Himalaya Shipping Ltd.

Himalaya Shipping Ltd. (HSHP) reported FY 2025 total operating revenues of $131.9M, up 7% YoY from $123.6M in 2024, driven by full-year operations of its 12 Newcastlemax vessels (4,380 operating days vs. 3,941 in 2024). Average daily TCE earnings declined to $31,200 from $32,500 due to lower Baltic Capesize Index rates ($21,297 vs. $22,593). Operating income rose 2% to $68.2M despite higher vessel operating expenses ($28.0M, +18%) and depreciation ($29.2M, +10%). Net income fell 16% to $17.7M from $21.1M, pressured by increased interest expense ($51.4M, +10%) from full fleet debt. EPS was $0.38 basic and diluted (2024: $0.48). Balance sheet shows total assets $863.9M, with vessels net $823.8M; debt $689.2M net; equity $161.7M; cash $32.4M. Operating cash flow $51.7M supported $26.9M distributions ($0.57/share). No impairments; fleet young (avg 2.2 years). Positive outlook from low Capesize orderbook (11%), iron ore/bauxite demand.

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