News Tag: News

The shares in Himalaya Shipping Ltd. will be traded ex cash distribution US$0.04 as from today, May 22, 2024.

Hamilton, Bermuda, May 8, 2024

Commercial update:

In April 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$32,100 per day, gross¹, including average daily scrubber and LNG benefits on nine vessels of approximately US$2,600 per day. The Company’s four vessels trading on fixed time charters earned approximately US$33,100 per day, gross, including average daily scrubber and LNG benefits on three vessels. The Company’s six vessels trading on index-linked time charters earned approximately US$31,300 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$20,034 during April 2024.

The Company has agreed to convert the index linked charters to fixed charter rates for Mount Blanc and Mount Neblina from May 1, 2024 to June 30, 2024 at an average rate of US$37,275 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:

May to June 2024:        5 vessels at an average of US$33,819 per day, gross

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

These vessels will continue to earn scrubber premium according to the terms of their respective existing time charter agreements.

“In light of the improved market conditions and the final two ships scheduled to be delivered in June, we have decided to increase the dividend for April 2024 to US$0.04 per share. It is the expectation of the Company that with the delivery of our last two ships 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 April 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 June 6, 2024.

Date of approval: May 7, 2024

Last day including right: May 21, 2024

Ex-date: May 22, 2024

Record date: May 23, 2024

Payment date: On or about June 6, 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 June 11, 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 ten vessels in operation and two Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by Q2 2024.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to the expected delivery date of our remaining newbuildings under construction and other non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to the delivery of our remaining newbuild vessels including the timing thereof and other risks, including those set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

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 April 30, 2024
Time charter revenues	$	8.7
Address commission	$	0.3
Operating revenues, gross	$	9.0
Fleet operational days		279
Average TCE Earnings, gross	$	32,100

Hamilton, Bermuda,  April 22, 2024

Himalaya Shipping Ltd. is pleased to announce that it has successfully taken delivery of the tenth of the twelve 210,000 dwt Newcastlemax dual fuel newbuildings the Company has on order from New Times Shipyard. The remaining two vessels are scheduled to be delivered during the month of June.

The vessel (“Mount Denali”) has been delivered to a major commodity trading company for an initial charter term until December 31, 2026, 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 proud of the rapid evolvement of the Company. By the end of June we will 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” says Herman Billung, contracted CEO of Himalaya Shipping

For further queries, please contact:

Herman Billung, Contracted CEO

Telephone +4791831590

The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.03 as from today, April 18, 2024.

Hamilton, Bermuda, April 9, 2024

Commercial update:

In March 2024, Himalaya Shipping Ltd. (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$34,300 per day, gross[1], including average daily scrubber and LNG benefits on eight vessels of approximately US$3,100 per day. The Company’s six vessels trading on fixed time charters earned approximately US$28,800 per day, gross, including average daily scrubber and LNG benefits on five vessels. The Company’s three vessels trading on index-linked time charters earned approximately US$45,200 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$31,245 during March 2024.

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

April to June 2024:       3 vessels at an average of US$31,514 per day, gross

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

These vessels will continue to earn scrubber premium according to the terms of their respective existing time charter agreements.

Cash distribution:

The Board has approved a cash distribution of US$0.03 per share for March 2024. The distribution will be made from the Company’s Contributed Surplus account.

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

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

Key information:

Distribution amount: US$0.03 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on May 3, 2024.

Date of approval: April 8, 2024

Last day including right: April 17, 2024

Ex-date: April 18, 2024

Record date: April 19, 2024

Payment date: On or about May 3, 2024.

Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about May 8, 2024.

This information is published in accordance with the requirements of the Continuing Obligations.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +47918 31590  

About Himalaya Shipping Ltd.: 

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has nine vessels in operation and three Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by Q2 2024.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to the expected delivery date of our remaining newbuildings under construction and other non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to the delivery of our remaining newbuild vessels including the timing thereof and other risks, including those set forth under “Item 3. Key Information — D. Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

Appendix A – Reconciliation of Non-U.S. GAAP Measures

Time Charter Equivalent (‘TCE”) Earnings, gross

The following table sets forth a reconciliation of time charter revenues to the average TCE earnings, gross (unaudited) for the period presented:

(In millions of U.S. dollars except per day data)	For the one-month period ended March 31, 2024
Time charter revenues	$	9.2
Address commission	$	0.3
Operating revenues, gross	$	9.5
Fleet operational days		279
Average TCE Earnings, gross	$	34,300

The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.03 as from today, March 18, 2024.

