Hamilton, Bermuda, July 9, 2025
Commercial update:
In June 2025, Himalaya Shipping Ltd. ("Himalaya," or the "Company") achieved
average time charter equivalent ("TCE") earnings of approximately US$34,500
per day, gross[1], including average daily scrubber benefits on twelve vessels
of approximately US$1,000 per day. The Company's two vessels trading on fixed
time charters earned approximately US$32,100 per day, gross, including average
daily scrubber benefits. The Company's ten vessels trading on index-linked
time charters earned approximately US$35,000 per day, gross, including average
daily scrubber benefits.
The Baltic 5TC Capesize Index averaged US$24,076 during June 2025.
Cash distribution:
The Board has approved a cash distribution of US$0.05 per share for June 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$0.05 per share
Declared currency: US$. Distributions payable to shares registered with
Euronext VPS will be paid out in NOK with fixing date on August 5, 2025.
Date of approval: July 8, 2025
Record date: July 21, 2025
Payment date: On or about August 5, 2025.
The following dates apply to shares traded on Euronext:
Last day including right: July 17, 2025
Ex-date: July 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 August 8, 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: July 18, 2025
Ex-date: July 21, 2025
This information is published in accordance with the requirements of the
Continuing Obligations.
For further queries, please contact:
Lars-Christian Svensen, Contracted CEO
Telephone +47476 38756
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, 2024 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) | June 30, 2025 | |
+----------------------------------+--------------------------------+--------+
| Time charter revenues | $ | 12.0 |
+----------------------------------+--------------------------------+--------+
| Address commission | $ | 0.4 |
+----------------------------------+--------------------------------+--------+
| Operating revenues, gross | $ | 12.4 |
+----------------------------------+--------------------------------+--------+
| | | |
| | | |
+----------------------------------+--------------------------------+--------+
| Fleet operational days | | 360 |
| | | |
+----------------------------------+--------------------------------+--------+
| Average TCE Earnings, gross | $ | 34,500 |
+----------------------------------+--------------------------------+--------+