Himalaya Shipping Ltd 20-F for FY2025

Himalaya Shipping Ltd. (HSHP)

20-F 2026-03-12 For: 2025-12-31

Added on April 10, 2026

About this 20-F

Himalaya Shipping Ltd filed this 20-F on March 12, 2026, covering the fiscal year ended December 31, 2025 (FY2025).

Headline figures

Fiscal year ended December 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $131.9M; up 6.7% from $123.6M a year earlier
Net income: $17.7M; down 16.1% from net income of $21.1M a year earlier
Diluted EPS: $0.38; down 20.8% from $0.48 a year earlier

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		PAGE
	PART 1
ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS	1
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	1
ITEM 3.	KEY INFORMATION	1
A.	[RESERVED]	1
B.	CAPITALIZATION AND INDEBTEDNESS	1
C.	REASONS FOR THE OFFER AND USE OF PROCEEDS	1
D.	RISK FACTORS	1
ITEM 4.	INFORMATION ON THE COMPANY	31
A.	HISTORY AND DEVELOPMENT OF THE COMPANY	31
B.	BUSINESS OVERVIEW	32
C.	ORGANIZATIONAL STRUCTURE	51
D.	PROPERTY, PLANT AND EQUIPMENT	52
ITEM 4A.	UNRESOLVED STAFF COMMENTS	52
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	53
A.	OPERATING RESULTS	55
B.	LIQUIDITY AND CAPITAL RESOURCES	58
C.	RESEARCH & DEVELOPMENT, PATENTS AND LICENSES, ETC.	64
D.	TREND INFORMATION	64
E.	CRITICAL ACCOUNTING ESTIMATES	65
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	66
A.	DIRECTORS AND SENIOR MANAGEMENT	66
B.	COMPENSATION	67
C.	BOARD PRACTICES	67
D.	EMPLOYEES	69
E.	SHARE OWNERSHIP	69
F.	DISCLOSURE OF A REGISTRANTS ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION	70
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	70
A.	MAJOR SHAREHOLDERS	70
B.	RELATED PARTY TRANSACTIONS	71
C.	INTERESTS OF EXPERTS AND COUNSEL	71
ITEM 8.	FINANCIAL INFORMATION	71
A.	CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION	71
B.	SIGNIFICANT CHANGES	72
ITEM 9.	THE OFFER AND LISTING	72
A.	OFFER AND LISTING DETAILS	72
B.	PLAN OF DISTRIBUTION	72
C.	MARKETS	72
D.	SELLING SHAREHOLDERS	72
E.	DILUTION	72


F.	EXPENSES OF THE ISSUE	72
ITEM 10.	ADDITIONAL INFORMATION	72
A.	SHARE CAPITAL	73
B.	MEMORANDUM AND ARTICLES OF ASSOCIATION	73
C.	MATERIAL CONTRACTS	78
D.	EXCHANGE CONTROLS	78
E.	TAXATION	78
F.	DIVIDENDS AND PAYING AGENTS	82
G.	STATEMENT BY EXPERTS	82
H.	DOCUMENTS ON DISPLAY	82
I.	SUBSIDIARY INFORMATION	82
J.	ANNUAL REPORT TO SECURITY HOLDERS	82
ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	82
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	83
A.	DEBT SECURITIES	83
B.	WARRANTS AND RIGHTS	83
C.	OTHER SECURITIES	83
D.	AMERICAN DEPOSITORY SHARES	83
	PART 2
ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	83
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	84
ITEM 15.	CONTROLS AND PROCEDURE	84
ITEM 16A.	AUDIT COMMITTEE FINANCIAL EXPERT	85
ITEM 16B.	CODE OF ETHICS	85
ITEM 16C.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	85
ITEM 16D.	EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	86
ITEM 16E.	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	86
ITEM 16F.	CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT	86
ITEM 16G.	CORPORATE GOVERNANCE	86
ITEM 16H.	MINE SAFETY DISCLOSURE	86
ITEM 16I.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	86
ITEM 16J.	INSIDER TRADING POLICY	86
ITEM 16K.	CYBERSECURITY	87
	PART 3
ITEM 17.	FINANCIAL STATEMENTS	87
ITEM 18.	FINANCIAL STATEMENTS	87
ITEM 19.	EXHIBITS	88


