Himalaya Shipping

Notice of Dividend Amount • Feb 8, 2024

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

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

Hamilton, Bermuda, February 8, 2024

Commercial update:

In January 2024, the Company achieved average time charter equivalent ("TCE")

earnings of approximately US$28,400 per day, gross[1]. The Company's six vessels

trading on a fixed time charter earned US$28,600 per day, gross, including

average daily scrubber and LNG benefits on five vessels of approximately $2,800

per day. The Company's three vessels trading on index-linked time charters

earned approximately US$28,000 per day, gross, including average daily scrubber

and LNG benefits of approximately US$3,000 per day. The index linked vessels

were delivered to their respective charterers to commence their time charters

between the 8th and the 15th of January. The Company's cash break-even TCE is

estimated to be approximately $24,600 per day.

The Baltic 5TC Capesize Index averaged US$20,565 during January 2024.

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

charters for Mount Bandeira and Mount Hua from February 1, 2024 to June 30,

2024. Following the conversion of the charters for these two vessels, the

Company will have the following average rates fixed for vessels that were

previously on index linked charters:

February 2024:              5 vessels at an average of $24,852 per day, gross

March 2024:                  5 vessels at an average of $24,852 per day, gross

April to June 2024:        2 vessels at an average of $26,866 per day, gross

In addition, two vessels will continue to earn a fixed scrubber premium of

$2,500 per day from February 1, 2024 to March 31, 2024. The remaining three

vessels will continue to earn scrubber premium according to the terms of their

existing time charter agreements.

Cash distribution:

The Board has approved a cash distribution of US$0.01 per share for January

2024. The distribution will be made from the Company's Contributed Surplus

account which consists of previously paid in share premium transferred from the

Company's Share Premium 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$0.01 per share

Declared currency: US$. Distributions payable to shares registered with Euronext

VPS will be paid out in NOK with fixing date on March 5, 2024.

Date of approval: February 7, 2024

Last day including right: February 20, 2024

Ex-date: February 21, 2024

Record date: February 22, 2024

Payment date: On or about March 5, 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 March 8, 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 nine vessels in operation and three 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 January 31, 2024

dollars except per day

data)

Time charter revenues $ 6.9

Address commission $ 0.2

Operating revenues, $ 7.1

gross

Fleet operational days 249

Average TCE Earnings, $ 28,400

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.