Himalaya Shipping Ltd. · OSL:HSHP
Himalaya Shipping — Q3 2025 Earnings Presentation
20 slides from Himalaya Shipping's earnings presentation, Nov 6, 2025
Slide 1: Himalaya Shipping – Q3 2025 Results Presentation
Himalaya Shipping – Q3 2025 Results Presentation 6 November 2025 1
Slide 2: Forward looking statements
Forward looking statements This results presentation and any related discussions, including any related written or oral statements made by us, contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. Forward-loo
Slide 3: Highlights
Highlights Q3 2025 Highlights: • Net profit of $9.5 million and EBITDA of $29.3 million for the quarter ended September 30, 2025. • Achieved time charter equivalent earnings of approximately $35,600 per day, gross, compared to the Baltic Capesize Index of $24,684 in the same period. • Converted the
Slide 4: Financial Update
Financial Update 4
Slide 5: Key Financials Q3 2025
Key Financials Q3 2025 Income statement Comments US$ millions, except per share data Q3 2025 Q3 2024 Variance • Operating revenues decreased by $1.3 million compared to Q3 2024 due to reduced average TCE, gross, from approx. Operating revenues 37.9 39.2 (1.3) US$36,800/day in Q3 2024 to US$35,600/da
Slide 6: Key Financials Q3 2025
Key Financials Q3 2025 Balance Sheet Summary Comments • Cash of $26.4 million as of September 30, 2025 including September 30, June 30, minimum cash balance required under the sale leaseback US$ millions Variance 2025 2025 financing of $12.3 million. • Total debt, gross, was $707.4 million as of Sep
Slide 7: Company update
Company update 7
Slide 8: Chartering position
Chartering position Fleet status report – Current Himalaya Shipping Fleet Status Report 2025 2026 2027 Vessel Name Built Type Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Dual Fuel Newcastlemax Mount Norefjell 2023 DF Newcastlemax 32,000* Index Mount Ita 2023 DF Newcastlemax Index Mount Etna 2023 DF Newcastlemax 3
Slide 9: Proven Outperformance through Large and Modern Tonnage
Proven Outperformance through Large and Modern Tonnage HSHP TCE vs Peers and Index HSHP avg. premium vs. index ~50% 40,000 HSHP avg. Premium vs. Peers ~23% 35,000 30,000 USD Per Day 25,000 20,000 15,000 10,000 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25 Baltic 5TC average Average Peer HSHP Sou
Slide 10: Solid dividend capacity
Solid dividend capacity Illustrative FCF $ per share based on Capesize index rate 4.8 4.2 3.5 2.9 2.3 1.6 1.0 0.4 0.0 17,206 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 This information has been prepared for illustrative purposes only and does not represent the Company’s forecast. It is
Slide 11: Himalaya Shipping
Himalaya Shipping 12 modern 210,000 DWT Newcastlemax LNG DF vessels. Top 1% emission rating for large bulk carriers Market cap ~$350 mln All vessels fixed on long term index Gross debt $708 mln/59 mln per vessel, charters with market leading premiums estimated LTV 67% 142% and solid counter parts 7
Slide 12: Market update
Market update 12
Slide 13: Capesize Tonne-miles
Capesize Tonne-miles Capesize Daily Billion Ton-mile Development (30dms*) Cape tonne-mile development year on year Q3 1400000 Tonne-mile Growth Q3 Y/Y Growth Total Capesize +2% 1300000 Iron Ore +3% 1200000 Bauxite +15% Coal -15% 1100000 1000000 Export Data Q3 Y/Y Growth 2022 2023 2024 2025 900000 Br
Slide 14: Bauxite market continue to flourish - Increasingly important for Capesize
Bauxite market continue to flourish - Increasingly important for Capesize China Bauxite Imports (Mt/month) Capesize Fleet – Tonnemile Demand Split, Bauxite > Coal 25.0 100% 20.0 18% 13% 90% 18% 21% 21% 22% 22% 20% 20% 20% 24% 15.0 80% Millions 1% 7% 16% 3% 0% 4% 7% 9% 12% 10.0 6% 11% 70% 5.0 60% 0.0
Slide 15: Iron Ore – Seaborne Volumes Continues to Grow
Iron Ore – Seaborne Volumes Continues to Grow Global Iron Ore Exports (Mt/month) China Seaborne Iron Ore Imports (Mt/month 175.0 120.0 110.0 Million tonnes 165.0 100.0 90.0 80.0 155.0 2021 2022 2023 2024 2025 70.0 Million tonnes 145.0 China – Imported Iron Ore Inventories (Mt) 135.0 170 160 150 125.
Slide 16: Long-term Iron Ore Demand
Long-term Iron Ore Demand Iron Ore Wet Production Cash Cost Distribution China Iron Ore Production – Fe adj. 40% 100% 500 450 90% 400 35% 350 80% 300 250 Mt 30% 200 70% 150 Cumulative total (line) 25% 100 60% % of Total (bar) 50 0 20% 50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 17: Significant iron ore volumes coming – driving ton-mile demand
Significant iron ore volumes coming – driving ton-mile demand Addition iron ore volumes in Atlantic basin (MT/y) – 3x longer than from Australia Volumes representing # ships* > orderbook 272 Simandou project – Guinea Start-up Nov 2025–full volumes 2027 Vale capacity increases by 2026 20 170 15 15 17
Slide 18: The supply situation
The supply situation Capesize+ fleet by delivery year in # ships ~60% of the fleet >20 years by 2034* 350 % of fleet Vessels built # ships turning # of Vessels Vessels built post-2016 Year >20 years (inc. Vessels built before 20093 between 2009 and unaffected by 20303 20 years Delivered 2015 OB) 300
Slide 19: Limited supply of new ships
Limited supply of new ships Historically low orderbook Highly supportive OB/Fleet Ratio Nominal orderbook vs existing fleet 450 41.2 % 38.5 % 400 350 31.6 % 300 26.1 % Million DWT 22.8 % 250 18.4 % 200 15.1 % 13.4 % 150 Orderbook 11.0 % 9,3% of fleet 9.3 % 100 50 0 1997 1999 2001 2003 2005 2007 2009
Slide 20: Thank you
Thank you 20
Himalaya Shipping Ltd. Common Shares — Q3 2025 Earnings Presentation on 6ix