Himalaya Shipping (HSHP) Q2 2025 earnings summary

Executive summary

• Net profit of $1.1 million and adjusted EBITDA of $20.9 million for Q2 2025, with gross time charter equivalent earnings at $28,400 per day.

• CEO and CFO appointments effective April 2025; 200,000 share options granted to key personnel.

• Uplisting to the main list on the Oslo Stock Exchange completed in June 2025.

• Cash distributions declared for April–July 2025 totaling $0.145 per share.

• Operates 12 Newcastlemax dry bulk vessels with dual fuel LNG technology, enhancing fuel efficiency and environmental performance.

Financial highlights

• Q2 2025 net profit of $1.1 million and EPS of $0.02, down from $6.9 million and $0.16 in Q2 2024.

• Operating revenues were $29.9 million in Q2 2025, down year-over-year due to lower TCE rates.

• Operating income was $13.6 million and EBITDA $20.9 million, both lower year-over-year.

• Cash flow from operations was $8.3 million for Q2 2025; cash and cash equivalents at $24.7 million as of June 30, 2025.

• Vessel operating expenses rose to $7.1 million in Q2 2025, reflecting a full fleet in operation.

Outlook and guidance

• Six of 12 ships on fixed rates at $34,100 per day for August and September; two vessels fixed at $31,800 per day for Q4, with the rest exposed to the spot market.

• Management expects a strong end to 2025 and an even stronger 2026, citing new supply from Simandou and increased Indian imports.

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

• Illustrative free cash flow per share highly sensitive to Capesize index rates, with potential for strong dividend capacity.

• Expects continued volatility in dry bulk market rates, impacting short- and medium-term liquidity.