Hamilton, Bermuda, November 9, 2023
In October 2023, the Company achieved average time charter equivalent ("TCE")
earnings of approximately US$35,400 per day, gross[1]. The Company's five
vessels trading on index-linked time charters earned approximately US$36,500 per
day, gross, including average daily scrubber and LNG benefits of approximately
US$1,300 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$25,557 during October 2023.
For further queries, please contact:
Herman Billung, Contracted CEO
Telephone +47?918 31?590
About Himalaya Shipping Ltd.:
Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in
Bermuda. Himalaya Shipping has six vessels in operation and six 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. For the one-month period ended October 31, 2023
dollars except per day
data)
Time charter revenues $ 6.4
Address commission $ 0.2
Operating revenues, $ 6.6
gross
Fleet operational days 186
Average TCE Earnings, $ 35,400
gross
[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 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.