News Tag: Report

Hamilton, Bermuda, August 11, 2026

Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the three and six months ended June 30, 2026.

Highlights for the Second Quarter of 2026

• Total time-charter revenues of $53.3 million, which represents average time charter equivalent (“TCE”) earnings of approximately $50,600 per day, gross^[1]. Average Baltic 5TC 180 Capesize Index was $36,303 per day.

• Net income of $24.6 million and EBITDA^[2] of $44.0 million.

• Entered into a new time charter agreement for the Mount Emai for a period of 12 to 14 months at an index-linked rate, reflecting a significant premium to the Baltic 5TC 180 Capesize index.

• Converted the index-linked time charters for four vessels to fixed-rate time charters at an average rate of approximately $56,500 per day, gross, for the month of June 2026.

• Cash distributions of $0.15, $0.22 and $0.22 per common share for April, May and June 2026, respectively.

Subsequent Events

• Achieved TCE earnings for July 2026 of approximately $51,200 per day, gross.

• Declared a cash distribution of $0.22 per common share for July 2026.

• Entered into a new time charter agreement for the Mount Aconcagua for a period of 16 to 18 months at an index-linked rate, reflecting a significant premium to the Baltic 5TC 180 Capesize index.

• Converted the index-linked time charters for two vessels to fixed-rate time charters at an average rate of approximately $51,200 per day, gross, from August 1,2026 to December 31, 2026.

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

August 11, 2026
The Board of Directors
Himalaya Shipping Ltd.
Hamilton, Bermuda

^[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 EBITDA. Average daily TCE earnings, gross, as presented above, 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 measure prepared in accordance with US GAAP.

^[2] EBITDA as presented above represents our net income plus depreciation and amortization of fixed assets; total financial expenses, net; and income tax expense. Please refer to the appendix of this report for a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with US GAAP.

Hamilton, Bermuda, May 21, 2026

Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the three months ended March 31, 2026.

Highlights for the First Quarter of 2026

• Total operating revenues of $33.6 million, which is an average time charter equivalent (“TCE”) earnings of approximately $32,300 per day, gross^[1]. Average Baltic 5TC 180 Capesize Index was $22,902 per day.
• Net income of $5.0 million and EBITDA^[2] of $24.5 million.
• Entered into a new time charter agreement for the Mount Ita for a period of 11 to 14 months at an index-linked rate, reflecting a significant premium to the Baltic 5TC 180 Capesize index.
• Entered into a new time charter agreement for the Mount Matterhorn for a period of 12 to 14 months at an index-linked rate, reflecting a significant premium to the Baltic 5TC 180 Capesize index.
• Cash distributions of $0.06 per common share for each of January, February and March 2026.
• Entered into a contract to acquire an additional 4,200 shares in 2020 Bulkers Management AS from 2020 Bulkers Ltd. for NOK1.1 million, which will be effective on April 1, 2026, increasing total ownership from 40% to 54%.

Subsequent Events

• Achieved TCE earnings for April 2026 of approximately $41,600 per day, gross.
• Declared a cash distribution of $0.15 per common share for April 2026.
• Entered into a new time charter agreement for the Mount Emai for a period of 12 to 14 months at an index-linked rate, reflecting a significant premium to the Baltic 5TC 180 Capesize index.

About Himalaya Shipping Ltd.

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

May 21, 2026

The Board of Directors
Himalaya Shipping Ltd.
Hamilton, Bermuda

^[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 EBITDA. Average daily TCE earnings, gross, as presented above, 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 measure prepared in accordance with US GAAP.
^[2] EBITDA as presented above represents our net income plus depreciation of vessels and equipment; total financial expenses, net; and income tax expense. Please refer to the appendix of this report for a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with US GAAP.

Hamilton, Bermuda, February 10, 2026

Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the three and twelve months ended December 31, 2025.

Highlights for the Fourth Quarter of 2025

• Total operating revenues of $42.1 million, which is an average time charter equivalent (“TCE”) earnings of approximately $39,600 per day, gross¹. Average Baltic 5TC Capesize Index was $28,875 per day.
• Net income of $13.5 million and EBITDA² of $33.3 million.
• Converted the index-linked time charters for four vessels to fixed rate time charters at an average rate of approximately US$27,700 per day, gross, from January 1, 2026 to March 31, 2026.
• Entered into a new time charter agreement for Mount Elbrus until June 30, 2026 at a fixed rate of $30,000 per day, gross, which thereafter will convert to an index linked rate reflecting a significant premium to the Baltic 5TC index with an evergreen structure.
• Entered into a new time charter agreement for Mount Ita for a period of 11 to 14 months at an index linked rate, reflecting a significant premium to the Baltic 5TC index.
• Cash distributions of $0.07, $0.10 and $0.13 per common share for October, November and December 2025, respectively.

