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Himalaya Shipping Ltd. provides dry bulk shipping services worldwide. The company serves major commodity trading, commodity and energy transition, and multi-modal transport companies. As of December 31, 2024, it owned and operated through a fleet of 12 Newcastlemax dry bulk vessels, each with capacity in the range of 210,000 dead weight tons. Himalaya Shipping Ltd. was incorporated in 2021 and is based in Hamilton, Bermuda.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $132M | $98M | $18M | $52M | 10.9% | 6.7% | -16.1% |
| 2024 | $124M | $94M | $21M | $-257M | 13.6% | 236.8% | 1306.7% |
| 2023 | $37M | $24M | $2M | $-407M | 1.0% | - | -176.8% |
| 2022 | $0M | $-2M | $-2M | $-80M | -2.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 36.70 | 123.60 | 131.90 |
| Operating Revenue | - | 0 | 36.70 | 123.60 | 131.90 |
| Cost Of Revenue | - | 0 | 18.30 | 51.90 | 58.80 |
| Gross Profit | - | 0 | 18.40 | 71.70 | 73.10 |
| Operating Expense | - | 1.97 | 3.80 | 5 | 4.90 |
| Selling General And Administration | - | 1.97 | 3.80 | 5 | 4.90 |
| Total Expenses | - | 1.97 | 22.10 | 56.90 | 63.70 |
| Operating Income | - | -1.97 | 14.60 | 66.70 | 68.20 |
| Total Operating Income As Reported | - | -1.97 | 14.60 | 66.70 | 68.20 |
| EBITDA | - | -1.95 | 24.20 | 94.20 | 98.30 |
| Normalized EBITDA | - | -1.95 | 24.20 | 94.20 | 98.30 |
| EBIT | - | -1.95 | 15.10 | 67.70 | 69.10 |
| Interest Income | - | 0.04 | 0.80 | 1 | 1 |
| Interest Expense | - | 0 | 13.60 | 46.60 | 51.40 |
| Net Interest Income | - | 0.02 | -13.10 | -45.60 | -50.50 |
| Other Income Expense | - | - | - | -0.01 | - |
| Interest Income Non Operating | - | 0.04 | 0.80 | 1 | 1 |
| Interest Expense Non Operating | - | 0 | 13.60 | 46.60 | 51.40 |
| Net Non Operating Interest Income Expense | - | 0.02 | -13.10 | -45.60 | -50.50 |
| Pretax Income | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Tax Provision | - | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Net Income From Continuing And Discontinued Operation | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Net Income From Continuing Operation Net Minority Interest | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Net Income | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Net Income Common Stockholders | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Net Income Including Noncontrolling Interests | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Normalized Income | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Diluted NI Availto Com Stockholders | - | -1.95 | 1.50 | 21.10 | 17.70 |
| Basic Average Shares | - | 32.15 | 38.64 | 43.90 | 45.98 |
| Diluted Average Shares | - | 32.15 | 38.64 | 43.91 | 46.02 |
| Reconciled Depreciation | - | 0 | 9.10 | 26.50 | 29.20 |
| Reconciled Cost Of Revenue | - | 0 | 18.30 | 51.90 | 58.80 |
| General And Administrative Expense | - | 1.97 | 3.80 | 5 | 4.90 |
| Other Gand A | - | 1.97 | 3.80 | 5 | 4.90 |
| Total Other Finance Cost | - | 0.02 | 0.30 | -0.01 | 0.10 |
| Otherunder Preferred Stock Dividend | - | 0 | - | - | - |
| Earnings From Equity Interest | - | 0 | 0 | -0.01 | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Himalaya Shipping Ltd.this co. | HSHP | $677M | 38.28↑ premium | 4.19 | 10.9% | 13.57 |
| Serve Robotics Inc. | SERV | $716M | -7.06 | 2.04 | -28.9% | -6.35 |
| Janus International Group, Inc. | JBI | $690M | 12.83 | 1.21 | 9.4% | 6.58 |
| Park Aerospace Corp. | PKE | $687M | 60.97 | 5.29 | 8.7% | 39.66 |
| Smith & Wesson Brands, Inc. | SWBI |
| - |
| - |
| - |
| - |
| - |
| $675M |
| 50.28 |
| 1.81 |
| 3.6% |
| 13.72 |
| Safe Bulkers, Inc. | SB | $652M | 16.90 | 0.78 | 4.6% | 8.16 |
| Ardmore Shipping Corporation | ASC | $652M | 15.89 | 1.03 | 6.5% | 9.11 |
| Hyster-Yale, Inc. | HY | $645M | -10.74 | 1.37 | -12.7% | 34.14 |
| Latham Group, Inc. | SWIM | $639M | 57.42 | 1.57 | 2.7% | 9.70 |
| Peer Median | - | 16.39 | 1.47 | 4.1% | 9.40 | |