	Year ended	Year ended
(in millions of $)	December 31, 2025	December 31, 2024	Change	% Change



Total operating revenues	131.9	123.6	8.3	7	%


Vessel operating expenses	(28.0)	(23.8)	(4.2)	18	%
Voyage expenses and commissions	(1.6)	(1.6)	—	—	%
General and administrative expenses	(4.9)	(5.0)	0.1	(2)	%
Depreciation	(29.2)	(26.5)	(2.7)	10	%
Total operating expenses	(63.7)	(56.9)	(6.8)	12	%

Operating profit	68.2	66.7	1.5	2	%





Total financial expenses, net	(50.5)	(45.6)	(4.9)	11	%


Income tax (expense)/benefit	—	—	—
Net income attributable to shareholders of Himalaya Shipping Ltd	17.7	21.1	(3.4)	(16)	%


	Year ended	Year ended
(in millions of $ except TCE earnings and number of days)	December 31, 2025	December 31, 2024	Change
Total operating revenues	131.9	123.6	8.3
Add: Address commissions	4.9	4.5	0.4
Total operating revenues, gross	136.8	128.1	8.7
Fleet operational days	4,380	3,941	439
Average daily TCE earnings, gross	31,233	32,504	(1,271)


	Year ended	Year ended
(in millions of $)	December 31, 2025	December 31, 2024	Change	% Change

Interest income	1.0	1.0	—	—	%
Interest expense, net of amounts capitalized	(51.4)	(46.6)	(4.8)	10	%
Other financial (expenses) income, net	(0.1)	—	(0.1)	100	%
Total financial expenses, net	(50.5)	(45.6)	(4.9)	11	%


(in millions of U.S. dollars)	Year ended December 31, 2025	Year ended December 31, 2024
Net cash provided by operating activities	51.7	55.9
Net cash used in investing activities	—	(313.4)
Net cash provided by (used in) financing activities	(38.7)	251.4
Net increase/(decrease) in cash, cash equivalents and restricted cash	13.0	(6.1)
Cash and cash equivalents at the beginning of the year	19.4	25.5
Cash and cash equivalents at the end of the year	32.4	19.4
Supplementary disclosure of cash flow information




Interest paid, net of capitalized interest	(49.5)	(40.3)


Vessel name	Hull No.	Third Anniversary	Fourth Anniversary	Fifth Anniversary	Sixth Anniversary	Seventh Anniversary
Mount Norefjell	0120833	$56,934,360	$54,492,480	$52,050,600	$49,608,720	$47,166,840
Mount Ita	0120834	$56,934,360	$54,492,480	$52,050,600	$49,608,720	$47,166,840
Mount Etna	0120835	$56,934,360	$54,492,480	$52,050,600	$49,608,720	$47,166,840
Mount Blanc	0120836	$56,934,360	$54,492,480	$52,050,600	$49,608,720	$47,166,840
Mount Matterhorn	0120837	$56,000,000	$54,000,000	$51,000,000	$48,000,000	$46,000,000
Mount Neblina	0120838	$56,000,000	$54,000,000	$51,000,000	$48,000,000	$46,000,000
Mount Bandeira	0120839	$56,000,000	$54,000,000	$51,000,000	$48,000,000	$46,000,000
Mount Hua	0120840	$56,000,000	$54,000,000	$51,000,000	$48,000,000	$46,000,000
Mount Elbrus	0120841	$56,000,000	$54,000,000	$51,000,000	$48,000,000	$46,000,000
Mount Denali	0120842	$56,000,000	$54,000,000	$51,000,000	$48,000,000	$46,000,000
Mount Aconcagua	0120843	$56,000,000	$54,000,000	$51,000,000	$48,000,000	$46,000,000
Mount Emai	0120844	$56,000,000	$54,000,000	$51,000,000	$48,000,000	$46,000,000


(in millions of $)	Total obligation	Due in 2026	Due in 2027 - 2028	Due in 2029 - 2030	Due Thereafter
Financing
Bareboat charters for vessels (1)	909.1	72.5	145.3	402.4	288.9
Repayment of scrubber financing including interest commitments (2)	0.4	0.4	—	—	—
	909.5	72.9	145.3	402.4	288.9