Subsequent Events

• Achieved time charter equivalent earnings for January 2026 of approximately $32,400 per day, gross.
• Declared a cash distribution of $0.06 per common share for January 2026.
• Entered into a contract to acquire an additional 4,200 shares in 2020 Bulkers Management AS from 2020 Bulkers Ltd. for NOK1.1 million, which will be effective on April 1, 2026, for a total ownership of 54%.

About Himalaya Shipping Ltd.

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

February 10, 2026

The Board of Directors
Himalaya Shipping Ltd.
Hamilton, Bermuda

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 EBITDA. Average daily TCE earnings, gross, as presented above, 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 EBITDA as presented above represents our net income plus depreciation of vessels and equipment; total financial expenses, net; and income tax expense. Please refer to the appendix of this report for a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with US GAAP.

Hamilton, Bermuda, November 6, 2025

Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the three and nine months ended September 30, 2025.

Highlights for the Third Quarter of 2025

• Total operating revenues of $37.9 million, which is an average time charter equivalent (“TCE”) earnings of approximately $35,600 per day, gross^[1]. Average Baltic 5TC Capesize Index was $24,684 per day.
• Net income of $9.5 million and EBITDA^[2] of $29.3 million.
• Converted the index-linked time charters for four vessels to fixed rate time charters at an average rate of approximately US$35,300 per day, gross, from August 1, 2025 to September 30, 2025.
• Converted the index-linked time charters for four vessels to fixed rate time charters at an average rate of approximately US$38,500 per day, gross, from October 1, 2025 to December 31, 2025.
• Cash distributions of $0.04, $0.10 and $0.10 per common share for July, August and September 2025, respectively.

Subsequent Events

• Achieved time charter equivalent earnings for October 2025 of approximately $36,800 per day, gross.
• Declared a cash distribution of $0.07 per common share for October 2025.

^[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 EBITDA. Average daily TCE earnings, gross, as presented above, 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] EBITDA as presented above represents our net income (loss) plus depreciation of vessels and equipment; total financial expenses, net; and income tax expense. Please refer to the appendix of this report for a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with US GAAP.

About Himalaya Shipping Ltd.

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

November 6, 2025

The Board of Directors
Himalaya Shipping Ltd.
Hamilton, Bermuda

Hamilton, Bermuda, August 8, 2025

Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the three and six months ended June 30, 2025.

Highlights for the Second Quarter of 2025

• Net income of $1.1 million and EBITDA[1] of $20.9 million for the quarter ended June 30, 2025.
• Achieved average daily time charter equivalent (“TCE”) earnings of approximately $28,400 per day, gross[2].
• Commencement of Lars-Christian Svensen as contracted CEO and appointment of Vidar Hasund as contracted CFO on April 1, 2025.
• In April 2025, the Board approved a grant of 200,000 share options to key human resources.
• On June 3, 2025, the Company successfully completed the uplisting from Euronext Expand to Euronext Oslo Børs.
• Declared cash distributions of $0.025, $0.03 and $0.05 per common share for April, May and June 2025, respectively.

Subsequent events

• Converted the index-linked time charters for four vessels to fixed rate time charters at an average rate of approximately US$35,300 per day, gross, from August 1, 2025 to September 30, 2025.
• Achieved average daily TCE earnings for July 2025 of appproximately $32,700 per day, gross.
• Declared a cash distribution $0.04 per common share for July 2025.

Contracted CEO, Lars-Christian Svensen commented:

“During the second quarter of 2025, the Baltic Capesize Index (BCI) averaged $18,681 per day, while the Himalaya fleet achieved average TCE earnings of around $28,400 per day over the same period. This performance underscores the strong capabilities and potential of our vessels, as well as the solid commercial execution to date. Of our 12 vessels, 10 were active in the spot market, earning an average premium of 42.2% over the Baltic 5TC (BCI) index (excluding scrubber benefits).

In the second quarter of 2025, the Baltic 5TC Capesize index averaged $18,681 per day, compared to $22,665 during the same period in the previous year. Despite a slow start to the year, particularly due to two major typhoons that disrupted iron ore exports from Australia in February 2025, the market has since rebounded. This recovery has been driven by a 27% year-on-year increase in global bauxite shipments in the first half of 2025, totaling 126 million MT, along with a 4% increase in iron ore exports from Brazil, totaling 195 million MT. Broken down by the three big commodities, we experienced a ton mile development of 1.5% decrease in iron ore, a 14% decrease in coal, offset by a 27% increase in bauxite. With a low order book and the emergence of more tonne-mile intensive trades, such as the Simandou project in Guinea expected to commence in November 2025, we anticipate a well-balanced market and a strong foundation for a potentially prolonged upward cycle.

