PDF

Himalaya Shipping Ltd. (HSHP) – Ex cash distribution US$0.04 today on Euronext

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.

Himalaya Shipping Ltd. (HSHP) – Mandatory Notification of Trade by PDMR

Hamilton, Bermuda, November 12, 2024:

On November 11, 2024, Mr. Bjorn Isaksen entered into a forward purchase agreement with Drew Holdings Ltd. to purchase 200,000 common shares in Himalaya Shipping Ltd. for settlement on June 15, 2026 at a price of $7.13 per share, to be adjusted by 5% interest less any dividends paid between November 11, 2024 and the settlement date. Mr. Isaksen is the chairman of Himalaya Shipping Ltd.’s board and thus, as per the Market Abuse Directive, a person discharging managerial responsibilities in Himalaya Shipping Ltd.

Mr. Isaksen and his close associates currently own 400,000 shares and have options on 150,000 shares in Himalaya Shipping Ltd. Following the settlement of the forward purchase agreement, Mr. Isaksen and his close associates will, on this basis, own 600,000 shares.

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

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Himalaya Shipping Ltd. (HSHP) – Commercial Update and Key Information Relating to the Cash Distribution for October 2024

Hamilton, Bermuda, November 7, 2024

Commercial update:

In October 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$31,700 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$31,900 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$20,903 during October 2024.

Cash distribution:

The Board has approved a cash distribution of US$0.04 per share for October 2024. The distribution will be made from the Company’s Contributed Surplus account. The decrease in cash distribution in comparison to the previous month reflects a decrease in the market and the requirement to build the final step-up in minimum cash to $12.3 million by December 2024 in accordance with the covenants in our financing arrangements.

Note to shareholders registered in Euronext VPS, the Norwegian Central Security Depository:

Due to implementation of the Central Securities Depository Regulation (CSDR) in Norway, please note the information regarding the payment date for the shares registered in Euronext VPS below.

Key information:

Distribution amount: US$0.04 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on November 29, 2024.

Date of approval: November 6, 2024

Record date: November 18, 2024

Payment date: On or about November 29, 2024.

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: November 15, 2024

Ex-date: November 18, 2024

The following dates apply to shares traded on Euronext:

Last day including right: November 14, 2024

Ex-date: November 15, 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 December 4, 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 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 October 31, 2024
Time charter revenues	$	11.4
Address commission	$	0.4
Operating revenues, gross	$	11.8

Fleet operational days		372
Average TCE Earnings, gross	$	31,700

Himalaya Shipping Ltd. (HSHP) Announces its Preliminary Results for the Three and Nine Months Ended September 30, 2024

Hamilton, Bermuda, November 7, 2024

Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the three and nine months ended September 30, 2024.

Highlights for the Third Quarter of 2024

• Total operating revenues of $39.2 million, which is an average time charter equivalent (“TCE”) earnings of approximately $36,800 per day, gross¹. Average Baltic 5TC Capesize Index was $24,909 per day.

• Net income of $10.7 million and Adjusted EBITDA² of $31.0 million for the third quarter of 2024.

• Conversion of index linked charters on Mount Blanc and Mount Neblina to fixed charters from July 1, 2024 to July 31, 2024 and on Mount Blanc, Mount Neblina and Mount Hua from September 1, 2024 to September 30, 2024.

• Acquisition of 40% of the shares of 2020 Bulkers Management AS, the company providing key management services to Himalaya Shipping, to fully align the management functions with Himalaya Shipping.

• Payment of cash distributions for May, June, July and August 2024 of $0.04, $0.05, $0.06 and $0.07 per common share, respectively.

Subsequent Events

• Conversion of Mount Etna back to index linked rates from October 1, 2024.

• Declaration and payment of cash distribution for September 2024 of $0.10 per common share in October 2024. Declaration of cash distribution for October 2024 of $0.04 per common share in November 2024.

• Execution of an addendum to the Drew revolving credit facility of up to $10 million, extending the timeframe to drawdown from the facility to December 31, 2025 and the latest repayment date to December 31, 2026.

Contracted CEO, Herman Billung commented:

“2024 started strong with the Baltic Capesize index at $23,970 per day for the first 9 months. This is almost double the level from 2023 at $12,628 per day. Himalaya has had most of its fleet operating in this improving spot market, with 11 of 12 ships currently on index related charters. Due to Himalaya’s superior fleet profile, we are earning on average 42% premium to the Baltic Capesize index when trading in the spot market.

In the most recent weeks, the market has experienced a counter seasonal set back. This was driven by a lower Panamax sentiment attacking traditional Capesize coal trades, and a fiscal stimulus package from China that disappointed some market watchers. However, with limited supply of large bulk carriers entering the marketplace in the coming years and an aging fleet, we expect utilization and rates to improve going forward. Ton mile demand is up by 5.4% in the first three quarters of 2024 compared to the same period last year. We expect this to continue, driven by more iron ore production in the Atlantic Basin, with 120 mt of new production capacity coming in Guinea and 50 mt in Brazil.

The Company has continued paying monthly distributions to its shareholders. In aggregate, we have declared cash distributions of $0.43 per share for the nine months ended September 30, 2024. The cash distributions will fluctuate with dry bulk market developments. Substantially all earnings above cash break-even of approximately $16,000 per day (Capesize equivalent rate) are expected to be paid back to shareholders.”

[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; total financial expenses, net; and income tax expense. Please refer to the appendix of this report for a reconciliation of this non-GAAP financial measure to the most directly comparable financial measures prepared in accordance with US GAAP.

Himalaya Shipping Ltd Q3 2024 Results press release

Himalaya Shipping Q3 Investor presentation

Himalaya Shipping Ltd. (HSHP) – Invitation to Third Quarter 2024 Conference Call

Hamilton, Bermuda, November 5, 2024

Himalaya Shipping Ltd. will be hosting a conference call to discuss the Company’s results for the third quarter of 2024 on Thursday, November 7, 2024 at 9:00 a.m. Eastern Time (3:00 p.m. CET). The Company plans to release its financial results for the third quarter of 2024 before the open of the Oslo Stock Exchange on Thursday, November 7, 2024. The earnings report and presentation will be available on the Investor Relations section on www.himalaya-shipping.com.

To join the call, you may register at: https://channel.royalcast.com/landingpage/hegnarmedia/20241107_13/

Dial-in:

Denmark: +45-7-8768490
Sweden: +46-8-1241-0952
Norway: +47 21 95 63 42
United Kingdom: +44-203-7696819
United States: +1 646-787-0157
Germany: +49-30-21789327

Pin code for all countries: 114120

Participants are encouraged to dial in 10 minutes before the start of the call.

Questions may be directed to: Herman Billung, CEO, +47 91831590

Himalaya Shipping Ltd. (HSHP) – Ex cash distribution US$0.10 today on Euronext

The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.10 as from today, October 17, 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 October 18, 2024.