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