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