News Tag: Yearend

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, 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.