The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.05 as from today, July 18, 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 July 19, 2024.
Hamilton, Bermuda, July 9, 2024
Commercial update:
In June 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$36,400 per day, gross1, including average daily scrubber and LNG benefits on eleven vessels of approximately US$2,000 per day. The Company’s six vessels trading on fixed time charters earned approximately US$35,500 per day, gross, including average daily scrubber and LNG benefits on five vessels. The Company’s six vessels trading on index-linked time charters earned approximately US$37,500 per day, gross, including average daily scrubber and LNG benefits.
The Baltic 5TC Capesize Index averaged US$24,924 during June 2024.
The Company has agreed to convert the index linked charters to fixed charter rates for Mount Blanc and Mount Neblina from July 1, 2024 to July 31, 2024 at an average rate of US$35,000 per day plus scrubber premium according to the terms of their existing time charter agreement.
The Company will have the following average rates fixed for vessels that were previously on index linked charters:
July 2024: 3 vessels at an average of US$36,937 per day, gross
August 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.
“All of our 12 ships are now delivered from the yard and generating revenue. We have the youngest and most fuel-efficient fleet in the dry bulk industry. With the orderbook for Capesize ships at 6.5%, close to a 30-year low, limited yard capacity until late 2028 and an aging fleet should pave the way for higher utilization in the coming years. We are already starting to see the market improving with YTD average Baltic 5TC Capesize Index at $23,700, up 93% compared to 2023.
The Company will continue its focus on capital discipline with no further investments needed. It is the firm intention to return excess cashflow to shareholders through monthly dividends going forward” says CEO Herman Billung.
Cash distribution:
The Board has approved a cash distribution of US$0.05 per share for June 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$0.05 per share
Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on July 31, 2024.
Date of approval: July 8, 2024
Record date: July 19, 2024
Payment date: On or about July 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: July 18, 2024
Ex-date: July 19, 2024
The following dates apply to shares traded on Euronext:
Last day including right: July 17, 2024
Ex-date: July 18, 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 August 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 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 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 June 30, 2024 | |
| Time charter revenues | $ | 11.9 |
| Address commission | $ | 0.4 |
| Operating revenues, gross | $ | 12.3 |
| Fleet operational days | 338 | |
| Average TCE Earnings, gross | $ | 36,400 |
Hamilton, Bermuda, June 14, 2024
Himalaya Shipping Ltd. is pleased to announce that it has successfully taken delivery of the twelfth and last of its series of 210,000 dwt Newcastlemax dual fuel newbuildings the Company has ordered from New Times Shipyard (NTS).
The vessel (“Mount Emai”) will be delivered to a major Japanese shipping company and will commence a 23 to 27 months’ time charter, plus an option exercisable by the counterparty for a further 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 has certain rights to convert the time charter to a fixed rate, based on the prevailing forward freight agreement (FFA) curve from time to time.
The Company would like to express its appreciation to NTS which in cooperation with our excellent site team, have proven to be able to deliver high-quality vessels always ahead of contractual delivery dates.
“This marks a significant milestone for Himalaya Shipping. We are meeting what we believe will be a very interesting cycle ahead of us with a state of the art fleet representing the youngest and most fuel efficient dry bulk fleet on the water today” says Herman Billung, contracted CEO of Himalaya Shipping.
For further queries, please contact:
Herman Billung, Contracted CEO
Telephone +47918 31590
About Himalaya Shipping Ltd.:
Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has 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 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.
The shares in Himalaya Shipping Ltd. will be traded on Euronext Expand Oslo ex cash distribution US$0.04 as from today, June 14, 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 June 17, 2024.
Hamilton, Bermuda, June 11, 2024
The Board of Directors of 2020 Bulkers Limited have announced today that Mr. Lars-Christian Svensen will join 2020 Bulkers Management AS as Chief Commercial Officer on September 1, 2024. Concurrently, Mr. Svensen will also be appointed Chief Commercial Officer of Himalaya Shipping Ltd., under the management agreement between 2020 Bulkers Management AS and Himalaya Shipping Ltd.
Mr. Svensen has a 17-year career in international shipping. From 2007 to 2008, he worked as a shipbroker for Cmarine Services and from 2008 to 2009, he served as a Project Analyst for Petredec Pte Ltd in Singapore. From 2009 to 2020, Mr. Svensen was employed by Western Bulk, where he held various positions within the group in Singapore (Head of Arabian Gulf), Seattle, US (President), and Oslo (Senior Vice President). From 2020 – 2024, he acted as CCO and CEO of Golden Ocean Management AS.
Furthermore, the Board of Directors of 2020 Bulkers Limited announced that from April 1, 2025, Mr. Svensen will transition and will assume the role as Chief Executive Officer of 2020 Bulkers Management, as well as be appointed as functioning Chief Executive Officer of Himalaya Shipping Ltd., under the management agreement between 2020 Bulkers Management AS and Himalaya Shipping Ltd. This will coincide with the present Chief Executive Officer, Herman Billung, reaching his retirement age at 67 years. Following his retirement from his current role as Chief Executive Officer, Mr. Billung will assume a role as Special Advisor to the Board and Management of 2020 Bulkers Management and Himalaya Shipping.
The Board of Directors are very pleased to have secured a solid succession plan for the Companies. Further, we are extremely thankful for the fact that we will be able to draw on Mr. Billung´s vast experience following his retirement in April 2025.
