Himalaya Shipping Ltd. (HSHP) Announces its Preliminary Results for the Quarter Ended March 31, 2024

23 May 2024 08:30 CEST

Hamilton, Bermuda, May 23, 2024

Himalaya Shipping Ltd. ("Himalaya," "Himalaya Shipping" or the "Company")
announces preliminary unaudited results for the quarter ended March 31, 2024.

Highlights for the quarter ended March 31, 2024

· Total operating revenues of $23.6 million, which is an average time charter
equivalent ("TCE") earnings of approximately $30,600 per day, gross.  Average
Baltic 5TC Capesize Index was US$24,286 per day.
· Net income of $2.5 million and Adjusted EBITDA of $16.8 million for the
quarter ended March 31, 2024.
· Converted index linked charters to fixed rate charter for three vessels for
varying periods from February 1, 2024 to December 31, 2024.
· Draw down of financing on the three delivered vessels by sale leaseback
facilities provided by Jiangsu Financial Leasing Co. Limited ("Jiangsu") and CCB
Financial Leasing Company Limited ("CCBFL"), totaling $98.6 million and $49.2
million, respectively.
· Declaration and payment of cash distribution for January 2024 of $0.01 per
common share.
· Declaration of cash distribution for February 2024 of $0.03 per common
share, which was paid in April 2024.

Subsequent events

· Successful delivery and commencement of operations in April 2024 of one
additional 210,000 dwt Newcastlemax dual fuel newbuilding, Mount Denali, ordered
from New Times Shipyard ("NTS"), resulting in a total delivered fleet of ten
vessels, with two additional vessels expected to be delivered in June 2024.
Mount Denali has been delivered to a major commodity trading company for an
initial charter term until December 31, 2026, with an evergreen structure
thereafter, and will earn time charter revenue based on an index linked rate
plus scrubber premium.
· Conversion of index linked charters on Mount Blanc and Mount Neblina to
fixed charters from May 1, 2024 to June 30, 2024 at an average rate of $37,275
per day. The vessels will continue to earn scrubber premium according to the
terms of their existing time charter agreements.
· Declaration of cash distribution for March and April 2024 of $0.03 and $0.04
per common share, respectively.

Contracted CEO, Herman Billung commented:

"We are proud of the rapid development of the Company. By the end of June, upon
the delivery of our remaining two newbuilds, we are expected to have a sailing
fleet of twelve state of the art vessels representing the youngest and most fuel
-efficient dry bulk fleet on the water today. All vessels have been employed by
reputable counterparties, with the index linked charters earning on average a
premium of 42.25% to the Baltic 5TC (BCI) index.

In line with the Company's strategy to ensure capital discipline and return
excess cash flow after debt service and working capital requirements to our
shareholders, during the first quarter of 2024, the Company declared its first
cash distributions and hopes that these distributions can continue to increase
with improving market conditions."

Questions should be directed to:

Herman Billung: Contracted CEO, +4791831590

More information:
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619485_Himalaya_Shipping_Ltd_Q1_2024_Results_press_release.pdf