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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% | - | - |
| 2022 | $0M | $-2M | $-2M | $-80M | -2.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -1.97 | 14.60 | 66.70 | 68.20 |
| EBITDA | -1.95 | 24.20 | 94.20 | 98.30 |
| EBIT | -1.95 | 15.10 | 67.70 | 69.10 |
| Pretax Income | -1.95 | 1.50 | 21.10 | 17.70 |
| Tax Provision | 0 | 0 | 0 | 0 |
| Net Income | -1.95 | 1.50 | 21.10 | 17.70 |
| Net Income Common Stockholders | -1.95 | 1.50 | 21.10 | 17.70 |
| Total Expenses | 1.97 | 22.10 | 56.90 | 63.70 |
| Interest Expense | 0 | 13.60 | 46.60 | 51.40 |
| Interest Income | 0.04 | 0.80 | 1 | 1 |
| Selling General And Administration | 1.97 | 3.80 | 5 | 4.90 |
| Normalized EBITDA | -1.95 | 24.20 | 94.20 | 98.30 |
| Normalized Income | -1.95 | 1.50 | 21.10 | 17.70 |
| Basic EPS | -0.06 | 0.04 | 0.48 | 0.38 |
| Diluted EPS | -0.06 | 0.04 | 0.48 | 0.38 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -1.95 | 1.50 | 21.10 | 17.70 |
| Reconciled Depreciation | 0 | 9.10 | 26.50 | 29.20 |
| Reconciled Cost Of Revenue | 0 | 18.30 | 51.90 | 58.80 |
| Net Interest Income | 0.02 | -13.10 | -45.60 | -50.50 |
| Net Income From Continuing And Discontinued Operation | -1.95 | 1.50 | 21.10 | 17.70 |
| Total Operating Income As Reported | -1.97 | 14.60 | 66.70 | 68.20 |
| Diluted Average Shares | 32.15 | 38.64 | 43.91 | 46.02 |
| Basic Average Shares | 32.15 | 38.64 | 43.90 | 45.98 |
| Diluted NI Availto Com Stockholders | -1.95 | 1.50 | 21.10 | 17.70 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -1.95 | 1.50 | 21.10 | 17.70 |
| Net Income Continuous Operations | -1.95 | 1.50 | 21.10 | 17.70 |
| Other Income Expense | 0 | 0 | -0.01 | 0 |
| Earnings From Equity Interest | 0 | 0 | -0.01 | 0 |
| Net Non Operating Interest Income Expense | 0.02 | -13.10 | -45.60 | -50.50 |
| Total Other Finance Cost | 0.02 | 0.30 | -0.01 | 0.10 |
| Interest Expense Non Operating | 0 | 13.60 | 46.60 | 51.40 |
| Interest Income Non Operating | 0.04 | 0.80 | 1 | 1 |
| General And Administrative Expense | 1.97 | 3.80 | 5 | 4.90 |
| Other Gand A | 1.97 | 3.80 | 5 | 4.90 |
| Operating Revenue | 0 | 36.70 | 123.60 | 131.90 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Himalaya Shipping Ltd.this co. | HSHP | $644M | 36.11↑ premium | 3.96 | 10.9% | 13.33 |
| Sturm, Ruger & Company, Inc. | RGR | $684M | - | 2.41 | -1.5% | 51.26 |
| Latham Group, Inc. | SWIM | $683M | 64.89 | 1.68 | 2.7% | 11.15 |
| Serve Robotics Inc. | SERV | $680M | - | 1.92 | -28.9% | -4.28 |
| Safe Bulkers, Inc. | SB | $675M |
| 22.00 |
| 0.81 |
| 4.6% |
| 8.44 |
| FTAI Infrastructure Inc. | FIP | $670M | - | 30.98 | -1673.3% | 32.46 |
| Universal Logistics Holdings, Inc. | ULH | $635M | - | 1.17 | -18.5% | 7.61 |
| Kimball Electronics, Inc. | KE | $634M | 26.85 | 1.09 | 3.0% | 7.32 |
| Spire Global, Inc. | SPIR | $609M | 10.61 | 4.64 | 45.4% | -6.38 |
| Peer Median | - | 24.42 | 1.80 | 0.6% | 8.02 | |