Mr Herman Billung commented: “I am happy that Lars-Christian has decided to join, in what I firmly believe, will be a very interesting journey in the years to come. I have learned to know him as an energetic and knowledgeable person, who I believe is the right person for the job. After more than 35 years in the dry bulk industry it is important for me to leave the helm with a succession plan benefitting our shareholders in the best possible manner. I hope that my experience and network will contribute positively in my new role as a Senior Advisor. I would like to thank the Board and my colleagues for the trust and opportunities given to me”.
Mr. Lars-Christian Svensen commented: “I am very pleased to join 2020 Bulkers and Himalaya Shipping, two of the most modern Newcastlemax owners in the world. With the most efficient fleet in this segment, the companies hold a strategic advantage that I hope to further develop in my new role. I look forward to working with the team to utilize the efficiency and decarbonization strategy already in place and contribute to the fleet’s commercial performance. I want to thank the Owners and the Boards of the respective companies for their confidence and look forward to playing a central role in creating further shareholder value”.
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 eleven vessels in operation and one Newcastlemax dry bulk vessel under construction at New Times Shipyard in China. The remaining newbuilding is expected to be delivered in June 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.
Hamilton, Bermuda, June 10, 2024
Himalaya Shipping Ltd. advises that the 2024 Annual General Meeting of the company will be held on August 15, 2024. The record date for voting at the Annual General Meeting is set to June 11, 2024.
A copy of the Notice of Annual General Meeting and Form of Proxy, and associated information including the Company’s Annual Report can be found on the Company’s website at http://www.himalaya-shipping.com and attached to this press release. The notice and associated information will also be distributed to shareholders by normal distribution methods.
Hamilton, Bermuda, June 7, 2024
Commercial update:
In May 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$35,700 per day, gross1, including average daily scrubber and LNG benefits on nine vessels of approximately US$2,600 per day. The Company’s six vessels trading on fixed time charters earned approximately US$35,800 per day, gross, including average daily scrubber and LNG benefits on five vessels. The Company’s four vessels trading on index-linked time charters earned approximately US$35,700 per day, gross, including average daily scrubber and LNG benefits.
The Baltic 5TC Capesize Index averaged US$23,424 during May 2024.
In addition, the Company is pleased to announce that it has successfully taken delivery of the eleventh of the twelve 210,000 dwt Newcastlemax dual fuel newbuildings that the Company has on order from New Times Shipyard. The remaining vessel is scheduled to be delivered later this month.
The vessel (“Mount Aconcagua”) will be delivered to a major Japanese shipping company and will commence a 22 to 26 months’ time charter, plus an option exercisable by the counterparty for a further 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.
Heading into the third quarter, the Company will have one vessel on a fixed rate until March 2025 and one of its index-linked time charters converted to a fixed rate of US$40,810 plus scrubber benefit until December 31, 2024.
“It is the expectation of the Company that with the delivery of our last ship later in June and if market conditions continue to improve, the Company should benefit from increased cash flow, and with no further investment plans, it is the intention of the Company to return excess cashflow to shareholders through increasing dividends” says CEO Herman Billung.
Cash distribution:
The Board has approved a cash distribution of US$0.04 per share for May 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$0.04 per share
Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on July 5, 2024.
Date of approval: June 6, 2024
Record date: June 17, 2024
Payment date: On or about July 5, 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: June 14, 2024
Ex-date: June 17, 2024
The following dates apply to shares traded on Euronext:
Last day including right: June 13, 2024
Ex-date: June 14, 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 July 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 eleven vessels in operation and one Newcastlemax dry bulk vessel under construction at New Times Shipyard in China. The remaining newbuilding is expected to be delivered in June 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.
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 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 May 31, 2024 | |
| Time charter revenues | $ | 10.7 |
| Address commission | $ | 0.4 |
| Operating revenues, gross | $ | 11.1 |
| Fleet operational days | 310 | |
| Average TCE Earnings, gross | $ | 35,700 |
Hamilton, Bermuda, May 30, 2024
Himalaya Shipping Ltd. advises that the 2024 Annual General Meeting will be held on August 15, 2024. The record date for voting at the Annual General Meeting is set to June 11, 2024. The notice, agenda and associated material will be distributed prior to the meeting.
Hamilton, Bermuda, May 23, 2024
Himalaya Shipping Ltd. (the “Company”) has today filed its Unaudited Interim Financial Report for the three months ended March 31, 2024, on Form 6-K, with the U.S Securities and Exchange Commission.
The report is attached to this release and can also be found on the Company’s website www.himalaya-shipping.com and the U.S Securities and Exchange Commission website, www.sec.gov.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Hamilton, Bermuda, May 23, 2024
Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the quarter ended March 31, 2024.
Highlights for the quarter ended March 31, 2024
Subsequent events
Contracted CEO, Herman Billung commented:
“We are proud of the rapid development of the Company. By the end of June, upon the delivery of our remaining two newbuilds, we are expected to have a sailing fleet of twelve state of the art vessels representing the youngest and most fuel-efficient dry bulk fleet on the water today. 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 (BCI) index.
In line with the Company’s strategy to ensure capital discipline and return excess cash flow after debt service and working capital requirements to our shareholders, during the first quarter of 2024, the Company declared its first cash distributions and hopes that these distributions can continue to increase with improving market conditions.”
Questions should be directed to:
Herman Billung: Contracted CEO, +4791831590