Director or Officer	Beneficial Ownership in Common Shares			Interest in Options
	Number of shares	%		Total number of options	Exercise price(1)	Expiry date
Bjorn Isaksen(2)	450,000	*		150,000(4)	$8.00	December 8, 2026
Jehan Mawjee	—	—		50,000(5)	$8.00	February 19, 2029

Carl Steen(3)	202,496	*		75,000(4)	$8.00	December 8, 2026



Lars-Christian Svensen	19,186	*		65,000(6)	$10.00	September 1, 2029
				120,000(7)	$7.50	March 31, 2030
Vidar Hasund	—	—		100,000(4)	$8.00	December 8, 2026
				20,000(7)	$7.50	March 31, 2030
All executive officers and directors as a group	671,682	1.4%	**	580,000


5% Equity holders	Beneficial Ownership in Common Shares(1)
	Number of shares	%
Drew Holdings Ltd.(2)	13,590,549	29.1%


(in millions of $)
Fiscal year ended December 31, 2025						0.4
Fiscal year ended December 31, 2024						0.4


(in thousands of $)
Fiscal year ended December 31, 2025						—
Fiscal year ended December 31, 2024						—


Number						Description of Exhibit
1.1						Certificate of Incorporation (incorporated by reference from Exhibit 3.1 to the Registration Statement filed on Form F-1, dated March 7, 2023)§
1.2						Memorandum of Association (incorporated by reference from Exhibit 3.2 to the Registration Statement filed on Form F-1, dated March 7, 2023)§
1.3						Amended and Restated Bye-laws (incorporated by reference from Exhibit 3.3 to the Registration Statement filed on Form F-1, dated March 7, 2023)§
1.4						Certificate of Deposit of Memorandum of Increase of Share Capital of Himalaya Shipping registered on July 2, 2021 (increasing Himalaya Shipping’s authorized capital) (incorporated by reference from Exhibit 3.4 to the Registration Statement filed on Form F-1, dated March 7, 2023)§
2.1						Description of Securities Registered under Section 12 of the Exchange Act†
4.1						Form of Registration Rights Agreement (incorporated by reference from Exhibit 10.1 to the Registration Statement filed on Form F-1, dated March 7, 2023)§
4.2						Shipbuilding Contract for Construction of One 210,000 dwt Bulk Carrier between New Times Shipbuilding Co. Ltd. and MOUNT NOREFJELL INC. (formerly known as LHOTSE INC.), for vessel with hull number 0120833, dated March 10, 2021, as amended on November 16, 2022 (incorporated by reference from Exhibit 10.2 to the Registration Statement filed on Form F-1, dated March 7, 2023)§,**,#
4.3						Amended and Restated Memorandum of Agreement and Bareboat Charter, dated February 22, 2023, between MOUNT NOREFJELL INC., a wholly owned subsidiary of Himalaya Shipping, and Great Lhotse Limited, providing for the sale and leaseback of the Mount Norefjell vessel, with hull number 0120833 (Avic Leasing) (incorporated by reference from Exhibit 10.3 of the to the Registration Statement filed on Form F-1, dated March 7, 2023)§,***,#
4.4						Memorandum of Agreement and Bareboat Charter, dated April 20, 2022, between MOUNT MATTERHORN INC. (formerly known as EVEREST INC.), a wholly owned subsidiary of Himalaya Shipping, and Jianxin Jinjiushiwu Leasing (Tianjin) Co. Ltd., providing for the sale and leaseback of the Mount Matterhorn vessel, with hull number 0120837 (CCBFL Leasing) (incorporated by reference from Exhibit 10.4 to the Registration Statement filed on Form F-1, dated March 7, 2023)§,****,#
4.5						Novation Agreement, dated December 14, 2022, between MOUNT BANDEIRA INC., a wholly owned subsidiary of Himalaya Shipping, Jianxin Jinjiushiqui Leasing (Tianjin) Co. Ltd., as original buyer, and Huinuo (Tianjin) Shipping Leasing Co. Ltd., in respect of Mount Bandeira vessel, with hull number 0120839 (Jiangsu Leasing) (incorporated by reference from Exhibit 10.5 to the Registration Statement filed on Form F-1, dated March 7, 2023)§,**,***,#
4.6						Revolving Credit Facility Agreement between Himalaya Shipping Ltd. and Drew Holdings Limited. dated December 14, 2022 (incorporated by reference from Exhibit 10.6 to the Registration Statement filed on Form F-1, dated March 7, 2023)§,#
4.7						Addendum to the Revolving Credit Facility Agreement between Himalaya Shipping Ltd. and Drew Holdings Limited dated January 11, 2024 (incorporated by reference from Exhibit 4.11 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2023)§,#
4.8						Second Addendum to Revolving Credit Facility Agreement between Himalaya Shipping Ltd. and Drew Holdings Ltd. dated October 31, 2024 (incorporated by reference from Exhibit 4.12 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2024)§,#
4.9						Third Addendum to Revolving Credit Facility Agreement between Himalaya Shipping Ltd. and Drew Holdings Ltd. dated December 31, 2025†,#
4.10						Management Agreement between Himalaya Shipping Ltd. and 2020 Bulkers Management AS, dated February 27, 2023 (incorporated by reference from Exhibit 10.7 to the Registration Statement filed on Form F-1, dated March 7, 2023)§
4.11						Corporate Support Agreement between Himalaya Shipping Ltd. and Magni Partners (Bermuda) Limited, dated September 15, 2021 (incorporated by reference from Exhibit 10.8 to the Registration Statement filed on Form F-1, dated March 7, 2023)§,#

