HSHPNYSEDeep Sea Foreign Transportation of FreightUS GAAP · USD

Himalaya Shipping Ltd.

Himalaya Shipping Ltd. is a Bermuda-incorporated dry bulk shipping company focused on operating oceangoing bulk carriers under time charter and related voyage arrangements. The business earns revenue by transporting bulk commodities on a fleet of vessels, with operations organized around vessel employment, voyage execution, and chartering.

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Revenue132m USD
+6.7 %y/y
Operating profit (EBIT)68.2m USD
+2.4 %y/y
EBIT margin51.7%
−2.2 ppy/y
Net income17.7m USD
−16.1 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-50050100150m USD2022: 0.00 m USD2022: EBIT -2.0 m USD20222023: 37 m USD2023: EBIT 15 m USD20232024: 124 m USD2024: EBIT 67 m USD20242025: 132 m USD2025: EBIT 68 m USD202513268
RevenueOperating profit (EBIT)
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Business

Share of revenue
Time charter revenues99 %

Revenue from vessels employed on index-linked or fixed time charters.

Voyage and other operating revenue1 %

Freight-related revenue outside standard time charter arrangements and other operating income.

Customers

Himalaya Shipping serves charterers that need seaborne transport for bulk commodities such as industrial raw materials and agricultural cargoes. Its customers are typically commodity traders, industrial shippers, and counterparties arranging cargo liftings under time charter or voyage charter contracts. The business is driven by demand for vessel capacity, voyage timing, and access to modern bulk carrier tonnage.

Commodity traders

They charter vessels to move bulk commodities between origin and destination markets.

Industrial shippers

They buy transport capacity for coal, grains, ores, and other dry bulk cargoes.

Time charter counterparties

They contract vessels for multi-month or longer employment and rate exposure management.

Voyage charter customers

They arrange discrete voyages and pay freight tied to each cargo movement.

Strategy

Himalaya Shipping’s strategy centers on operating a modern bulk carrier fleet and placing vessels on time charter to generate predictable commercial employment. The company also emphasizes vessel capabilities such as scrubbers and efficient ship design to compete for charter demand and improve operating economics.

High fleet utilizationShort term

Revenue depends on keeping vessels employed on charter or voyage work.

Vessel quality and fuel efficiencyMedium term

Modern ships and scrubber capability can improve competitiveness and charter demand.

Capital access and fleet financingMedium term

Shipping is capital intensive and depends on access to equity and debt funding.

Geography

The company is incorporated in Bermuda and operates a globally traded fleet serving international dry bulk routes. Its commercial footprint is determined by where charterers source cargoes and where vessels are employed, which can shift across Atlantic and Pacific trade lanes. The company is listed on NYSE and Oslo Børs, reflecting a capital structure and investor base with international shipping exposure.

Risks

Himalaya Shipping is exposed to dry bulk freight-rate volatility, vessel utilization risk, and changes in charter demand because revenue depends on how much its fleet is employed and at what rates. The company also faces operating, fuel, regulatory, and financing risks typical of asset-intensive shipping businesses, where leverage, maintenance, and cyclical market conditions can quickly affect results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Freight-rate cyclicality1Fleet utilization risk2Regulatory and environmental compliance3Financing and capital market dependence4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Freight-rate cyclicalityImpact: HighLikelihood: High

    Time charter and voyage earnings vary with dry bulk market supply-demand conditions.

    Exposure: Fleet revenue and profitability

  2. Fleet utilization riskImpact: HighLikelihood: Medium

    Idle days, off-hire events, or weak charter coverage reduce revenue generation.

    Exposure: Vessel employment and cash flow

  3. Regulatory and environmental complianceImpact: MediumLikelihood: High

    Shipping emissions rules and safety requirements can increase operating and capital costs.

    Exposure: Fleet standards and voyage economics

  4. Financing and capital market dependenceImpact: MediumLikelihood: Medium

    The business is capital intensive and may rely on debt or equity issuance to fund operations.

    Exposure: Liquidity and balance-sheet flexibility

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Accounting

Judgemental items
Revenue recognition for charter contracts

Time charter and voyage charter income must be recognized according to contract performance and voyage timing.

Impact: Affects reported revenue timing and quarter comparability

Vessel depreciation

Owned vessels are long-lived assets whose useful lives and residual values drive expense recognition.

Impact: Affects operating income and asset carrying values

Interest expense

Shipping assets are often financed with debt, making interest a significant recurring expense.

Impact: Affects net income and leverage sensitivity

Asset impairment

Weak freight markets can require review of vessel recoverable value.

Impact: Can trigger non-cash write-downs

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Last updated: 28/09/2026

Himalaya Shipping Ltd. (HSHP) Revenue, Earnings & Financials 2025 – Clarifo