Himalaya Shipping Ltd. (HSHIP) – Time charters for two vessels

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Hamilton, Bermuda, 7 October 2022,

Himalaya Shipping is pleased to announce it has entered into time charter agreements for two vessels with one of the major commodity companies, a company also committed to energy transition.

The vessels will commence a 32-38 month time charter, plus option for 11-13 month, upon delivery from New Times Shipyard and will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index. The time charters also include 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 charters to fixed rates based on the prevailing FFA curve from time to time.

“The first charter agreements agreed on our vessels shows the attractiveness of our design and fuel consumption. The premium to the Baltic 5TC index we are earning is to our knowledge a new record for the class of vessels we own. Based on current Capesize spot index rate, the premium to index and the scrubber benefit, today the vessels are estimated to generate time charter equivalent earnings of approximately US$35,000. The Capesize equivalent cash breakeven is estimated at approximately US$14,000 per day when all vessels are delivered. We are in advanced discussions about securing further employment for our fleet.” says Herman Billung, contracted CEO of Himalaya Shipping.

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 ordered 12 LNG dual fuel Newcastlemax dry bulk carriers with delivery between Q2 2023 and Q4 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. The forward-looking statements in this announcement are based upon various assumptions, 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 to differ materially from the expectations expressed or implied by the forward-looking statements included herein.