Himalaya Shipping (HSHP) Q1 2025 earnings summary

Executive summary

• Reported a net loss of $6.4 million for Q1 2025, with adjusted EBITDA of $13.8 million and TCE earnings of $21,100 per day, gross.

• Operating revenues declined to $22.0 million, mainly due to lower time charter revenues.

• All 12 Newcastlemax vessels are dual-fuel LNG-fitted, fully delivered, and operational.

• Two vessels converted to fixed rate charters at $31,500 and $32,000 per day until year-end, with new charters providing revenue stability.

• Applied for uplisting to Euronext Oslo Børs to increase share liquidity.

Financial highlights

• Net loss of $6.4 million and loss per share of $0.14 for Q1 2025, compared to net income of $2.5 million and EPS of $0.06 in Q1 2024.

• Operating income was $6.5 million, down from $11.4 million in Q1 2024.

• Operating revenues were $22.0 million, compared to $23.6 million in Q1 2024.

• Cash and cash equivalents stood at $27.0 million at quarter-end, up from $19.4 million at year-end 2024.

• Cash flow from operations was $0.3 million for Q1 2025, down from $11.2 million in Q1 2024.

Outlook and guidance

• Achieved TCE earnings of $25,800 per day, gross, in April 2025, indicating improved market conditions.

• No plans for reinvestment; all free cash flow after debt service targeted for monthly dividends.

• Not subject to Bermuda's new 15% corporate income tax in the near future due to revenue thresholds.

• Board approved additional cash distributions of $0.04 per share in April and $0.025 per share in May 2025.