4.12						Novation Agreement, dated July 10, 2023, between MOUNT MATTERHORN INC., a wholly owned subsidiary of Himalaya Shipping, Jianxin Jinjiushiwu Leasing (Tianjin) Co. Ltd., as original buyer, and Compass Shipping 90 Corporation Limited, in respect of Mount Matterhorn vessel, with hull number 0120837 (incorporated by reference from Exhibit 4.10 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2023)§,******,#

8.1						List of subsidiaries of Himalaya Shipping†

11.1						Insider Trading Policy†


12.1						Certification of the Principal Executive Officer under Section 302 of the Sarbanes-Oxley Act†
12.2						Certification of the Principal Financial Officer under Section 302 of the Sarbanes-Oxley Act†
13.1						Certification of the Principal Executive Officer under Section 906 of the Sarbanes-Oxley Act†
13.2						Certification of the Principal Financial Officer under Section 906 of the Sarbanes-Oxley Act†

97.1						Clawback Policy (incorporated by reference from Exhibit 97.1 of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023)§
101.INS						XBRL Instance Document†
101.SCH						XBRL Taxonomy Extension Schema Document†
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document†
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document†
101.LAB						XBRL Taxonomy Extension Label Linkbase Document†
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document†
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


			Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 01318)			F-2
Consolidated Statements of Operations for the periods ended December 31, 2025, 2024 and 2023			F-3
Consolidated Balance Sheets as of December 31, 2025 and 2024			F-4
Consolidated Statements of Cash Flows for the periods ended December 31, 2025, 2024 and 2023			F-5
Consolidated Statements of Changes in Equity for the periods ended December 31, 2025, 2024 and 2023			F-7
Notes to the Audited Consolidated Financial Statements			F-8


(in millions of $)	Notes	December 31, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents		32.4	19.4
Trade receivables		0.7	1.2
Prepaid expenses and other current assets	9	6.6	6.2
Total current assets		39.7	26.8

Non-current assets
Equity method investment	10	0.4	0.3

Vessels and equipment, net	12	823.8	853.0

Total non-current assets		824.2	853.3
Total assets		863.9	880.1

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt	14	23.6	24.3
Trade payables	17	1.3	0.8
Accrued expenses	13	6.4	7.2
Unearned income		4.8	3.2
Other current liabilities		0.5	0.3
Total current liabilities		36.6	35.8

Non-current liabilities
Long-term debt	14	665.6	689.6


Total non-current liabilities		665.6	689.6
Total liabilities		702.2	725.4

Commitments and contingencies	16

Shareholders' equity
Common shares of par value $1.00 per share: authorized 140,010,000 (2024: 140,010,000) shares, issued and outstanding 46,650,000 (2024: 43,900,000) shares	19	46.7	43.9
Additional paid-in capital	19	27.4	14.4
Contributed surplus	19	50.3	76.8
Retained earnings		37.3	19.6


