News Tag: Interim

Hamilton, Bermuda, November 15, 2023

Himalaya Shipping Limited (the “Company”) has today filed its Unaudited Interim Financial Report for the three months and nine months ended September 30, 2023, on Form 6-K, with the U.S Securities and Exchange Commission.

The report is attached to this release and can also be found on the Company’s website www.himalaya-shipping.dev11.dekodes.no and the U.S Securities and Exchange Commission website, www.sec.gov.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Hamilton, Bermuda, August 8, 2023

Himalaya Shipping Limited (“Himalaya”, “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the six months ended June 30, 2023.

Highlights for the First Half of 2023

• Completed Initial Public Offering (“IPO”) in the U.S. in April 2023, raising net equity proceeds of $44.9 million including the partial exercise of the over-allotment option.
• Successful delivery and commencement of operations of four of the twelve 210,000 dwt Newcastlemax dual fuel newbuildings ordered from New Times Shipyard, generating total operating revenues of $8.2 million, which is an average time charter equivalent (“TCE”) earnings of approximately $25,700 per day, gross. 
• Cash and cash equivalents of $24.2 million at the end of the first half of 2023.
• EBITDA of $4.2 million for the six months ended June 30, 2023.
• Amendment to the sale leaseback agreements in February 2023 with AVIC International Leasing Co. (“AVIC”) for the first four newbuildings to finance 90% of the cost to install the exhaust gas cleaning systems (EGCS) or “scrubbers” or $2.2 million for each vessel. 
• Final installments for the first four delivered vessels were financed by sale leaseback facilities provided by AVIC totaling $200.0 million.
• Installment payments on five of our newbuilding vessels totaling $48.0 million financed by pre-delivery financing with CCB Financial Leasing Company Limited (“CCBFL”) and Jiangsu Financial Leasing Co. Ltd. (“Jiangsu”).
• Secured time charter agreements for two vessels for 22 to 26 months’ time charter, plus an option exercisable by the counterparty for a further 11 to 13 months between January and July 2024. Both vessels will earn an index-linked rate, reflecting a significant premium to the Baltic 5TC index (BCI).   

Subsequent events

• In July 2023, Mount Matterhorn was successfully delivered and commenced its 32-to-38 month index-linked time charter.
• In July 2023, the charterers of  “Mount Norefjell” and “Mount Matterhorn” decided to bunker LNG on these vessels. The LNG bunker operations were completed successfully. 

Contracted CEO, Herman Billung commented:

“The first half of 2023 has been transformational for Himalaya Shipping. From starting with an idea, to already having five ships in operations and being listed on the New York Stock Exchange (NYSE), we have achieved the first stepping stone in what is going to be many exciting years ahead. 

We strongly believe that we have the right ships, at the right time. The order book for Capesize vessels is below 5%, a 25-year low. Most yards don’t have capacity to build large dry bulk ships before well into 2027, and the prices quoted are above $86 million for similar ships to ours. In addition, the aging fleet coupled with the new environmental regulations coming, means we should have improved utilization for the coming years. Further, we have the right ships. Our dual fueled Newcastlemaxes have demonstrated their attractiveness to charterers, and consequently have been fixed at the highest premium to Capesize index rates we know about. The ships can reduce CO2 emissions by more than 40% when running on LNG and are prepared to meet as well as benefit from, more environmental regulations coming into force. With natural gas prices decreasing, being able to fuel our ships with LNG can give further economic benefit to Himalaya. We have the right financing with 7-years fixed rate interest rates, giving the Company an attractive cash break-even. Finally, the strategy we are following, with no plans for further investments in ships, means that most of the cash generated after debt service will be distributed to shareholder through monthly dividends. We think this is the right approach in a cyclical industry.”

Hamilton, Bermuda, March 7, 2023

Himalaya Shipping Ltd. today announced its audited financial results for the twelve months ended December 31, 2022.

The Consolidated Financial Statements are available in the enclosed file.

The Annual Report for 2022 is scheduled to be published on March 29, 2023.

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 one vessel in operation and eleven Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by August 2024.

Hamilton, Bermuda, August 10, 2022

Himalaya Shipping Ltd. (“Himalaya” or the “Company”), today announced its unaudited financial and operating results for the three months and six months ended June 30, 2022.

Key events during the first half of 2022

–          The Company reported net loss of US$0.6 million and US$1.0 million for the three months and six months ended June 30, 2022, respectively.

 

–          In February 2022, the Company completed the sale leaseback financing for the first four newbuildings to be delivered from New Times Shipyard.

 

–          In April 2022, the Company entered into sale leaseback arrangements with CCBFL for newbuilds 5-12 to be delivered from New Times Shipyard securing financing for its complete newbuilding program of 12 dual fuel Newcastlemax vessels

 

–          On April 29, 2022, the Company was listed on the Euronext Expand.

 

Subsequent Events

–          In August 2022, the Company drew on the sale leaseback financing to pay the fourth instalments on the first two newbuildings to be delivered.

The Board of Directors Report and the Condensed Consolidated Financial Statements are available in the enclosed files.

For further queries please contact Herman Billung, Contracted CFO, +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 fueled Newcastlemax dry bulk carriers with delivery between Q2 2023 and Q4 2024. 

 

August 10, 2022

Board of Directors

Himalaya Shipping Ltd.

Hamilton, Bermuda

 

Hamilton, Bermuda, February 28, 2022

Himalaya Shipping Ltd. (“Himalaya” or the “Company”), today announced its unaudited financial and operating results for the three months and period from March 17 to December 31, 2021.

Key events during the fourth quarter of 2021

• The Company reported net loss of US$0.5 million

• On October 30, 2021, Mr. Erling Lind resigned as a Director of the Company and was replaced with Carl Erik Steen who was appointed Director of the Company from November 1, 2021.

• In December, the Company received credit approval for the sale leaseback financing of the first four vessels to be delivered from New Times Shipyard.

• On December 22, 2021, the Company was listed on the Euronext Growth.

• On December 30, 2021, the Company appointed Herman Billung as functioning CEO, effective as of February 1, 2022, under the management agreement between 2020 Bulkers Management AS and Himalaya Shipping Ltd.

Subsequent Events

• In February 2022, the Company completed the sale leaseback financing for the first four newbuildings to be delivered from New Times Shipyard.

• In February 2022, the Company received credit approval for sale leaseback financing for the last eight newbuildings to be delivered from New Times Shipyard.

The Board of Directors Report and the Condensed Consolidated Financial Statements are available in the enclosed files.

For further queries please contact Herman Billung, Contracted CEO, +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 fuelled Newcastlemax dry bulk carriers with delivery between Q2 2023 and Q4 2024. 

February 28, 2022

Board of Directors

Himalaya Shipping Ltd.

Hamilton, Bermuda