News Tag: News

 

Hamilton, Bermuda, October 8, 2024

Commercial update:

In September 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$39,500 per day, gross¹, including average daily scrubber and LNG benefits on eleven vessels of approximately US$1,900 per day. The Company’s five vessels trading on fixed time charters earned approximately US$37,900 per day, gross, including average daily scrubber and LNG benefits on four vessels. The Company’s seven vessels trading on index-linked time charters earned approximately US$40,600 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$27,410 during September 2024.

The Company has agreed to convert the Mount Etna back to index-linked rates from October 1, 2024. The agreed conversion rate is US$38,780 from the original conversion rate of US$40,810. The difference between these rates will be added to the Baltic 5TC Capesize Index in addition to the premium under the existing time charter agreement until December 31, 2024. The vessel will continue to earn scrubber premium according to the terms of its existing time charter agreement.

Following this, the Company will have 11 vessels trading on index-linked time charters.

Cash distribution:

The Board has approved a cash distribution of US$0.10 per share for September 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$0.10 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on October 31, 2024.

Date of approval: October 7, 2024

Record date: October 18, 2024

Payment date: On or about October 31, 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: October 17, 2024

Ex-date: October 18, 2024

The following dates apply to shares traded on Euronext:

Last day including right: October 16, 2024

Ex-date: October 17, 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 November 5, 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 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 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 September 30, 2024
Time charter revenues	$	13.7
Address commission	$	0.5
Operating revenues, gross	$	14.2
Fleet operational days		360
Average TCE Earnings, gross	$	39,500

 

The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.07 as from today, September 16, 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 September 17, 2024.

Hamilton, Bermuda, September 6, 2024

Commercial update:

In August 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$33,500 per day, gross¹, including average daily scrubber and LNG benefits on eleven vessels of approximately US$1,600 per day. The Company’s two vessels trading on fixed time charters earned approximately US$36,500 per day, gross, including average daily scrubber and LNG benefits on one vessel. The Company’s ten vessels trading on index-linked time charters earned approximately US$32,800 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$21,714 during August 2024.

The Company has agreed to convert the index linked charters to fixed charter rates for Mount Blanc, Mount Neblina and Mount Hua from September 1, 2024 to September 30, 2024 at an average rate of US$35,727 per day plus scrubber premium according to the terms of their existing time charter agreements.

The Company will have the following average rates fixed for vessels that were previously on index linked charters:

September 2024:                       4 vessels at US$36,998 per day, gross

October 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 existing time charter agreements.

Cash distribution:

The Board has approved a cash distribution of US$0.07 per share for August 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$0.07 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on September 30, 2024.

Date of approval: September 5, 2024

Record date: September 17, 2024

Payment date: On or about September 30, 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: September 16, 2024

Ex-date: September 17, 2024

The following dates apply to shares traded on Euronext:

Last day including right: September 13, 2024

Ex-date: September 16, 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 October 3, 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.

¹Average 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 fleet 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.

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, 2024
Time charter revenues	$	12.0
Address commission	$	0.4
Operating revenues, gross	$	12.4
Fleet operational days		372
Average TCE Earnings, gross	$	33,500

Hamilton, Bermuda, September 2, 2024

The Company is pleased to announce that Lars-Christian Svensen has commenced as Chief Commercial Officer of 2020 Bulkers Ltd. on September 1, 2024, as well as Chief Commercial Officer of Himalaya Shipping Ltd., under the management agreement between 2020 Bulkers Management AS and Himalaya Shipping Ltd.

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 65,000 share options to a person discharging managerial responsibilities 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 US$10.00. 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 800,000.

The following PDMR has been granted share options:

Lars-Christian Svensen (Contracted CCO), was granted 65,000 share options, following which he holds in total 65,000 share 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 twelve vessels in operation.

Hamilton, Bermuda, August 16, 2024

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

Highlights for the Second Quarter of 2024

–  Successful delivery and commencement of operations of the remaining three 210,000 dwt Newcastlemax dual fuel newbuildings in the second quarter of 2024, ordered from New Times Shipyard, resulting in a total delivered fleet of 12 vessels.

–  Total operating revenues of $31.2 million, which is an average time charter equivalent (“TCE”) earnings of approximately $34,600 per day, gross.  Average Baltic 5TC Capesize Index was $23,482 per day.

–  Net income of $6.9 million and Adjusted EBITDA of $24.0 million for the second quarter of 2024.

–  Conversion of index linked charters on Mount Blanc and Mount Neblina to fixed charters from May 1, 2024 to June 30, 2024 at an average rate of $37,275 per day. The vessels will continue to earn scrubber premium according to the terms of their existing time charter agreements.

