Himalaya Shipping Ltd. · OSL:HSHP
Himalaya Shipping — Q4 2025 Earnings Presentation
21 slides from Himalaya Shipping's earnings presentation, Feb 5, 2026
Slide 1: Himalaya Shipping – Q4 2025 Results Presentation
Himalaya Shipping – Q4 2025 Results Presentation 10 February 2026 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 Q4 2025 Highlights: • Net profit of $13.5 million and EBITDA of $33.3 million for the quarter ended December 31, 2025. • Achieved time charter equivalent earnings of approximately $39,600 per day, gross. • Converted the index-linked time charters for four vessels to fixed rate time charte
Slide 4: Financial Update
Financial Update 4
Slide 5: Key Financials Q4 2025
Key Financials Q4 2025 Income statement Comments Variance US$ millions, except per share data Q4 2025 Q4 2024 • Operating revenues increased by $12.5 million compared to Q4 Operating revenues 42.1 29.6 12.5 2024 due to higher average TCE, gross, from approx. US$27,800/day in Q4 2024 to US$39,600/day
Slide 6: Key Financials Q4 2025
Key Financials Q4 2025 Balance Sheet Summary Comments • Cash and cash equivalents of $32.4 million as of December 31, December 31, September 2025 including minimum cash balance required under the sale US$ millions Variance 2025 30, 2025 leaseback financing of $12.3 million. • Total debt, gross, was
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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Dual Fuel Newcastlemax Mount Norefjell 2023 DF Newcastlemax 32,000 27,265 Index Mount Ita 2023 DF Newcastlemax Index Mount Etna 2023 DF Newcastlema
Slide 9: Proven Outperformance through Large and Modern Tonnage
Proven Outperformance through Large and Modern Tonnage HSHP TCE vs Peers and Index 45,000 HSHP avg. premium vs. index ~48% HSHP avg. Premium vs. Peers ~25% 40,000 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 4q25 Baltic 5TC average Average P
Slide 10: Solid dividend capacity
Solid dividend capacity Illustrative FCF $ per share based on Capesize index rate Himalaya USD p.a FCFE/sh 4.7 4.1 3.5 2.8 2.2 1.6 0.9 0.32 0.00 17,470 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 1. This information has been prepared for illustrative purposes only and does not represent
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 ~$492 mln All vessels fixed on long term index Gross debt $700 mln/58 mln per vessel, charters with market leading premiums estimated LTV 62% at average 141 % and solid coun
Slide 12: Market update
Market update 12
Slide 13: Strong Q4 and healthy start to the year
Strong Q4 and healthy start to the year Baltic 5TC Index 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 J F M A M J J A S O N D 2015-25 max-min range 2015-25 average 2024 2025 2026 Source: Clarksons Shipping Intelligence Index 13
Slide 14: Capesize Tonne-miles
Capesize Tonne-miles Capesize Daily Billion Ton-mile Development (30dms*) Cape tonne-mile development year on year Q4 2025 1500000 Tonne-mile Growth Q4 Y/Y Growth Total Capesize +9% 1400000 Iron Ore +12% 1300000 Bauxite +21% 1200000 Coal -15% 1100000 Export Data Q4 Y/Y Growth 1000000 Brazil Iron Ore
Slide 15: Iron Ore – Record seaborne volumes in 2025
Iron Ore – Record seaborne volumes in 2025 Global Iron Ore Exports (Mt/month) China Seaborne Iron Ore Imports (Mt/month) 130.0 Global iron ore exports million MT / month 120.0 Million tonnes 110.0 185.0 100.0 90.0 175.0 80.0 165.0 70.0 J F M A M J J A S O N D Million tonnes 155.0 2021 2022 2023 2024
Slide 16: 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 20 170 231 15 1
Slide 17: Bauxite market continue to flourish - Increasingly important for Capesize
Bauxite market continue to flourish - Increasingly important for Capesize Global Daily Capesize Bauxite Shipments (Mt, 30dma*) Capesize Fleet Carrying Bauxite (% of fleet) 100% 18% 13% 90% 18% 21% 21% 22% 22% 20% 20% 20% 24% 80% 1% 7% 16% 3% 0% 4% 7% 9% 12% 6% 11% 70% 60% 50% 40% 77% 75% 75% 73% 75%
Slide 18: Limited supply of new ships
Limited supply of new ships Low orderbook Supportive OB/Fleet Ratio Nominal orderbook vs existing fleet 450 39.0 % 37.0 % 400 34.0 % 350 300 23.0 % Million DWT 250 22.0 % 19.0 % 200 18.0 % 17.0 % Orderbook 150 12% of fleet 12.5 % 12.0 % 100 50 0 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Slide 19: 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-2015 Year >20 years (inc. Vessels built before 2009 between 2009 and 20 years Delivered unaffected by 2030* 2015 OB) 300
Slide 20: Mandatory dry docking continue to increase in 2026
Mandatory dry docking continue to increase in 2026 Off hire due to increase from docking Capesize average age Supply constraints schedule 18 35% 16 1.4 % • 2011 was a big delivery year - 30% 1.3 % hence over 12% of the fleet will engage in 15 year SS in 2026 (28% 14 of the cape fleet will need dry 2
Slide 21: Thank you
Thank you 21
Himalaya Shipping Ltd. Common Shares — Q4 2025 Earnings Presentation on 6ix