Himalaya Shipping Ltd. · OSL:HSHP
Himalaya Shipping — Q1 2026 Earnings Presentation
21 slides from Himalaya Shipping's earnings presentation, May 21, 2026
Slide 1: Himalaya Shipping – Q1 2026 Results Presentation
Himalaya Shipping – Q1 2026 Results Presentation 21 May 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 in this presentation, contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that are subject to risks an
Slide 3: Highlights
Highlights Q1 2026 Highlights: • Net profit of $5.0 million and EBITDA of $24.5 million for the quarter ended March 31, 2026. • Achieved time charter equivalent earnings of approximately $32,300 per day, gross. • Entered into a new time charter agreement for the Mount Ita for a period of 11 to 14 mo
Slide 4: Financial Update
Financial Update 4
Slide 5: Key Financials Q1 2026
Key Financials Q1 2026 Income statement Comments Variance US$ millions, except per share data Q1 2026 Q1 2025 • Operating revenues increased by $11.6 million compared to Q1 Operating revenues 33.6 22.0 11.6 2025 due to higher average TCE, gross, from approx. US$21,100/day in Q1 2025 to US$32,300/day
Slide 6: Key Financials Q1 2026
Key Financials Q1 2026 Balance Sheet Summary Comments • Cash and cash equivalents of $24.5 million as of March 31, 2026 December including minimum cash balance required under the sale US$ millions March 31, 2026 Variance 31, 2025 leaseback financing of $12.3 million. • Total debt, gross, was $693.9
Slide 7: Company update
Company update 7
Slide 8: Himalaya Shipping
Himalaya Shipping 12 modern 210,000 DWT Newcastlemax LNG DF vessels. Top 1% emission rating for large bulk carriers Market cap ~$703 mln All vessels fixed on long term index Gross debt $694 mln/58 mln per vessel, charters with market leading premiums estimated LTV 62% at average 141 % and solid coun
Slide 9: Chartering position
Chartering position Fleet status report – Current Himalaya Shipping Fleet Status Report 2026 2027 Vessel Name Built Type Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Dual Fuel Newcastlemax Mount Norefjell 2023 DF Newcastlemax Index Mount Ita 2023 DF Newcastlemax Index Mount Etna 2023 DF Newcastlemax 27,650 Index Mount B
Slide 10: 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 1q26 Baltic 5TC average Aver
Slide 11: Solid dividend capacity
Solid dividend capacity Illustrative FCF $ per share based on Capesize index rate Himalaya USD p.a FCFE/sh 5.3 4.7 4.1 3.5 2.8 2.2 1.6 0.96 0.00 17 296 25 000 30 000 35 000 40 000 45 000 50 000 55 000 60 000 1. This information has been prepared for illustrative purposes only and does not represent
Slide 12: Market update
Market update 12
Slide 13: Strong Q1 and solid start to Q2
Strong Q1 and solid start to Q2 Baltic 5TC Index 90,000 80,000 - Cargo volumes up 70,000 - Speed down - Waiting time in ports up - Middle East disruptions 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 2024 2025 2026 2021-25 average Source: Clarksons Shippi
Slide 14: Capesize Tonne-miles
Capesize Tonne-miles Capesize Daily Billion Ton-mile Development (30dms*) Cape tonne-mile development year on year Q1 2026 1350 Tonne-mile Growth Q1 Y/Y Growth 1300 Total Capesize +4.3% 1250 Iron Ore +4.8% 1200 30 day bn tonne miles Bauxite +23.4% 1150 Coal -19.5% 1100 1050 Export Data (MT) Q1 Y/Y G
Slide 15: Iron Ore – Record seaborne volumes in Q1 2026
Iron Ore – Record seaborne volumes in Q1 2026 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 185.0 110.0 100.0 175.0 90.0 165.0 80.0 Million tonnes 155.0 70.0 J F M A M J J A S O N D 145.0 2022 2023
Slide 16: Bauxite market solid - Increasingly important for Capesize
Bauxite market solid - Increasingly important for Capesize Global Daily Capesize Bauxite Shipments (Mt, 30dma*) Capesize Fleet Demand Split (% of tonnemiles) 0.8 100% 13% 11% 90% 17% 17% 0.7 23% 21% 21% 21% 20% 19% 19% 19% 80% 6% 1% 3% 16% 20% 0.6 1% 4% 5% 7% 9% 10% 11% 70% 0.5 30 days mMT/day 60% 0
Slide 17: Significant iron ore volume increase – driving ton-mile demand
Significant iron ore volume increase – driving ton/mile demand Addition iron ore volumes in Atlantic basin (MT/y) – 3x longer than from Australia Simandou volumes per week 2026 Simandou project – Guinea Start-up Nov 2025 1.2 Vale capacity increases by 2027 1 0.8 Million MT 0.6 0.4 0.2 0 1 3 5 7 9 11
Slide 18: Limited supply of new ships
Limited supply of new ships Low orderbook Supportive OB/Fleet Ratio Nominal orderbook vs existing fleet 450 40.0 % 37.0 % 400 35.0 % 350 300 24.0 % Million DWT 250 21.0 % 21.0 % 20.0 % 19.0 % 200 Orderbook 14.0 % 150 13.0 % 14% of fleet 100 50 0 2000 2002 2004 2006 2008 2020 2022 2024 2026 1996 1998
Slide 19: The supply situation
The supply situation Capesize+ fleet by delivery year in # ships ~55% of the fleet >20 years by 2034* 350 % of fleet # ships turning # of Vessels Vessels built before 2009 Vessels built between Vessels built post-2015 Year >20 years (inc. 2009 and 2015 unaffected by 2031* 20 years Delivered OB) 300
Slide 20: Ageing fleet and mandatory dry-docking increasing
Ageing fleet and mandatory dry-docking increasing Off hire due to increase from docking Capesize average age Supply constraints schedule 16 35% 1.8 % 1.7 % • 2011 was a big delivery year - 14 30% hence over 12% of the fleet will engage in 15 year SS in 2026 (24% 12 of the cape fleet will need dry 25
Slide 21: Thank you
Thank you 21
Himalaya Shipping Ltd. Common Shares — Q1 2026 Earnings Presentation on 6ix