Himalaya Shipping Ltd. (HSHP)

Price$18.47Cached quoteAs of 2026-09-16 14:27 UTC

AI: Fair-priced

Modern fleet earns a persistent market premiumHimalaya operates 12 modern 210,000-dwt LNG dual-fuel Newcastlemax vessels that have materially outperformed the benchmark Capesize market.

Q2 average gross TCE was about $50,600 per day versus $36,303 for the Baltic 5TC 180 Capesize Index, with 99.7% utilization. August strengthened further to $57,700 per day versus a $39,906 index average. The fleet's size, fuel efficiency, scrubber benefits and charter premiums support superior economics, although earnings remain highly exposed to iron ore, bauxite and coal freight demand.

Charter structure provides contracts but retains market upsideAll 12 vessels are employed on time charters rather than pure voyage spot exposure, with most contracts index-linked and selected periods fixed.

The company's long-term index charters generally earn premiums over the Capesize benchmark, keeping substantial participation in strong freight markets. In August, 10 vessels were index-linked and two fixed, both groups earning about $57,700 per day. On August 27, two additional index-linked vessels were converted to fixed rates averaging about $53,000 per day from September 2026 through March 2027, adding near-term downside protection.

Current valuation already reflects strong freight conditionsThe stock looks inexpensive on annualized Q2 earnings but much less so against normalized 2025 results and its leveraged balance sheet.

At $18.41 and 47.17m shares following September's small option exercise, equity value is about $868m. June net debt was approximately $642.7m using $677.5m reported debt and $34.8m cash, implying enterprise value near $1.51b. That equals about 15.5x FY2025 EBITDA but only 8.6x annualized Q2 EBITDA; annualized Q2 EPS of $2.08 implies roughly 8.9x earnings. The wide range underscores the cyclicality embedded in valuation.

High distributions coexist with substantial leverageStrong freight cash flow supports large monthly distributions, but vessel financing leaves equity highly sensitive to charter-rate declines.

The board declared $0.25 per share for August after $0.22 for July and $0.59 cumulatively for April-June. Simply annualizing August would imply a roughly 16% yield at $18.41, but these distributions are variable and should not be treated as a fixed dividend. Gross June debt was $687.6m, all vessels are financed through fixed-rate sale-and-leaseback structures, and $12.3m of the $34.8m cash balance was restricted by minimum-cash requirements. Key risks are freight-rate reversals, Chinese commodity demand, new vessel supply, counterparty exposure, refinancing and high financial leverage.

AI: News

August TCE reached $57,700 and distribution rose to $0.25The September commercial update showed another step-up in fleet earnings and shareholder distributions.

August gross TCE averaged approximately $57,700 per day, including about $2,600 per day of scrubber benefits, versus $39,906 for the Baltic 5TC 180 benchmark. The board declared a $0.25-per-share August distribution, up from $0.22 for July. For NYSE holders, September 17 is the last day including the distribution right and September 18 is the ex-date.

Two more vessels locked in attractive fixed ratesHimalaya converted two index-linked charters to approximately $53,000 daily fixed rates through March 2027.

The August 27 agreement fixes two vessels from September 1, 2026 through March 31, 2027 at an average gross rate of about $53,000 per day. This captures strong current freight economics and adds cash-flow visibility while reducing some near-term upside if Capesize rates rise further. A September 16 issuance of only 25,000 option shares lifted total shares to 47.17m and is immaterial to the operating outlook.

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Revenue

2022

2023

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2025

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2025

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022
Revenue	$131.9M	$123.6M	$36.7M	$0
Gross profit	$103.9M	$99.8M	$28.1M	$0
Gross margin	78.77%	80.74%	76.57%	—
Operating expenses	$63.7M	$56.9M	$22.1M	$2.0M
Operating income	$68.2M	$66.7M	$14.6M	−$2.0M
Operating margin	51.71%	53.96%	39.78%	—
EBITDA	$97.4M	$93.2M	$23.7M	−$2.0M
EBITDA margin	73.84%	75.40%	64.58%	—
Net income	$17.7M	$21.1M	$1.5M	−$2.0M
Net profit margin	13.42%	17.07%	4.09%	—
Basic EPSper basic share	$0.38	$0.48	$0.04	-$0.06
Diluted EPSper diluted share	$0.38	$0.48	$0.04	-$0.06

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of HSHP
Holder	Shares held
GOLDMAN SACHS GROUP INC	2.72M
BARCLAYS PLC	2.5M
BlackRock, Inc.	2.09M
FMR LLC	2.04M
Hosking Partners LLP	1.83M
ACADIAN ASSET MANAGEMENT LLC	1.31M
JPMORGAN CHASE & CO	1.2M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	940.74K
TWO SIGMA INVESTMENTS, LP	788.99K
STATE STREET CORP	468.03K
DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD.	465.08K
GEODE CAPITAL MANAGEMENT, LLC	383.15K
MORGAN STANLEY	334.08K
GLOBEFLEX CAPITAL L P	318.65K
Isaksen Bjorn Andreas Freng	300K
CITADEL ADVISORS LLC	293.68K
VANGUARD PORTFOLIO MANAGEMENT LLC	255.94K
Creative Planning	244.46K
MARSHALL WACE, LLP	227.41K
Marnell Management LLC	217.16K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$56.8K disclosed value

Sells (SEC code S)1$4.02M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 22, 2026Form 4	Svensen Lars-ChristianContracted CEO	BuyCommon Shares	4.0K	$14.20	$56.8K	23.2K
Apr 9, 2026Form 4	Isaksen Bjorn Andreas FrengDirector	SellCommon Shares	300.0K	$13.40	$4.02M	280.0K

Review ownership filings at SEC.gov ↗

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Himalaya Shipping Ltd. (HSHP)

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