Standard	Description	Date of adoption	Expected Effect on our Consolidated Financial Statements or Other Significant Matters




ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)	The amendments require disclosure, in the notes to the financial statements of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period, an entity disclose the amount of: (a) purchase of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil and gas producing activities. The amendment also requires disclosure of the qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated quantitatively. In addition, disclosure of the entity’s definition of selling expenses and its total amount are required.	January 1, 2027	Under evaluation
ASU 2025-01 Income Statement - Reporting comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date	The amendment in this Update amends the effective date of Update 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.	January 1, 2027	Under evaluation
ASU 2025-03 Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity	The amendments in this Update require an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity that meets the definition of a business to consider the factors in paragraphs 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer. Entities are required to adopt the Update in annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods.	January 1, 2027	Under evaluation
ASU 2025-05 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets	The amendments in this Update provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transaction accounted for under Topic 606. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.	January 1, 2026	Under evaluation
ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements	The amendments in this update provide clarity about current requirements, the types of interim reporting, and the form and content of interim financial statements in accordance with GAAP. The amendments also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.	January 1, 2028	Under evaluation
ASU 2025-12 Codification Improvements	The amendments represent changes to the Codification that clarify, correct errors, or make minor improvements to make the Codification easier to understand and apply.	January 1, 2027	Under evaluation


	Year ended		Year ended		Year ended
(in millions of $ except share and per share data)	December 31, 2025		December 31, 2024		December 31, 2023
Basic earnings per share	$	0.38	$	0.48	$	0.04
Diluted earnings per share	$	0.38	$	0.48	$	0.04

Net income	17.7		21.1		1.5
Issued common shares at end of the year	46,650,000		43,900,000		43,900,000
Weighted average number of shares outstanding for the period, basic	45,983,014		43,900,000		38,644,250
Dilutive impact of share options	33,167		8,667		—
Weighted average number of shares outstanding for the period, diluted	46,016,181		43,908,667		38,644,250



(in millions of $ except per share data)	Notes	December 31, 2025	December 31, 2024	December 31, 2023

Operating revenues
Time charter revenues	8	131.9	123.6	36.7
Total operating revenues		131.9	123.6	36.7

Operating expenses
Vessel operating expenses		(28.0)	(23.8)	(8.6)
Voyage expenses and commissions		(1.6)	(1.6)	(0.6)
General and administrative expenses		(4.9)	(5.0)	(3.8)
Depreciation	12	(29.2)	(26.5)	(9.1)
Total operating expenses		(63.7)	(56.9)	(22.1)

Operating income		68.2	66.7	14.6



Financial income (expenses), net
Interest income		1.0	1.0	0.8
Interest expense, net of amounts capitalized	7	(51.4)	(46.6)	(13.6)
Other financial (expenses) income, net		(0.1)	—	(0.3)
Total financial expenses, net		(50.5)	(45.6)	(13.1)

Net income before income tax		17.7	21.1	1.5
Income tax (expense)/benefit	4	—	—	—
Net income attributable to shareholders of Himalaya Shipping Ltd		17.7	21.1	1.5
Total comprehensive income attributable to shareholders of Himalaya Shipping Ltd.		17.7	21.1	1.5

Basic and diluted earnings per share	6	0.38	0.48	0.04


(in millions of $ except share data)	Number of shares	Share capital	Additional paid-in capital	Contributed surplus	Retained earnings / (Accumulated deficit)	Total




Balance as of December 31, 2022	32,152,857	32.2	61.2	—	(3.0)	90.4
Issuance of common shares	11,747,143	11.7	55.9	—	—	67.6
Equity issuance costs	—	—	(5.8)	—	—	(5.8)
Share based compensation	—	—	0.5	—	—	0.5
Net income	—	—	—	—	1.5	1.5
Balance as of December 31, 2023	43,900,000	43.9	111.8	—	(1.5)	154.2
Transfer to contributed surplus	—	—	(97.9)	97.9	—	—
Cash distributions of $0.48 per common share	—	—	—	(21.1)	—	(21.1)
Share based compensation	—	—	0.5	—	—	0.5
Net income	—	—	—	—	21.1	21.1
Balance as of December 31, 2024	43,900,000	43.9	14.4	76.8	19.6	154.7
Issuance of common shares	2,750,000	2.8	13.0	—	—	15.8
Equity issuance costs	—	—	(0.3)	—	—	(0.3)
Cash distributions of $0.57 per common share (note 19)	—	—	—	(26.5)	—	(26.5)
Share based compensation	—	—	0.3	—	—	0.3
Net income	—	—	—	—	17.7	17.7
Balance as of December 31, 2025	46,650,000	46.7	27.4	50.3	37.3	161.7



