Himalaya Shipping Ltd. · OSL:HSHP
Himalaya Shipping — Q1 2025 Earnings Presentation
20 slides from Himalaya Shipping's earnings presentation, May 22, 2025
Slide 1: Himalaya Shipping – Q1 2025 Results Presentation
Himalaya Shipping – Q1 2025 Results Presentation 22 May 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 Q1 2025 Highlights: • Net loss of $6.4 million and Adjusted EBITDA of $13.8 million for the quarter ended March 31, 2025. • Achieved time charter equivalent earnings of approximately $21,100 per day, gross • Entered into a new time charter agreement for Mount Norefjell for 14 to 38 months
Slide 4: Financial Update
Financial Update 4
Slide 5: Key Financials Q1 2025
Key Financials Q1 2025 Income statement Comments US$ millions, except per share data Q1 2025 Q1 2024 Variance • Net loss of $6.4 million in Q1 2025 compared to a net income of $2.5 million in Q1 2024. Operating revenues 22.0 23.6 (1.6) • Operating profit of $6.5 million, a decrease in operating prof
Slide 6: Key Financials Q1 2025
Key Financials Q1 2025 Balance Sheet Summary Comments December 31, • Cash of $27.0 million as of March 31, 2025 including minimum US$ millions March 31, 2025 Variance cash balance required under the sale leaseback financing of $12.3 2024 million. • Total debt, gross, was $721.3 million as of March 3
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 ~48% 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 Baltic 5TC average Average Peer HSHP Source: Fearn
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 1. This information has been prepared for illustrative purposes only and does not represent the Company’s forecast. It
Slide 11: Capital allocation
Capital allocation Cash-break even of ~$17k/day on Capesize index equivalent vs BCI average 22k 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 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 Q1 1350 • Bauxite +43% 1300 1250 • Minor Cape bulk +69% 1200 • Iron ore -2.8% 1150 • Coal -30% 1100 1050 • Positive development vs Q4 2024 1000 2022 2023 2024 2025 • Iron ore exports fr
Slide 14: Bauxite market continue to flourish
Bauxite market continue to flourish - Increasingly important for Capesize China Imported Bauxite Port Inventories (Mt) Capesize Fleet – Tonnemile Demand Split, Bauxite > Coal 40 100% 90% 13% 30 21% 21% 21% 20% 19% Port Inventories (Mt) 22% 22% 19% 20% 25% 80% 20 1% 3% 5% 7% 7% 16% 0% 7% 9% 12% 12% 7
Slide 15: Iron ore
Iron ore Brazil iron ore exports – Solid YTD and set for seasonal increase Brazil iron ore exports 45.0 40.0 35.0 Million tonnes 30.0 25.0 20.0 15.0 January February March April May June July August September October November December 2020 2021 2022 2023 2024 2025 Source: Shipping Intelligence Netwo
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 Required # ships > orderbook1 Simandou project – Guinea Start-up Nov 2025–full volumes 2027 Vale capacity increases by 2026 232 151 # of Ships for these Cu
Slide 17: Limited supply of new ships
Limited supply of new ships 25-year low orderbook Highly supportive OB/Fleet Ratio 450 45.9% 400 40.8% 350 33.2% 300 29.7% 250 20.7% 20.7% 200 14.6% 150 Orderbook 11.6% 7.9% of fleet 10.3% 100 7.9% 50 0 2001 2004 2007 2010 2013 2016 2019 2022 2025 Capesize fleet mDWT Capesize orderbook mDWT Source:
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 20153 OB) 30
Slide 19: 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 % offhire days due to DD in ’25 30% 1.3 % • 2010 was a big delivery year - 14 hence over 10% of the fleet will 25
Slide 20: Thank you
Thank you 20
Himalaya Shipping Ltd. Common Shares — Q1 2025 Earnings Presentation on 6ix