Hamilton, Bermuda, March 6, 2024

Commercial update:

In February 2024, Himalaya Shipping Limited (“Himalaya,” or the “Company”) achieved average time charter equivalent (“TCE”) earnings of approximately US$30,000 per day, gross[1]. The Company’s six vessels trading on a fixed time charter earned US$28,300 per day, gross, including average daily scrubber and LNG benefits on five vessels of approximately US$3,100 per day. The Company’s three vessels trading on index-linked time charters earned approximately US$33,300 per day, gross, including average daily scrubber and LNG benefits of approximately US$2,000 per day.

The Baltic 5TC Capesize Index averaged US$21,557 during February 2024.

The Company has agreed to convert the index linked charter to a fixed charter rate for Mount Etna from April 1, 2024 to December 31, 2024 at US$40,810 per day plus scrubber premium according to the terms of its existing time charter agreement. The average cash-break even is approximately US$24,600 per vessel per day, meaning that Mount Etna should generate US$4.4 million of free cash-flow to equity (assuming US$2,500 per day of scrubber benefit) for the remainder of the year.

Currently, Himalaya has 8 vessels trading on index linked charters. Once all vessels are delivered, which are expected to be by June 2024, Himalaya will have 11 vessels on index linked charters which can be converted to the prevailing FFA market rates in similar fashion as Mount Etna. One ship is fixed on a fixed time-charter rate.

Following the conversion of the time charter for Mount Etna, the Company will have the following average rates fixed for vessels that were previously on index linked charters:

March 2024:                   5 vessels at an average of US$24,852 per day, gross

April to June 2024:         3 vessels at an average of US$31,514 per day, gross

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

In addition, two vessels will continue to earn a fixed scrubber premium of US$2,500 per day in March 2024. The remaining vessels will continue to earn scrubber premium according to the terms of their respective existing time charter agreements.

Cash distribution:

The Board has approved a cash distribution of US$0.03 per share for February 2024. The distribution will be made from the Company’s Contributed Surplus account which consists of previously paid in share premium transferred from the Company’s Share Premium account.

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

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

Key information:

Distribution amount: US$0.03 per share

Declared currency: US$. Distributions payable to shares registered with Euronext VPS will be paid out in NOK with fixing date on April 5, 2024.

Date of approval: March 5, 2024

Last day including right: March 15, 2024

Ex-date: March 18, 2024

Record date: March 19, 2024

Payment date: On or about April 5, 2024.

Due to the implementation of CSDR in Norway, distributions payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about April 10, 2024.

This information is published in accordance with the requirements of the Continuing Obligations.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +47918 31590  

About Himalaya Shipping Ltd.: 

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has nine vessels in operation and three Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by Q2 2024.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to the expected delivery date of our remaining newbuildings under construction and other non-historical statements. These forward-looking statements are based on current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to the delivery of our remaining newbuild vessels including the timing thereof and other risks, including those set forth under the heading “Risk Factors” in our Registration Statement on Form F-1/A filed with the U.S. Securities and Exchange Commission.  Except as required by law, we undertake no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

Appendix A – Reconciliation of Non-U.S. GAAP Measures

Time Charter Equivalent (‘TCE”) Earnings, gross

The following table sets forth a reconciliation of time charter revenues to the average TCE earnings, gross (unaudited) for the period presented:

(In millions of U.S. dollars except per day data)	For the one-month period ended February 29, 2024
Time charter revenues	$	7.5
Address commission	$	0.3
Operating revenues, gross	$	7.8
Fleet operational days		261
Average TCE Earnings, gross	$	30,000

The shares in Himalaya Shipping Ltd. will be traded ex dividend US$0.01 as from today, February 21, 2024.

Hamilton, Bermuda, February 20, 2024

In September 2021, the Board established a long-term incentive plan for the Group’s directors and other key human resources (the “LTI Plan”) and approved a set of general rules for the LTI Plan. Furthermore, the Board allocated 800,000 of the Company’s authorised but unissued share capital as settlement of the exercised options granted under the LTI Plan.

The Board has resolved to grant 115,000 share options to key human resources and one director under the Company’s LTI Plan. Each share option gives the holder the right to purchase one share in the Company at an exercise price of USD 8.00. The share options will vest over a period of three years and expire five years after the grant date.

Following the grant, the total number of outstanding share options is 761,000.

The following primary insider was granted options:

Jehan Mawjee (Director), was granted 50,000 options, following which she holds in total 50,000 options.

Please see the attached form of notification and public disclosure by the PDMR.

This information is subject to the disclosure requirements in article 19 of the Regulation (EU) 596/2014 (the Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

For further queries, please contact:  

Herman Billung, Contracted CEO  

Telephone +47918 31590  

About Himalaya Shipping Ltd.: 

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has nine vessels in operation and three Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by Q2 2024.