(in millions of $)	2025	2024
As of January 1	0.3	—
Additions	—	0.3
Share options expense to employees of acquiree (1)	0.1	—
Equity in net income (loss) (2)	—	—
As of December 31	0.4	0.3


Vessel						Delivery date
Mount Norefjell						March 2, 2023
Mount Ita						March 9, 2023
Mount Etna						April 13, 2023
Mount Blanc						May 31, 2023
Mount Matterhorn						July 13, 2023
Mount Neblina						August 29, 2023
Mount Bandeira						January 5, 2024
Mount Hua						January 8, 2024
Mount Elbrus						January 11, 2024
Mount Denali						April 19, 2024
Mount Aconcagua						June 6, 2024
Mount Emai						June 13, 2024


(in millions of $)	Financing company	December 31, 2025	December 31, 2024	Maturity dates
Vessel financing (Mount Norefjell)	AVIC	56.2	58.8	March 2030
Vessel financing (Mount Ita)	AVIC	56.2	58.8	March 2030
Vessel financing (Mount Etna)	AVIC	56.8	59.3	April 2030
Vessel financing (Mount Blanc)	AVIC	56.7	59.3	May 2030
Vessel financing (Mount Matterhorn)	CCBFL	58.3	60.5	July 2030
Vessel financing (Mount Neblina)	CCBFL	58.3	60.5	August 2030
Vessel financing (Mount Hua)	Jiangsu	59.5	61.6	January 2031
Vessel financing (Mount Bandeira)	Jiangsu	59.5	61.6	January 2031
Vessel financing (Mount Elbrus)	CCBFL	59.3	61.5	January 2031
Vessel financing (Mount Denali)	CCBFL	59.8	62.0	April 2031
Vessel financing (Mount Aconcagua)	CCBFL	60.0	62.0	June 2031
Vessel financing (Mount Emai)	CCBFL	60.0	62.0	June 2031
Total debt, gross		700.6	727.9
Less: Deferred finance charges		(11.4)	(14.0)
Total debt, net of deferred finance charges		689.2	713.9
Less: Current portion of long-term debt, net of deferred finance charges		(23.6)	(24.3)
Long-term debt, net of deferred finance charges		665.6	689.6


Year ending December 31, 2025
(in millions of $)
2026												26.1
2027												27.6
2028												29.6
2029												31.5
2030												303.6
Thereafter												282.2
Total												700.6


	Outstanding share options	Weighted average remaining life	Weighted average exercise price (in $)	Weighted average grant date fair value (in $)





Outstanding as of December 31, 2022, unvested	620,000	3.0	8.00	2.15
Outstanding as of December 31, 2022, exercisable	—	0.0	—	—
Granted	—	0.0	—	—
Vested	—	0.0	—	—

Outstanding as of December 31, 2023, unvested	620,000	3.0	8.00	2.15
Outstanding as of December 31, 2023, exercisable	—	0.0	—	—
Granted	180,000	5.0	8.72	2.98
Vested	(500,000)	0.0	7.53	2.20

Outstanding as of December 31, 2024, unvested	300,000	3.5	8.01	2.57
Outstanding as of December 31, 2024, exercisable	500,000	1.9	7.52	—
Granted	200,000	5.0	7.50	1.57
Vested	(120,000)	0.0	7.51	1.95
Exercised	(100,000)	0.0	7.05	1.95

Outstanding as of December 31, 2025, unvested	380,000	3.8	7.33	2.24
Outstanding as of December 31, 2025, exercisable	520,000	1.0	6.95	—


