Himalaya Shipping Ltd. (HSHP) - Commercial Update and Key Information Relating to the Cash Distribution for October 2024

07 Nov 2024 08:35 CET

Hamilton, Bermuda,November 7, 2024

Commercial update:

In October 2024, Himalaya Shipping Ltd. ("Himalaya," or the "Company") achieved
average time charter equivalent ("TCE") earnings of approximately US$31,700 per
day, gross[1], including average daily scrubber and LNG benefits on eleven
vessels of approximately US$1,700 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$31,900 per day, gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$20,903 during October 2024.

Cash distribution:
The Board has approved a cash distribution of US$0.04 per share for October
2024. The distribution will be made from the Company's Contributed Surplus
account. The decrease in cash distribution in comparison to the previous month
reflects a decrease in the market and the requirement to build the final step-up
in minimum cash to $12.3 million by December 2024 in accordance with the
covenants in our financing arrangements.

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$0.04 per share
Declared currency: US$. Distributions payable to shares registered with Euronext
VPS will be paid out in NOK with fixing date on November 29, 2024.

Date of approval: November 6, 2024

Record date: November 18, 2024

Payment date: On or about November 29, 2024.

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: November 15, 2024

Ex-date: November 18, 2024

The following dates apply to shares traded on Euronext:

Last day including right: November 14, 2024

Ex-date: November 15, 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 December 4, 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 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. For the one-month period ended
dollars except per day
data) October 31, 2024
Time charter revenues $ 11.4
Address commission $   0.4
Operating revenues, $ 11.8
gross

Fleet operational days 372
Average TCE Earnings, $ 31,700
gross

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