Himalaya Shipping

Earnings Release • Jun 7, 2024

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

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

Hamilton, Bermuda, June 7, 2024

Commercial update:

In May 2024, Himalaya Shipping Ltd. ("Himalaya," or the "Company") achieved

average time charter equivalent ("TCE") earnings of approximately US$35,700 per

day, gross[1], including average daily scrubber and LNG benefits on nine vessels

of approximately US$2,600 per day. The Company's six vessels trading on fixed

time charters earned approximately US$35,800 per day, gross, including average

daily scrubber and LNG benefits on five vessels. The Company's four vessels

trading on index-linked time charters earned approximately US$35,700 per day,

gross, including average daily scrubber and LNG benefits.

The Baltic 5TC Capesize Index averaged US$23,424 during May 2024.

In addition, the Company is pleased to announce that it has successfully taken

delivery of the eleventh of the twelve 210,000 dwt Newcastlemax dual fuel

newbuildings that the Company has on order from New Times Shipyard. The

remaining vessel is scheduled to be delivered later this month.

The vessel ("Mount Aconcagua") will be delivered to a major Japanese shipping

company and will commence a 22 to 26 months' time charter, plus an option

exercisable by the counterparty for a further 11 to 13 months, and will earn an

index-linked rate, reflecting a significant premium to a standard Capesize

vessel. The time charter also includes a profit sharing of any economic benefit

derived from operating the vessel´s scrubber or running on LNG, as well as

certain rights to convert the time charter to fixed rate based on the prevailing

forward freight agreement (FFA) curve from time to time.

Heading into the third quarter, the Company will have one vessel on a fixed rate

until March 2025 and one of its index-linked time charters converted to a fixed

rate of US$40,810 plus scrubber benefit until December 31, 2024.

"It is the expectation of the Company that with the delivery of our last ship

later in June and if market conditions continue to improve, the Company should

benefit from increased cash flow, and with no further investment plans, it is

the intention of the Company to return excess cashflow to shareholders through

increasing dividends" says CEO Herman Billung.

Cash distribution:

The Board has approved a cash distribution of US$0.04 per share for May 2024.

The distribution will be made from the Company's Contributed Surplus account.

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 July 5, 2024.

Date of approval: June 6, 2024

Record date: June 17, 2024

Payment date: On or about July 5, 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: June 14, 2024

Ex-date: June 17, 2024

The following dates apply to shares traded on Euronext:

Last day including right: June 13, 2024

Ex-date: June 14, 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 July 10, 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 eleven vessels in operation and one Newcastlemax

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

newbuilding is expected to be delivered in June 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 "Item 3. Key Information - D. Risk Factors" in our Annual Report

on Form 20-F 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 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.

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 May 31, 2024

dollars except per day

data)

Time charter revenues $ 10.7

Address commission $   0.4

Operating revenues, $ 11.1

gross

Fleet operational days 310

Average TCE Earnings, $ 35,700

gross