Himalaya Shipping Q3 Earnings Call Highlights

Detailed summary

Himalaya Shipping (NYSE:HSHP) reported third-quarter net profit of $33.3 million, more than triple its year-earlier result, as higher charter earnings lifted revenue and cash…

Himalaya Shipping (NYSE:HSHP) reported third-quarter net profit of $33.3 million, more than triple its year-earlier result, as higher charter earnings lifted revenue and cash flow.

The dry bulk shipping company earned $0.71 per share, compared with $9.5 million, or $0.21 per share, in the third quarter of 2025, Chief Financial Officer Vidar Hasund said. Operating revenue rose to $62.6 million from $37.9 million, driven by an increase in average time charter equivalent earnings to approximately $58,400 per day from $35,600.

Operating profit climbed to $45.4 million from $22 million, while EBITDA rose to $52.7 million from $29.3 million. Cash flow from operations was $43.8 million, compared with $18.3 million a year earlier.

During the quarter, Himalaya converted four vessels from index-linked contracts to fixed rates. Two were fixed at $51,200 per day from Aug. 1 through Dec. 31, 2026, and two at $53,000 per day from Sept. 1, 2026, through March 31, 2027, Chief Executive Officer Lars-Christian Svensen said.

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The company also agreed to a 16- to 18-month index-linked charter for Mount Aconcagua at what Svensen described as a significant premium to the Baltic Capesize Index. After the quarter, it entered new index-linked time charter agreements for two more vessels, with a minimum period to Oct. 1, 2027, and a three-year evergreen structure thereafter.

Himalaya declared cash distributions totaling $0.75 per share for July, August and September. For October, the company reported time charter equivalent earnings of approximately $50,900 per day and declared a $0.20 dividend for the month.

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Svensen said eight of the company's 12 vessels were exposed to the spot market. Asked about first-quarter coverage, he said two vessels would be fixed at well over $50,000 per day and that management saw no immediate need to add more…

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