What factors drove the changes in Himalaya Shipping's revenue and profit?

Did Himalaya Shipping beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Himalaya Shipping year over year?

What is Himalaya Shipping's latest dividend and current dividend yield?

What were the key takeaways from Himalaya Shipping’s earnings call?

What is Himalaya Shipping's gross profit margin?

What guidance did Himalaya Shipping's management provide for the next earnings period?

What were the key takeaways from Himalaya Shipping's earnings call?

- **Record Q4 Performance**: $13.5M net profit, $33.3M EBITDA, and $39,600/day TCE driven by fixed-rate conversions.
- **Strong Cash Flow**: $24.8M from operations; $0.30 dividend paid, $0.06 declared for Jan 2026.
- **Market Dominance**: 48% premium to Baltic Capesize Index; 27 consecutive monthly dividends.
- **Supply Constraints**: 25-year low order book (12% of fleet), aging vessels, and 28% fleet in dry dock.
- **Growth Catalysts**: Brazil iron ore (+18%), Guinea bauxite (+30%), and limited newbuild capacity.

**【CEO Opening Remarks】**
- Q4 2025 net profit: $13.5 million; EBITDA: $33.3 million; gross TCE: $39,600/day.
- Converted 4 vessels to fixed rates ($27,700/day) and renewed Mount Elbrus at $30,000/day with index-linked premium.
- Q4 dividend: $0.30/share; Jan 2026 TCE: $32,400/day; Jan dividend: $0.06/share.
- Acquired 54% stake in 2020 Bulkers Management for NOK 1.1 million.

**【CFO Financial Commentary】**
- Q4 2025 revenue: $42.1 million (10.5% YoY increase); OPEX: $7 million (3% YoY increase).
- G&A: $1.2 million (20% YoY increase); interest expense: $12.7 million (0.3% YoY decrease).
- Cash: $32.4 million; debt: $700 million (down $7 million QoQ); cash flow from ops: $24.8 million.

**【CEO Market Analysis】**
- 5/12 vessels on fixed rates until Mar 2026; 11/12 vessels exposed to spot market post-conversion.
- Fleet average premium: 48% vs Baltic Capesize Index; 27 consecutive monthly dividends.
- Break-even TCE: $17,400/day; 2026 market driven by Brazil iron ore (+18%), Guinea bauxite (+30%).
- Fleet aging (50% built 2009-2015); 28% of fleet undergoing special surveys in 2026.

**【Q&A Highlights】**
- CEO: Renewals in high rates reduce premium but not dramatically; prefer timing renewals in low markets.
- Index transition: Sticking to old Baltic Capesize Index for now due to FFA market alignment.
- Premiums will adjust mathematically to new indexes while maintaining upside.

Himalaya Shipping Ltd (HSHP) Q4 2025 Earnings Call Transcript

- **Record Dividend Streak**: 22 consecutive monthly dividends driven by 50% premium to Baltic Index.
- **Market Leadership**: 2026 capesize rates expected to outperform sub-cape by 2.5x, supported by 18% YoY Guinean bauxite growth.
- **Financial Resilience**: $26.4M cash, 100% spot exposure with $17,000/day break-even, and 9.3% capesize order book (25-year low).
- **Strategic Flexibility**: Converts 6/12 vessels to fixed rates when forward curve signals value, with 2026 Simandou mine ramp-up as key growth driver.

**【CEO Summary Section】**
- Reported Q3 2025 net profit of $9.5 million and EBITDA of $29.3 million.
- Gross time charter equivalent earnings of $35,600/day, with conversions to fixed-rate charters at $35,300-$38,500/day for Q4 2025.
- Total cash distributions of $0.24/share for July-September, with $0.07 dividend declared for October.
- Fleet of 12 Newcastlemax vessels with dual-fuel LNG, achieving 50% premium to Baltic Cape Size Index.
- All-in cash break-even at $17,000/day, enabling profitability when index exceeds this threshold.
- Market highlights: 18% YoY growth in Guinean bauxite exports, 7% YoY increase in seaborne iron ore imports, and 15-year decline in Chinese domestic iron ore production.
- Simandou mine ramp-up (120M tons/year) and record-low capesize order book (9.3% of fleet) support long-term supply-demand dynamics.

**【CFO Financial Commentary】**
- Q3 2025 net income $9.5M (down 10% YoY), EPS $0.21, operating profit $22M (down 7% YoY).
- Operating revenues $37.9M (down 3% YoY), vessel OPEX $7M (up 8% YoY) due to maintenance costs.
- G&A expenses $1.1M (down 21% YoY), interest expense $12.8M (down 3% YoY).
- Cash flow from operations $18.3M, cash balance $26.4M, and $707M outstanding on sale-leaseback financing.

**【Q&A Key Highlights】**
- **Market Outperformance**: CEO expects capesize rates to rally 2.5x Panamax levels in 2026, driven by Simandou iron ore and bauxite trade growth.
- **Rate Locking Strategy**: No current locks for Q1 2026; will convert if forward curve justifies, with flexibility to unwind if market underperforms.
- **Fleet Resilience**: 100% spot exposure from 2026, benefiting from aging fleet (60% vessels >20 years by 2034) and limited newbuild capacity.

Actual	-0.03	-0.05	0.11	0.16	0.24	0.02	-0.14	0.02	0.202	0.29
Forecast	-0.03	-0.0021	0.118	0.1938	0.3017	0.0698	-0.1489	0.02	0.2	0.3021
Surprise	0.00%	-2280.95%	-6.78%	-17.44%	-20.45%	-71.35%	+5.98%	0.00%	+1.00%	-4.01%

Actual	6.70M	10.00M	18.00M	30.90M	39.20M	29.10M	21.80M	29.50M	37.40M	41.50M
Forecast	6.70M	10.74M	18.70M	31.22M	39.27M	30.96M	21.08M	29.58M	37.61M	41.78M
Surprise	0.00%	-6.89%	-3.73%	-1.02%	-0.17%	-5.99%	+3.44%	-0.27%	-0.57%	-0.67%

HSHP

HSHP fundamentals

HSHP Q4 2025 Earnings

Earnings Call

You can ask Aime

HSHP

HSHP fundamentals

HSHP Q4 2025 Earnings

Earnings Call

HSHP Earnings Call Summary for Q4/20259:00 AM on Feb 10, 2026

HSHP Earnings Call Summary for Q3/20259:00 AM on Nov 6, 2025

HSHP Earnings Call Summary for Q2/2025 Mar 31, 2026

HSHP Earnings Call Summary for Q1/2025 Mar 31, 2026

HSHP Earnings Call Summary for Q4/2024 Mar 31, 2026

You can ask Aime