–  Draw down of financing on the three delivered vessels by sale leaseback facilities provided by CCB Financial Leasing Company Limited (“CCBFL”), totaling $147.6 million. 

–  Declaration and payment of cash distributions for March and April 2024 of $0.03 and $0.04 per common share, respectively.

–  Declaration of cash distributions for May 2024 of $0.04 per common share, which was paid in July 2024.

Subsequent events

–  Conversion of index linked charters on Mount Blanc and Mount Neblina to fixed charters from July 1, 2024 to July 31, 2024 at an average of $35,000 per day. The vessels will continue to earn scrubber premium according to the terms of their existing time charter agreements.

–  Declaration of cash distributions for June and July 2024 of $0.05 and $0.06 per common share, respectively.

Contracted CEO, Herman Billung commented:

“All of our 12 ships have been successfully delivered from New Times Shipyard and are now generating revenue. We are pleased with the performance of the fleet and the relationship we are experiencing with our four reputable counterparties. Out of our 12 vessels, 10 are exposed to the spot market earning on average a premium of 42.25% to the Baltic 5TC (BCI) index.

In the first half of 2024, the Baltic 5TC Capesize index averaged $23,482 per day compared to $12,249 in the same period last year. This represents the second strongest first half we have witnessed in a decade, only behind 2021, and reflects a well-balanced market and a solid fundamental for an upward cycle that potentially could last for years to come. 

The Company has continued its strategy with paying monthly distributions to its shareholders. With limited need for capital investments, we expect that a sizeable amount of free cash-flow can be paid to the shareholders. On August 8, 2024, we declared cash distributions of $0.06 per share, and if our positive market outlook materializes there may be an upside on these payments.”

Questions should be directed to:

Herman Billung: Contracted CEO, +47918 31590

The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.06 as from today, August 16, 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 August 19, 2024.

Himalaya Shipping Ltd. (the “Company”) advises that the 2024 Annual General Meeting of the Company was held on August 15, 2024 at 10:00 ADT at 2^nd 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, 2023 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 re-elect Mr Bjørn Isaksen as a Director of the Company.
3. To re-elect Mr Carl E. Steen as a Director of the Company.
4. To re-elect Ms Georgina E. Sousa as a Director of the Company.
5. To re-elect Ms Mi Hong Yoon as a Director of the Company.
6. To re-elect Ms Jehan Mawjee as a Director of the Company.
7. To re-appoint PricewaterhouseCoopers AS as auditors and to authorize the Directors to determine their remuneration.
8. 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, 2024.

Hamilton, Bermuda

August 15, 2024

Himalaya Shipping Ltd. (the “Company”) advises that the 2024 Annual General Meeting of the Company was held on August 15, 2024 at 10:00 ADT at 2^nd 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, 2023 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 re-elect Mr Bjørn Isaksen as a Director of the Company.
3. To re-elect Mr Carl E. Steen as a Director of the Company.
4. To re-elect Ms Georgina E. Sousa as a Director of the Company.
5. To re-elect Ms Mi Hong Yoon as a Director of the Company.
6. To re-elect Ms Jehan Mawjee as a Director of the Company.
7. To re-appoint PricewaterhouseCoopers LLP as auditors and to authorize the Directors to determine their remuneration.
8. 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, 2024.

Hamilton, Bermuda

August 15, 2024

Hamilton, Bermuda, August 8, 2024

Commercial update:

In July 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$37,600 per day, gross¹, including average daily scrubber and LNG benefits on eleven vessels of approximately US$1,800 per day. The Company’s four vessels trading on fixed time charters earned approximately US$36,900 per day, gross, including average daily scrubber and LNG benefits on three vessels. The Company’s eight vessels trading on index-linked time charters earned approximately US$37,900 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$25,542 during July 2024.

The Company will have the following average rates fixed for a vessel that was previously on an index linked charter:

August to December 2024:        1 vessel at US$40,810 per day, gross

This vessel will continue to earn scrubber premium according to the terms of its existing time charter agreement.

Cash distribution:

The Board has approved a cash distribution of US$0.06 per share for July 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$0.06 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on August 30, 2024.

Date of approval: August 7, 2024

Record date: August 19, 2024

Payment date: On or about August 30, 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: August 16, 2024

Ex-date: August 19, 2024

The following dates apply to shares traded on Euronext:

Last day including right: August 15, 2024

Ex-date: August 16, 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 September 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.

¹Average 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 fleet 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.

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, 2024
Time charter revenues	$	13.5
Address commission	$	0.5
Operating revenues, gross	$	14.0
Fleet operational days		372
Average TCE Earnings, gross	$	37,600