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HSHP

Himalaya Shipping Ltd.

HSHP

Himalaya Shipping Ltd. • NYSE
$8.99 ▼ -0.44% (-0.04)
Market Cap $418.48 M
52w High $9.22
52w Low $4.29
Dividend Yield 0.48%
P/E 81.73
Volume 178.65K
Outstanding Shares 46.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $37.9M ▲ $8.4M ▲ $9.5M ▲ 25.066% ▲ $0.21 ▲ $29.741M ▲
Q2-2025 $29.9M ▲ $1.5M ▼ $1.1M ▲ 3.679% ▲ $0.024 ▲ $21.2M ▲
Q1-2025 $21.973M ▼ $8.386M ▲ $-6.374M ▼ -29.008% ▼ $-0.14 ▼ $13.954M ▼
Q4-2024 $29.598M ▼ $1.011M ▼ $1.02M ▼ 3.446% ▼ $0.023 ▼ $21.513M ▼
Q3-2024 $39.199M $1.287M $10.669M 27.218% $0.24 $31.229M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $26.4M ▲ $865.3M ▼ $705.2M ▼ $160.1M ▲
Q2-2025 $24.7M ▼ $871.9M ▼ $712.6M ▼ $159.3M ▼
Q1-2025 $26.99M ▲ $881.097M ▲ $718.548M ▼ $162.549M ▲
Q4-2024 $19.369M ▼ $880.101M ▼ $725.382M ▼ $154.719M ▼
Q3-2024 $21.513M $890.322M $730.163M $160.159M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.5M ▲ $18.3M ▲ $0 $-16.6M ▼ $1.7M ▲ $18.3M ▲
Q2-2025 $1.1M ▲ $8.3M ▲ $0 $-10.6M ▼ $-2.3M ▼ $8.3M ▲
Q1-2025 $-6.374M ▼ $306K ▼ $0 $7.315M ▲ $7.621M ▲ $306K ▼
Q4-2024 $1.02M ▼ $10.502M ▼ $0 ▲ $-12.646M ▲ $-2.144M ▼ $10.502M ▼
Q3-2024 $10.669M $16.519M $-138K $-16.814M $-433K $16.519M

Five-Year Company Overview

Income Statement

Income Statement The company has moved from essentially no revenue to a functioning shipping business in a short time. Sales have grown quickly as the new fleet was delivered and put to work. Profitability has shifted from small losses in earlier years to modest profits more recently, with operating results now clearly positive. Earnings per share have improved from negative to positive, which signals that the core business model is starting to work, but the track record is still very short and exposed to swings in freight rates and operating costs.

Balance Sheet

Balance Sheet The balance sheet shows a young, asset-heavy shipping company. Total assets have risen sharply as the new vessels were built and delivered. This has been financed largely with debt, which is now high relative to equity, while the equity base itself has not grown much. Cash on hand is fairly limited compared with the size of the fleet and the borrowings. Overall, this points to a leveraged balance sheet that depends on continued solid vessel earnings and access to financing to remain comfortable.

Cash Flow

Cash Flow Operating cash flow has turned positive as ships entered service and began generating charter income. However, free cash flow has been strongly negative because of large investments in the fleet. In simple terms, the business is now bringing in cash from operations but is still in a heavy spending phase due to its build-out. As the investment cycle matures and capital spending naturally drops, free cash flow has room to improve, but this will depend on market conditions and discipline in future expansion plans.

Competitive Edge

Competitive Edge Himalaya Shipping is trying to stand out in dry bulk shipping with a uniform, modern fleet that is fuel-efficient and environmentally focused. All ships are very new, use dual-fuel engines, and carry equipment that lowers emissions and fuel costs. This has allowed the company to secure long-term charters at premium rates compared with standard vessels, which suggests strong acceptance from large, quality charterers. The focused fleet gives operational simplicity and reliability. On the other hand, the company is still relatively small in a fragmented, cyclical industry and remains exposed to swings in dry bulk demand and regulations.

Innovation and R&D

Innovation and R&D Innovation is centered on vessel design and fuel flexibility rather than traditional research labs. The ships are built with dual-fuel capability, advanced hull and machinery designs, and emissions-control systems that support both cost efficiency and environmental compliance. An important forward-looking feature is that the vessels are designed to be convertible to ammonia fuel, positioning the fleet for possible future zero-carbon operations. The timing and economics of any such conversions, however, depend on technology, fuel infrastructure, and regulations that are still evolving, so the long-term innovation story involves meaningful uncertainty.

Summary

Himalaya Shipping is transitioning from a development-stage shipping owner into a fully operating, modern dry bulk carrier with an environmentally focused fleet. Revenues and profits are now emerging, supported by premium charter contracts, but the financial history is short and still tightly linked to market cycles. The balance sheet reflects heavy investment in new ships financed with substantial debt, leaving the company leveraged and reliant on strong vessel earnings. Cash flows from operations are improving, while free cash flow remains pressured by recent fleet spending. Strategically, the company’s edge lies in its young, efficient, and future-ready fleet, which appeals to charterers seeking both cost savings and lower emissions. The main watchpoints are industry cyclicality, leverage, execution under new leadership, and how effectively management navigates the shift toward cleaner marine fuels over time.