Hamilton, Bermuda, November 10, 2026
Himalaya Shipping Ltd. ("Himalaya," "Himalaya Shipping" or the "Company")
announces preliminary unaudited results for the three and nine months ended
September 30, 2026.
Highlights for the Third Quarter of 2026
Total time charter revenues of $62.2 million, which represents average time
charter equivalent ("TCE") earnings of approximately $58,400 per day, gross[1].
Average Baltic 5TC 180 Capesize Index was $41,369 per day.
Net income of $33.3 million and EBITDA[2] of $52.7 million.
Entered into a new time charter agreement for the Mount Aconcagua for a period
of 16 to 18 months at an index-linked rate, reflecting a significant premium to
the Baltic 5TC 180 Capesize Index.
Converted the index-linked time charters for two vessels to fixed-rate time
charters at an average rate of approximately $51,200 per day, gross, from August
1, 2026 to December 31, 2026.
Converted the index-linked time charters for two vessels to fixed-rate time
charters at an average rate of approximately $53,000 per day, gross, from
September 1, 2026 to March 31, 2027.
Paid cash distributions of $0.22, $0.25 and $0.28 per common share for July,
August and September 2026, respectively
Subsequent Events
Achieved TCE earnings for October 2026 of approximately $50,900 per day, gross.
Declared a cash dividend of $0.20 per common share for October 2026.
Acquired an additional 1,800 shares in Peak Maritime for NOK 0.5 million,
increasing the Company's total ownership in Peak Maritime to 60%.
Entered into new time charter agreements with their existing charterer for two
vessels for a minimum period until October 1, 2027 with a 3-year evergreen
structure thereafter at an index-linked rate, reflecting a significant premium
to the Baltic 5TC 180 Capesize Index.
Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in
Bermuda. Himalaya Shipping has twelve vessels in operation.
November 10, 2026
The Board of Directors
Himalaya Shipping Ltd.
Hamilton, Bermuda
[1] The Company uses certain financial information calculated on a basis other
than in accordance with accounting principles generally accepted in the United
States (US GAAP) including average TCE earnings, gross and EBITDA. Average daily
TCE earnings, gross, as presented above, represents time charter revenues and
voyage charter revenues adding back address commissions and divided by fleet
operational days. Please refer to the appendix of this release for a
reconciliation of this non-GAAP measure to the most directly comparable
financial measure prepared in accordance with US GAAP.
[2] EBITDA as presented above represents our net income plus depreciation and
amortization; total financial expenses, net; and income tax expense. Please
refer to the appendix of this report for a reconciliation of this non-GAAP
financial measure to the most directly comparable financial measure prepared in
accordance with US GAAP.
easure to the most directly comparable financial measure prepared in\
accordance with US GAAP.\