Hamilton, Bermuda, March 7, 2025
Commercial update:
In February 2025, Himalaya Shipping Ltd. ("Himalaya," or the "Company")
achieved average time charter equivalent ("TCE") earnings of approximately
US$14,300 per day, gross[1], including average daily scrubber and LNG benefits
on eleven vessels of approximately US$1,400 per day. The Company's one vessel
trading on a fixed time charter earned approximately US$30,000 per day, gross.
The Company's eleven vessels trading on index-linked time charters earned
approximately US$12,900 per day, gross, including average daily scrubber and
LNG benefits.
The Baltic 5TC Capesize Index averaged US$7,936 during February 2025.
Cash distribution:
The Board has approved a cash distribution of US$0.005 per share for February
2025. 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$0.005 per share
Declared currency: US$. Distributions payable to shares registered with
Euronext VPS will be paid out in NOK with fixing date on April 22, 2025.
Date of approval: March 6, 2025
Record date: March 19, 2025
Payment date: On or about April 22, 2025.
Due to the shortening of the Settlement Cycle in the US markets, the following
dates apply to shares traded in the New York Stock Exchange:
Last day including right: March 18, 2025
Ex-date: March 19, 2025
The following dates apply to shares traded on Euronext:
Last day including right: March 17, 2025
Ex-date: March 18, 2025
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 25, 2025.
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 twelve vessels in operation.
Forward Looking Statements:
This announcement includes forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements include
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
are set forth under "Item 3. Key Information --- D. Risk Factors" in our
Annual Report on Form 20-F for the year ended December 31, 2023 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.
[1] Average TCE earnings, gross 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 fleet operational days. Our
management believes average TCE earnings, gross 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 | For the one-month period ended | |
| except per day data) | February 28, 2025 | |
+----------------------------------+--------------------------------+--------+
| Time charter revenues | $ | 4.6 |
+----------------------------------+--------------------------------+--------+
| Address commission | $ | 0.2 |
+----------------------------------+--------------------------------+--------+
| Operating revenues, gross | $ | 4.8 |
+----------------------------------+--------------------------------+--------+
| | | |
| | | |
+----------------------------------+--------------------------------+--------+
| Fleet operational days | | 336 |
| | | |
+----------------------------------+--------------------------------+--------+
| Average TCE Earnings, gross | $ | 14,300 |
+----------------------------------+--------------------------------+--------+