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Himalaya Shipping (HSHP) investor relations material
Himalaya Shipping Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net profit of $9.5 million and EBITDA of $29.3 million for Q3 2025, with TCE earnings of $35,600 per day, outperforming the Baltic Capesize Index.
Six vessels converted to fixed-rate charters at an average of $36,300 per day until end of 2025; four at $35,300 (Aug–Sep) and four at $38,500 (Oct–Dec).
Declared total cash distributions of $0.24 per share for Q3 2025 and $0.07 for October.
Fleet of 12 modern Newcastlemaxes with dual fuel LNG, all on long-term index-linked contracts with conversion options.
100% spot market exposure from 2026 to capture anticipated market strength.
Financial highlights
Operating revenues were $37.9 million for Q3 2025, down from $39.2 million in Q3 2024.
Net profit of $9.5 million and EPS of $0.21 for Q3 2025, down from $10.6 million and $0.24 in Q3 2024.
Operating profit was $22 million, EBITDA $29.3 million, and cash flow from operations $18.3 million for Q3 2025.
Vessel operating expenses rose to $7 million, mainly due to higher spares and maintenance costs.
Cash and cash equivalents stood at $26.4 million at quarter end.
Outlook and guidance
Expectation of strong market in 2026 and 2027, with full spot exposure to benefit from potential upside.
Management remains optimistic about future rate environment and will lock in fixed rates if forward curve is attractive.
Achieved TCE earnings for October 2025 of $36,800 per day, gross.
Not expected to fall within the scope of Bermuda's new 15% corporate income tax in the near future due to revenue thresholds.
Illustrative free cash flow per share increases significantly with higher Capesize index rates, supporting strong dividend capacity.
Bermuda CIT Act: How to avoid 15% tax?
Why are cash distributions from Contributed Surplus?
Explain sale and leaseback financing structure
Strategy for 2026 FFA levels
What is the expected impact of Simandou mine?
Drivers of TCE premium to index and peers
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Next Himalaya Shipping earnings date
Q4 202510 Feb, 2026
Next Himalaya Shipping earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Himalaya Shipping Ltd. is a maritime transport company that focuses on providing dry bulk shipping services globally. Himalaya Shipping serves a range of clients involved in major commodity trading, as well as those engaged in energy transition and multi-modal transport operations. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.
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