Himalaya Shipping Ltd. (HSHP) Announces its Preliminary Results for the Quarter Ended March 31, 2025

22 May 2025 08:30 CEST

Hamilton, Bermuda, May 22, 2025

Himalaya Shipping Ltd. ("Himalaya," "Himalaya Shipping" or the "Company")
announces preliminary unaudited results for the three months ended March 31,
2025.

Highlights for the First Quarter of 2025

* Total operating revenues of $22.0 million, which is an average time charter
equivalent ("TCE") earnings of approximately $21,100 per day, gross[1].
Average Baltic 5TC Capesize Index was $12,998 per day.

* Net loss of $6.4 million and Adjusted EBITDA[2] of $13.8 million.

* Cash distributions of $0.005, $0.005 and $0.04 per common share for January,
February and March 2025, respectively.

* Entered into a new time charter agreement for Mount Norefjell for 14 to 38
months. The vessel will earn an index-linked rate reflecting a premium to
the Baltic 5TC index that is higher than the average premium on our current
charters.

* Conversion of index-linked charters to fixed rate time charters for the
Mount Norefjell and Mount Hua from April 1, 2025 to December 31, 2025 at
$32,000 and $31,500 per day, respectively. These vessels will continue to
earn scrubber premium according to the terms of the existing time charter
agreements.

* Issuance of 2,650,000 common shares of par value $1.00 each in a private
placement at a price of $5.73 per share, raising net proceeds of
approximately $14.8 million.

Subsequent Events

* Average TCE earnings for April of approximately $25,800 per day, gross.

* In April 2025, the Board approved a grant of 200,000 share options to key
human resources. The share options granted have a five-year term and cliff
vest three years from the grant date. The exercise price is $7.50 per share
and will be reduced by any dividends and cash distributions paid.

* Commencement of Lars-Christian Svensen as contracted CEO and appointment of
Vidar Hasund as contracted CFO on April 1, 2025.

* In May 2025, the Company declared cash distribution for April 2025 of $0.025
per common share.

* On May 20, 2025, the Company applied for an uplisting from Euronext Expand
to Euronext Oslo Børs.

[1] The Company uses certain financial information calculated on a basis other
than in accordance with accounting principles generally accepted in the United
States (US GAAP) including average TCE earnings, gross and Adjusted EBITDA.
Average TCE earnings, gross, as presented herein, represents time charter
revenues and voyage charter revenues adding back address commissions and
divided by fleet operational days. Please refer to the appendix of this
release for a reconciliation of this non-GAAP measure to the most directly
comparable financial measures prepared in accordance with US GAAP.
[2] Adjusted EBITDA as presented herein represents our net income (loss) plus
depreciation of vessels and equipment; any loss (income) from equity method
investment; total financial expenses, net; and income tax expense. Please
refer to the appendix of this report for a reconciliation of Adjusted EBITDA
to net income.

About Himalaya Shipping Ltd.

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in
Bermuda. Himalaya Shipping has twelve vessels in operation.

May 22, 2025
The Board of Directors
Himalaya Shipping Ltd.
Hamilton, Bermuda

More information:
Access the news on Oslo Bors NewsWeb site

647135_Himalaya Shipping Ltd Q1 2025 Interim Financial Statements.pdf
647135_Himalaya Shipping Ltd Q1 2025 Investor Presentation.pdf
647135_Himalaya Shipping Ltd Q1 2025 Results Press Release.pdf