Himalaya Shipping

Earnings Release • Aug 2, 2023

Himalaya Shipping Ltd. (HSHP) - Commencement of LNG bunkering

Himalaya Shipping Ltd. (HSHP) - Commencement of LNG bunkering

Hamilton, Bermuda, August 2, 2023

Himalaya Shipping is proud to announce that two of its ships, Mount Norefjell

and Mount Matterhorn, have bunkered with LNG in Singapore over the last days.

A Newcastlemax running on LNG reduces its CO\2\ emissions by 43% compared to a

standard Capesize ship, in addition to significantly reducing SOx and NOx.

On July 31, 2023, LNG prices (adjusted for calorific values) were $472/t[1]

compared to $537/t for HFO[2] and $610/t for VLSFO[2].

"We are pleased to see the first LNG bunkering of the Himalaya ships. Both the

environmental and economic benefit of running on LNG makes us confident in our

choice to invest in dual fuel engines. The high LNG prices seen in the wake of

the Russia-Ukraine conflict seems to be normalizing, and we believe, over time,

LNG prices will trade at a discount to oil. Of the around 2000 Capesize+ dry

bulk ships in the world, less than 2% can run on LNG, hence, Himalaya Shipping

is well positioned to benefit from the environmental regulations being

introduced" says CEO Herman Billung.

For further queries, please contact:

Herman Billung, Contracted CEO

Telephone +4791831590

About Himalaya Shipping Ltd.:

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

Bermuda. Himalaya Shipping has five vessels in operation and seven Newcastlemax

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

remaining newbuildings are expected to be delivered by July 2024.

Forward Looking Statements:

This announcement includes forward-looking statements. Forward looking

statements are, typically, statements that do not reflect historical facts and

may be identified by words such as "anticipate", "believe", "continue",

"estimate", "expect", "intends", "may", "should", "will" and similar

expressions, and include statements with respect to the vessels already

delivered and our business. The forward-looking statements in this announcement

are based upon various assumptions regarding the Company's present and future

business, many of which are based, in turn, upon further assumptions. Although

Himalaya Shipping Ltd. believes that these assumptions are reasonable, they are,

by their nature, uncertain and subject to significant known and unknown risks,

contingencies and other factors which are difficult or impossible to predict and

which are beyond our control. Such risks, uncertainties, contingencies and other

factors could cause actual events, including the Company's actual results,

performance or achievements, to differ materially from the expectations

expressed or implied by the forward-looking statements included herein.

[1] Platts LNG Singapore price (ex logistics)

[2] Platts HFO and VLSFO Singapore bunker price