Himalaya Shipping Ltd.HSHP

NYSEIndustrialsDeep Sea Foreign Transportation of Freight

Price (close)

$18.03

Market cap

$850.0M

P/E

48.0x

Revenue (FY)

$131.9M

Net income

$17.7M

Dividend yield

7.60%

1-year total return

130.7%

Net margin

13.4%

Revenue growth

6.7%

Debt / equity

4.26x

What Himalaya Shipping Ltd. does.

In connection with the IMO sulfur cap regulations that came into force in January 2020, which limits emission of sulfur content to 0.5% m/m, all of our vessels have scrubbers installed. We believe that having scrubbers on all of our vessels distinguish us from Capesize vessel owners that do not have scrubbers on their vessels and therefore are not able to consume less expensive bunker fuel with higher sulfur content. Approximately 51% of the Capesize fleet in the market has installed scrubbers.

We estimate that each incremental $50 per tonne increase in the Very Low Sulphur Fuel Oil (“VLSFO”) – High Sulfur Fuel Oil (“HSFO”) fuel spread would yield a potential scrubber-driven saving of around $1.0 thousand per day for a scrubber-fitted dual fuel Newcastlemax vessel, assuming 27.4 tonnes per day fuel consumption and 75% retention of the scrubber premium by the Company when sailing. Between 2020 and 2025, the VLSFO–HSFO spread has been approximately $142 per tonne.

At the end of 2025, our Newcastlemax vessels were no longer permitted to call at Port Hedland after having completed multiple successful and safe port calls since 2023. The Pilbara Port Authority, which governs Port Hedland, has implemented a requirement that all Capesize and Newcastlemax vessels calling at the port be equipped with three diesel auxiliary engines. Our Newcastlemax vessels are equipped with two auxiliary engines, however, with significantly greater total auxiliary engine power than a typical Capesize vessel.

Revenue and profit, by fiscal year.

Fiscal year	2021	2022	2023	2024	2025
Revenue	—	$0	$36.7M	$123.6M	$131.9M
Net income	—	-$2.0M	$1.5M	$21.1M	$17.7M

More on HSHP.

Figures from Himalaya Shipping Ltd.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.