Himalaya Shipping Ltd. · OSL:HSHP
Himalaya Shipping — Q2 2025 Earnings Presentation
23 slides from Himalaya Shipping's earnings presentation, Aug 8, 2025
Slide 1: Himalaya Shipping – Q2 2025 Results Presentation
Himalaya Shipping – Q2 2025 Results Presentation 8 August 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 Q2 2025 Highlights: • Net profit of $1.1 million and EBITDA of $20.9 million for the quarter ended June 30, 2025. • Achieved time charter equivalent earnings of approximately $28,400 per day, gross. • Commencement of Lars-Christian Svensen as contracted CEO and appointment of Vidar Hasund
Slide 4: Financial Update
Financial Update 4
Slide 5: Key Financials Q2 2025
Key Financials Q2 2025 Income statement Comments Variance US$ millions, except per share data Q2 2025 Q2 2024 • Operating revenues decreased $1.3 million compared to Q2 2024 Operating revenues 29.9 31.2 (1.3) due to reduced average TCE, gross, from approx. US$34,600/day in Q2 2024 to US$28,400/day i
Slide 6: Key Financials Q2 2025
Key Financials Q2 2025 Balance Sheet Summary Comments • Cash of $24.7 million as of June 30, 2025 including minimum cash March 31, balance required under the sale leaseback financing of $12.3 US$ millions June 30, 2025 Variance 2025 million. • Total debt, gross, was $714.0 million as of June 30, 202
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 Q2 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 Newcastlema
Slide 9: Proven Outperformance through Large and Modern Tonnage
Proven Outperformance through Large and Modern Tonnage HSHP TCE vs Peers and Index 40,000 HSHP avg. premium vs. index ~49% HSHP avg. Premium vs. Peers ~25% 35,000 30,000 USD Per Day 25,000 20,000 15,000 10,000 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 Baltic 5TC average Average Peer HSHP Source:
Slide 10: Himalaya Shipping DF vessels to capitalize on emission pricing
Himalaya Shipping DF vessels to capitalize on emission pricing 3 x GHG taxes coming into effect Himalaya vs. Capesize index (BCI 180) vessel Fuel / CO2 cost: C2 - Tubarao - Rotterdam 2028 [USD/Day] - 208K DWT adjusted 45,000 • EU ETS - active 2024 40,000 • CO2 tax on fuel emission 38,100 35,000 2,50
Slide 11: Solid dividend capacity
Solid dividend capacity Illustrative FCF $ per share based on Capesize index rate FCF in $ pr share/year 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 1. This information has been prepared for illustrative purposes only and does not represent the
Slide 12: Capital allocation
Capital allocation Cash-break even of ~$17k/day on Capesize index equivalent vs BCI average 21k last four years Full alignment between shareholders and management – board and sponsors own ~1/3 of the equity No reinvestment plans – youngest fleet in the industry means limited capital needs Free cash
Slide 13: Market update
Market update 13
Slide 14: Capesize tonne-miles
Capesize tonne-miles Capesize Daily Billion Ton-mile Development (30dms*) Cape tonne-mile development year on year Q2 1350 • Bauxite +27% 1300 1250 1200 • Iron ore +1% 1150 • Coal -14% 1100 • China imports +3% y-o-y 1050 1000 • Iron ore exports from Brazil +4% y-o-y 2022 2023 2024 2025 950 Tonne-mil
Slide 15: 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 13% 90% 18% 21% 21% 22% 20% 20% 20% 18% 24% 22% 15.0 Millions 80% 10.0 1% 7% 16% 3% 0% 4% 7% 9% 12% 6% 11% 5.0 70% 0.0 60%
Slide 16: Iron ore
Iron ore Brazil iron ore exports – Solid YTD as we move into the historical high-season Brazil iron ore exports million MT / month 45 40 35 Million tonnes 30 25 20 15 January February March April May June July August September October November December 2020 2021 2022 2023 2024 2025 Source: Shipping
Slide 17: Iron ore demand
Iron ore demand China iron ore imports – Remain solid China iron ore inventories set for seasonal rebound China - Imported IO Inventories China seabourne iron ore imports million MT / month 170 120.0 160 110.0 150 Million tonnes 100.0 140 Mt 90.0 130 120 80.0 110 70.0 100 1 6 11 16 21 26 31 36 41 46
Slide 18: Long-term Iron Ore Demand
Long-term Iron Ore Demand China Domestic Iron Ore Production (~62% fe) Iron Ore Cost Curve (wet cash cost/tonne) 25 40% 100% 2023 2024 2025 35% 80% Cumulative Total (%) % of Total Production 24 30% 25% 60% 23 20% 15% 40% 22 10% 20% 21 5% Mt/Motnh 0% 0% 20 0-25 25-35 35-45 45-55 55-65 65-75 75-85 85-
Slide 19: 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 Required # ships > orderbook1 272 Simandou project – Guinea Start-up Nov 2025–full volumes 2027 Vale capacity increases by 2026 20 170 15 15 165 60 60 WCM
Slide 20: Limited supply of new ships
Limited supply of new ships Historically low orderbook Highly supportive OB/Fleet Ratio Nominal orderbook vs existing fleet 450 43.5 % 400 40.7 % 350 30.7 % 30.2 % 300 Million DWT 250 20.5 % 20.1 % 200 15.1 % 150 Orderbook 12.4 % 8.9% of fleet 11.0 % 100 8.9 % 50 0 1997 1999 2001 2003 2005 2007 2009
Slide 21: 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 22: Mandatory dry docking to increase in 2025
Mandatory dry docking to increase in 2025 Off hire due to increase from docking Capesize average age Supply constraints schedule 18 35% % off hire • ~50% y/y increase in estimated 16 1.4 % offshire days due to DD in ’25 30% 1.3 % • 2010 was a big delivery year - 14 hence over 10% of the fleet will 2
Slide 23: Thank you
Thank you 23
Himalaya Shipping Ltd. Common Shares — Q2 2025 Earnings Presentation on 6ix