The market continues to face US tariffs and trade war uncertainties, however, these have not directly impacted the Capesize and Newcastlemax segments, with less than 2% of exports of the total large size drybulk trades affected and no material impact on imports.

The Company has maintained its strategy of making monthly distributions to its shareholders. Given the limited need for capital expenditures, we expect a significant portion of free cash flow to be paid to shareholders. On August 7, 2025, we declared a cash distribution of $0.04 per share. If our positive market outlook materializes, there may be a potential to increase distributions.”

[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 daily TCE earnings, gross and EBITDA. EBITDA as presented above represents our net income (loss) plus depreciation of vessels and equipment; total financial expenses, net; and income tax expense. Please refer to the appendix of this report for a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with US GAAP.
[2] Average daily TCE earnings, gross, as presented above, 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.

About Himalaya Shipping Ltd.
Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in Bermuda. Himalaya Shipping has twelve vessels in operation.

August 8, 2025
The Board of Directors
Himalaya Shipping Ltd.
Hamilton, Bermuda

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, 2025.

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, gross¹. Average Baltic 5TC Capesize Index was $12,998 per day.

• Net loss of $6.4 million and Adjusted EBITDA² 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

Hamilton, Bermuda, February 20, 2025

Himalaya Shipping Ltd. (“Himalaya,” “Himalaya Shipping” or the “Company”) announces preliminary unaudited results for the three and twelve months ended December 31, 2024.

Highlights for the Fourth Quarter of 2024

• Total operating revenues of $29.6 million, which is an average time charter equivalent (“TCE”) earnings of approximately $27,800 per day, gross[1]. Average Baltic 5TC Capesize Index was $18,301 per day.
• Net income of $1.0 million and Adjusted EBITDA[2] of $21.3 million for the fourth quarter of 2024.
• Declaration of cash distributions for September, October and November 2024 of $0.10, $0.04 and $0.01 per common share, respectively.

Subsequent Events

• Declaration of cash distributions of $0.005 per common share for each of December 2024 and January 2025.
• 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.

Contracted CEO, Herman Billung commented:

“The average Baltic Capesize Index (BCI) for 2024 concluded at $22,593 per day. After nine months of relative stability, the BCI experienced a decline, averaging $18,301 per day in the fourth quarter of 2024. The first three quarters of 2024 saw growth in ton miles: a 6.7% increase in iron ore, a 13.7% increase in bauxite, but a 4.6% decrease in coal, leading to an overall increase of 5.5%. However in the fourth quarter of 2024, ton miles declined by 0.8%, primarily driven by an 8.6% decrease in coal. This decrease can be attributed to the splitting of Capesize coal cargoes into smaller sizes for transportation by Panamax vessels, as evidenced by the 4.2% increase in ton miles in the fourth quarter.

As we enter the first quarter of 2025, the Capesize market continues to face challenges, with BCI rates averaging $8,807 per day. This decline is partly seasonal, but the ongoing cannibalization of the coal trade in favor of smaller ships remains a negative factor.

Despite the short-term pressures, we maintain a positive long-term outlook for large dry bulk ships. The current order book of new Capesize vessels stands at a historic low of only 7.2% of the existing fleet, and yard capacity is down 50% from its peak. Additionally, 20% of the entire fleet will be 20 years old by 2028, which is the earliest opportunity for meaningful fleet expansion. Furthermore, 23% of the total Capesize fleet will require drydocking in 2025 due to 5, 10, 15 and 20-year Special Surveys compared to only 13.6% in 2024.

The Company remains optimistic about significant growth in ton miles, driven by increased iron ore production capacity in the Atlantic from Guinea (120 MT) and Brazil (50 MT), both producers of high-quality iron ore. Should these volumes replace domestically produced iron ore in China, we anticipate a need for an additional 232 Capesize vessels, which is nearly 60% higher than the current order book. Additionally, we expect continued growth in bauxite exports out of Guinea, further fuelling the demand for ton miles.

In the long-term, we expect rising global population and industrialization, coupled with the growing distance between raw material production and end consumers, to lead to sustained demand for large dry bulk vessels. Historically, ton mile demand for Capesize vessels has increased by 5.9% since 2002.

All of our 12 vessels are employed on index-linked charters, earning on average a premium of 42.5% over the Baltic 5TC index, with profit sharing of any economic benefit derived from operating the vessel’s scrubber or running on LNG. As a result of our long-term financing, our breakeven point is approximately $16,000 per day on a Capesize index equivalent basis. Most of the excess cash-flow above this threshold is expected to be returned to shareholders through monthly dividends.”

[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 above, 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 above represents our net income (loss) plus depreciation of vessels and equipment; any loss 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.