Himalaya Shipping Ltd.

What they do

Himalaya Shipping operates a fleet of 12 Newcastlemax dry bulk vessels, according to the company's 20-F filed for fiscal year 2025. The company is organized under the laws of Bermuda, with its principal executive office in Hamilton, and its common shares trade on the New York Stock Exchange. It generates revenue by chartering these vessels to transport dry bulk commodities.

Revenue drivers

• Newcastlemax dry bulk vessels — The company's entire revenue comes from operating its fleet of 12 Newcastlemax dry bulk vessels, chartered to customers for the seaborne transportation of commodities.

Recent performance

Annual revenue grew from $36.7 million in 2023 to $123.6 million in 2024 and $131.9 million in 2025. Net income was $1.5 million in 2023, $21.1 million in 2024, and $17.7 million in 2025, with diluted EPS of $0.04, $0.48, and $0.38, respectively. Operating cash flow was $6.4 million in 2023, $55.9 million in 2024, and $51.7 million in 2025. Dividends per share were $0.48 in 2024 and $0.57 in 2025. For the quarter ended June 30, 2026, revenue was $53.7 million, up from $29.9 million in the same quarter of 2025.

Strategy

The filing excerpt does not describe specific strategic initiatives, investments, or priorities beyond the company's history, business overview, and fleet composition. The company's fleet consists of 12 Newcastlemax dry bulk vessels as of the annual report. No details on newbuildings, charters, or capital allocation are provided in the excerpt.

Risks

• Fleet concentration — The company's business depends entirely on its 12 Newcastlemax dry bulk vessels, with no diversification across other vessel types or segments.
• Financial leverage — As of June 30, 2026, the company had $690.6 million in total liabilities against $163.2 million in shareholder equity, including $653.4 million of long-term debt.
• Dry bulk market volatility — Revenue and profitability are tied to charter rates for dry bulk vessels, which can fluctuate significantly based on global commodity demand and supply of tonnage.
• Dividend variability — Dividend payments may vary with earnings and cash flow, as seen in the $0.48 per share paid in 2024 and $0.57 per share paid in 2025.

Outlook

The excerpt from the 20-F does not contain management's outlook or forward-looking statements beyond the reported financials. No guidance or trend information from the document is available in the provided excerpt.