Himalaya Shipping Ltd.
- Open
- 14.55
- Day high
- 14.96
- Day low
- 14.54
- Prev close
- 14.59
- Volume
- 299K
- Mkt cap
- $691M
- P/E (TTM)
- 23.2
- EPS (TTM)
- $0.63
- P/B
- 4.4
- P/S
- 4.8
- Yield
- 8.90%
- Per share
- $1.31
- ▲Insiders net buying $57K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Himalaya Shipping Ltd. (HSHP) is a Industrials company listed on NYSE. The stock is up 116% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
Himalaya Shipping Ltd. (HSHP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HSHP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 21, 2026 | $0.13 | $0.11 | -13.8% | $34M | +0.9% |
| Feb 10, 2026 | $0.30 | $0.29 | -4.0% | $42M | +0.7% |
| Nov 6, 2025 | $0.20 | $0.21 | +5.0% | $38M | -7.6% |
| Aug 8, 2025 | $0.02 | $0.02 | +0.0% | $30M | -21.4% |
| May 22, 2025 | $-0.15 | $-0.14 | +5.9% | $22M | -29.5% |
| Feb 20, 2025 | $0.07 | $0.02 | -71.3% | $30M | -4.4% |
| Nov 7, 2024 | $0.29 | $0.24 | -17.4% | $39M | -0.3% |
| Aug 16, 2024 | $0.19 | $0.16 | -17.4% | $31M | +0.6% |
| May 23, 2024 | $0.10 | $0.06 | -39.2% | $23M | +1.3% |
| Jan 23, 2024 | $0.12 | $0.10 | -11.1% | $19M | +4.2% |
| Nov 15, 2023 | $-0.00 | $-0.05 | -2102.8% | $10M | -6.6% |
| Jun 30, 2023 | — | $-0.03 | — | $7M | — |
HSHP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 18, 2026 | Isaksen Bjorn Andreas Frengdirector | Option | 200,000 | $7.13 |
| Jun 18, 2026 | Isaksen Bjorn Andreas Frengdirector | Grant | 200,000 | $15.22 |
| May 27, 2026 | Steen Carl Erikdirector | Option | 75,000 | $6.49 |
| May 27, 2026 | Hasund Vidarofficer: Contracted CFO | Option | 100,000 | $6.49 |
| May 26, 2026 | Svensen Lars-Christianofficer: Contracted CEO | Buy | 4,000 | $14.20 |
| Apr 10, 2026 | Isaksen Bjorn Andreas Frengdirector | Sell | 300,000 | $13.40 |
| Apr 10, 2026 | Isaksen Bjorn Andreas Frengdirector | Option | 150,000 | $6.70 |
Source: HSHP SEC Form 4 filings, latest Jun 18, 2026. For informational purposes only — not investment advice.
See the full HSHP insider & 13F page →Himalaya Shipping Ltd. company profile
Overview
Himalaya Shipping Ltd. (NASDAQ:HSHP) is a dry bulk shipping company incorporated in 2021 and based in Hamilton, Bermuda. The company went public in March 2023, making it a relatively new entrant to the public markets. Himalaya Shipping operates in the global maritime transportation industry, focusing specifically on the dry bulk shipping segment, which involves transporting commodities like iron ore, coal, grain, and other raw materials across international waters.
Business
Himalaya Shipping operates in the dry bulk shipping industry, which is a critical component of global trade infrastructure. The company provides maritime transportation services for dry bulk commodities - essentially raw materials and agricultural products that are shipped in large quantities without packaging. These commodities include iron ore (used in steel production), coal (for energy generation), grains (wheat, corn, soybeans), bauxite (for aluminum production), and other industrial materials. The dry bulk shipping industry operates through a complex ecosystem where shipping companies like Himalaya own and operate large cargo vessels called bulk carriers. These ships are specifically designed with large cargo holds to efficiently transport loose materials. The industry is characterized by cyclical demand patterns that closely follow global economic activity, commodity production cycles, and seasonal agricultural patterns. Himalaya Shipping's core service involves chartering its vessels to cargo owners, commodity traders, and industrial companies who need to transport dry bulk materials between ports worldwide. The company likely operates on both time charter arrangements (where vessels are leased for specific time periods) and voyage charter arrangements (where vessels are hired for specific routes). As a relatively new company, Himalaya appears to be in a fleet expansion phase, as evidenced by significant capital expenditures and negative free cash flows in recent periods.
