Himalaya Shipping (HSHP) Q2 2026 earnings summary

Executive summary

• Net profit of $24.6 million and EBITDA of $44 million reported for Q2 2026, with strong operational performance and TCE earnings of $50,600 per day, gross.

• Entered new time charter agreements at significant premiums to the Baltic Capesize Index, converting several index-linked charters to fixed rates.

• Declared monthly cash distributions totaling $0.59 per share for Q2 2026, marking 31 consecutive monthly dividends.

• Fleet of 12 modern, dual-fuel LNG Newcastlemaxes ranks in the top 1% for emissions among large bulk carriers.

• Consolidation of Peak Maritime AS contributed to higher general and administrative expenses.

Financial highlights

• Operating revenues rose to $53.7 million in Q2 2026 from $29.9 million in Q2 2025, driven by higher charter rates.

• Net profit increased to $24.6 million from $1.1 million year-over-year; EPS rose to $0.52 from $0.02.

• Operating profit was $36.7 million, up from $13.6 million; EBITDA doubled to $44 million from $20.9 million.

• Cash and cash equivalents stood at $34.8 million as of June 30, 2026; total debt decreased to $677.5 million.

• Cash flow from operations surged to $34.2 million from $8.3 million year-over-year.

Outlook and guidance

• Most of the fleet is on long-term index-linked contracts with conversion options, providing flexibility and upside capture.

• Management expects continued strong market conditions in the second half of 2026, with 10 out of 12 ships exposed to the spot market.

• Maintains a positive long-term outlook for large dry bulk ships, citing strong demand from China, increased exports from Brazil and West Africa, and limited supply growth.

• Q1 2027 is expected to be more balanced, with potential for further upside as market spreads are not significant.

• Illustrative free cash flow per share remains robust at various Capesize index rates, supporting ongoing dividend capacity.