Himalaya Shipping

Earnings Release • May 22, 2025

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

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

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,

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