Himalaya Shipping

Earnings Release • Dec 6, 2023

Himalaya Shipping Ltd. (HSHP) - Commercial Update

Himalaya Shipping Ltd. (HSHP) - Commercial Update

Hamilton, Bermuda, December 6, 2023

In November 2023, the Company achieved average time charter equivalent ("TCE")

earnings of approximately US$33,200 per day, gross[1]. The Company's five

vessels trading on index-linked time charters earned approximately US$33,800 per

day, gross, including average daily scrubber and LNG benefits of approximately

US$1,300 per day. The Company's only vessel trading on a fixed time charter

earned US$30,000 per day, gross.

The Baltic 5TC Capesize Index averaged US$24,003 during November 2023.

The Company has agreed to convert its index linked charters to fixed rate time

charters for varying periods from December 1, 2023 to March 31, 2024 as follows:

December 2023:           5 vessels at an average of $33,417 per day, gross

January 2024:               5 vessels at an average of $25,465 per day, gross

February 2024:             3 vessels at an average of $23,508 per day, gross

March 2024:                 3 vessels at an average of $23,508 per day, gross

In addition, two vessels will earn a fixed scrubber premium of $2,500 per day

from December 1, 2023 to March 31, 2024. The remaining three vessels will

continue to earn scrubber premium according to the terms of the existing time

charter agreements.

For further queries, please contact:

Herman Billung, Contracted CEO

Telephone +47?918 31?590

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in

Bermuda. Himalaya Shipping has six vessels in operation and six Newcastlemax dry

bulk vessels under construction at New Times Shipyard in China. The remaining

newbuildings are expected to be delivered by Q2 2024.

Forward Looking Statements:

This announcement includes forward looking statements within the meaning of the

Private Securities Litigation Reform Act of 1995. These statements include

statements relating to the expected delivery date of our remaining newbuildings

under construction and other 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 include risks relating to the delivery of our remaining

newbuild vessels including the timing thereof and other risks, including those

set forth under the heading "Risk Factors" in our Registration Statement on Form

F-1/A 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.

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 November 30, 2023

dollars except per day

data)

Time charter revenues $ 5.8

Address commission $ 0.2

Operating revenues, $ 6.0

gross

Fleet operational days 180

Average TCE Earnings, $ 33,200

gross

[1] Average TCE earnings 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 operational days. Our management believes average

TCE earnings 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.