Hamilton, Bermuda, October 26, 2023
Himalaya Shipping is pleased to announce it has entered into a time charter
agreement for one vessel with a major Japanese shipping and logistics company.
The vessel will commence a 24-month time charter with an evergreen structure
upon delivery from New Times Shipyard in the first half of 2024. The vessel will
earn an index linked rate, reflecting a significant premium to the Baltic 5TC
index, and 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 charters to fixed rates based on the prevailing FFA curve from time to
time.
Further, the Company has agreed to extend the charter for six of its vessels
with a major commodity trading company by an additional year, until the end of
2026.
With this the company has secured employment for its entire fleet, 1 vessel on
fixed time charter and the remaining 11 vessels fixed on index linked charters
will on average earn a premium of 42.25% to the Baltic 5TC.
"Himalaya Shipping has now fully fixed its entire fleet. We are pleased that our
vessels are achieving market high premiums and the fact that one of Himalaya's
counterparts is showing further commitment based on the quality of the fleet and
the experience gained so far trading the ships. Our simple structure, with index
linked charters earning a significant premium, low G&A cost and financing with 7
-year fixed bareboat rates puts us in a good position to deliver solid returns
to our shareholders", says Herman Billung contracted CEO of Himalaya Shipping.
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 ordered 12 LNG dual fuel Newcastlemax dry bulk
carriers, 6 of them delivered this year and the remaining 6 to be delivered by
Q3 2024.
Forward-Looking Statements
This announcement includes forward looking statements. Forward looking
statements are, typically, statements that do not reflect historical facts and
may be identified by words such as "anticipate", "believe", "continue",
"estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this announcement are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although Himalaya Shipping Ltd. believes that these assumptions are reasonable,
they are, by their nature, uncertain and subject to significant known and
unknown risks, contingencies and other factors which are difficult or impossible
to predict and which are beyond our control. Such risks, uncertainties,
contingencies and other factors could cause actual events to differ materially
from the expectations expressed or implied by the forward-looking statements
included herein.