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