Himalaya Shipping (HSHP) Q1 2026 earnings summary

Executive summary

• Net profit of $5.0 million and EBITDA of $24.5 million for Q1 2026, reversing a net loss of $6.4 million in Q1 2025, with strong TCE earnings of $32,300 per day.

• Operating revenues rose to $33.6 million from $22 million year-over-year, driven by higher TCE earnings.

• Fleet of 12 modern Newcastlemax vessels with dual-fuel LNG, top 1% emission rating, and most vessels on index-linked charters.

• 28 consecutive monthly dividends, with $0.18 per share distributed in Q1 2026.

• Acquisition of additional shares in 2020 Bulkers Management AS, increasing ownership to 54% effective April 2026.

Financial highlights

• Q1 2026 net profit of $5.0 million, EPS $0.11, compared to net loss of $6.4 million, EPS -$0.14 in Q1 2025.

• Operating profit $17.2 million, EBITDA $24.5 million, up from $6.5 million and $13.8 million, respectively, year-over-year.

• Operating revenues $33.6 million, up from $22 million in Q1 2025.

• Cash and cash equivalents at $24.5 million as of March 31, 2026; cash flow from operations $9.8 million, up from $0.3 million year-over-year.

• Gross debt was $693.9 million, with an estimated LTV of 62%.

Outlook and guidance

• April 2026 TCE earnings reached $41,600 per day, with a $0.15 cash distribution declared.

• Management expects continued strong market, with 11 of 12 ships exposed to spot market to capture upside.

• All vessels are on long-term index-linked charters, supporting stable future cash flows.

• Illustrative free cash flow per share is highly sensitive to Capesize index rates, with significant upside potential.

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