Revenue model
Himalaya Shipping generates revenue primarily through vessel chartering services. The company earns income by leasing its dry bulk carriers to customers who need to transport commodities across international waters. Revenue is typically generated through two main charter types: time charters, where customers pay a daily rate for vessel use over a specified period, and voyage charters, where customers pay for transportation between specific ports. The company's customers include commodity traders, mining companies, agricultural exporters, steel producers, and other industrial companies that need to move raw materials globally. These customers pay charter rates that fluctuate based on supply and demand dynamics in the shipping market. Several factors significantly impact Himalaya's profitability margins. Charter rates represent the primary revenue driver and are influenced by global commodity demand, seasonal shipping patterns, and the overall supply of available vessels in the market. When global trade volumes increase or vessel supply tightens, charter rates rise, directly improving margins. Conversely, economic downturns or oversupply of vessels can depress rates. Fuel costs represent a major expense, as marine fuel (bunker fuel) prices can be volatile and significantly impact operating margins. Vessel maintenance, crew costs, insurance, and port fees also affect profitability. The company's high debt-to-equity ratio of approximately 4.6 means that interest rate changes can materially impact net income. Additionally, the cyclical nature of commodity markets means that demand for shipping services can vary significantly based on global economic conditions, seasonal agricultural cycles, and industrial production levels.
Competitive moat
Himalaya Shipping operates in the highly competitive and cyclical dry bulk shipping industry, which generally offers limited sustainable competitive advantages. The company's moat appears relatively narrow, as dry bulk shipping is essentially a commoditized service where vessels are largely interchangeable and charter rates are determined by market forces rather than company-specific advantages. The primary competitive factors in this industry include fleet size, vessel efficiency, operational expertise, and financial capacity to weather cyclical downturns. As a relatively new company incorporated in 2021, Himalaya lacks the operational track record and established customer relationships that some larger, more established shipping companies possess. The company's small fleet size compared to industry giants also limits its ability to offer comprehensive global coverage or negotiate preferential rates with customers. However, Himalaya may have some advantages in operating newer, more fuel-efficient vessels if its fleet consists of modern ships, which can provide cost advantages and better environmental compliance. The company's timing of entry into the market during a period of strong dry bulk demand could also provide some near-term positioning benefits. The primary competitive threats come from established shipping companies with larger fleets, better financial resources, and longer customer relationships. Additionally, the industry faces potential disruption from changes in global trade patterns, environmental regulations requiring costly vessel upgrades, and the cyclical nature of commodity markets that can lead to prolonged periods of weak charter rates. New vessel construction by competitors can also increase supply and pressure charter rates downward.
Risks & safety
Himalaya Shipping presents moderate to high financial risk given its high leverage, cyclical industry exposure, and relatively new operational history. • Debt and Solvency: High debt-to-equity ratio of 4.6x indicates significant financial leverage. Current ratio of 0.75 suggests potential short-term liquidity challenges, with current liabilities exceeding current assets. • Cash Position: Maintains $19.4 million in cash and short-term investments as of Q4 2024, providing some liquidity buffer. However, negative free cash flow of -$257 million for FY 2024 indicates substantial capital expenditures likely related to fleet expansion. • Valuation Metrics: Trading at 10.1x forward P/E ratio and 9.8x EV/EBITDA, which appears reasonable for a cyclical shipping company. Price-to-book ratio of 1.38x suggests modest valuation relative to book value. • Operational Cash Flow: Positive operating cash flow of $55.8 million for FY 2024 demonstrates the underlying business generates cash, though capital expenditures significantly exceed this amount. • Industry Cyclicality: Operating in highly cyclical dry bulk shipping industry creates earnings volatility risk and potential for extended periods of weak profitability during market downturns.
Recent development
Based on the available financial data, Himalaya Shipping appears to be in an aggressive fleet expansion phase since its incorporation in 2021. The company's negative free cash flows of -$419 million in 2023 and -$257 million in 2024, combined with positive operating cash flows, indicate substantial capital expenditures likely related to acquiring new vessels or expanding its dry bulk carrier fleet. The company's revenue growth trajectory shows significant scaling, growing from $36.7 million in FY 2023 to $123.6 million in FY 2024, representing more than a tripling of revenue year-over-year. This dramatic revenue increase suggests either substantial fleet additions, improved charter rates, or both during 2024. The company's profitability has also improved meaningfully, with net income increasing from $1.5 million in 2023 to $21.0 million in 2024, and EBITDA growing from $24.2 million to $93.1 million over the same period. This improvement in profitability metrics indicates that Himalaya is successfully deploying its expanded fleet capacity and benefiting from favorable market conditions in the dry bulk shipping sector. The company's debt levels have increased substantially to support this expansion, with total liabilities growing from $445 million in 2023 to $725 million in 2024, reflecting the capital-intensive nature of building a shipping fleet. This expansion strategy appears to be positioning Himalaya to capture market share in the global dry bulk shipping market, though it comes with increased financial leverage and execution risk.
HSHP company profile · for informational purposes only — not investment advice.
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