Relevant period	Declaration date	Amount per share (in $)	Payment date
December 2024	January 7, 2025	0.005	February 5, 2025
January 2025	February 10, 2025	0.005	March 5, 2025
February 2025	March 6, 2025	0.005	April 22, 2025
March 2025	April 3, 2025	0.04	May 2, 2025
April 2025	May 7, 2025	0.025	June 3, 2025
May 2025	June 5, 2025	0.03	July 3, 2025
June 2025	July 8, 2025	0.05	August 5, 2025
July 2025	August 7, 2025	0.04	August 29, 2025
August 2025	September 4, 2025	0.10	September 25, 2025
September 2025	October 7, 2025	0.10	October 28, 2025
October 2025	November 5, 2025	0.07	November 24, 2025
November 2025	December 4, 2025	0.10	December 23, 2025


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common shares of par value $1 per share	HSHP	New York Stock Exchange


Subsidiary						Jurisdiction of Incorporation
MOUNT NOREFJELL INC.						Liberia
MOUNT ITA INC.						Liberia
MOUNT ETNA INC.						Liberia
MOUNT BLANC INC.						Liberia
MOUNT MATTERHORN INC.						Liberia
MOUNT NEBLINA INC.						Liberia
MOUNT BANDEIRA INC.						Liberia
MOUNT HUA INC.						Liberia
MOUNT EIGER INC. (formerly known as MOUNT ELBRUS INC.)						Liberia
MOUNT DENALI INC.						Liberia
MOUNT ACONCAGUA INC.						Liberia
MOUNT EMAI INC.						Liberia
HIMALAYA SHIPPING MANAGEMENT (UK) LIMITED						United Kingdom


Board Members:			Means each of the Company's board members including its subsidiaries’ board members
Closed Period:			Means a closed trading period starting 30 calendar days before the announcement of an interim or annual financial report, ending one full day after the publication of such a report.
Company financial instruments:			Means any financial instrument issued by the Company, or with the Company's securities as underlying with more than 10% weighting.
Compliance Officer:			Means the person designated as such by the Company's Board of Directors, currently: Vidar Hasund, Chief Financial Officer:[***].
Disclosure Committee:			Means the CFO and the Chair of the Audit Committee.
Employees:			Means the employees of the Company, including contractors, temporary employees (including interns) and consultants unless excepted by the Compliance Officer.
Executing a transaction:			Means the sale or purchase of financial instruments or the execution of any other legal act aimed at acquiring or disposing of financial instruments, either directly or indirectly and for one's account or the account of others, and the pledging or lending of financial instruments.


Gifts of Securities			Means gift of Company securities, which may include gifts to trusts for estate planning purposes, as well as donations to a charitable organization.
Inside Information:			Means (i) information of a precise nature which has not been made public, relating, directly or indirectly, to an issuer to which the financial instrument relates or to the trading in those financial instruments, and which, if it were made public would be likely to have a significant influence on the price of the financial instruments or on the price of related derivative financial instruments or (ii) information about the Company or that business partner which is not public and which is obtained in the course of your position with the Company which is “material” which means (for purposes of US securities laws) there is a substantial likelihood that a reasonable investor would consider the information important in determining whether to trade in a security; or the information, if made public, likely would affect the market price of a company’s securities. Inside Information may for instance be knowledge of negotiations of major transactions, knowledge of accounting information prior to publication, possible placements of financial instruments, proposed dividends, possible takeover bids, or major actions or claims against the Company. Entry into loan agreements or other major changes in the Company's financing and granting or revoking of important licenses or permits can also constitute Inside Information. The information does not need to be complete to be regarded as Inside Information, and may be regarded as Inside Information even if it relates to future, speculative or contingent events and even if it is significant only when considered in combination with publicly available information. Material information can be positive or negative. Information is considered “public” once is widely disseminated in a manner to make it generally available to the investing public, and the investing public must have had sufficient time to absorb the information fully. Generally, one should allow one full business day following publication as a reasonable waiting period before information is deemed to be public. Information is not necessarily public merely because it has been discussed in the press or on social media, which will sometimes report rumors. You should presume that information is non-public, unless you can point to the official release of that information by the Company.
Insider:			Means Employees, PDMRs and Board Members of the Company, as well as their Persons Closely Associated and any other person or entity whose securities trading decisions are influenced or controlled by such Employee, PDMR or Board Member of the Company.
Insider Trading:			Means when a person possesses Inside Information and trades while in possession of such Inside Information for its own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates.


MAR:			Means the Market Abuse Regulation.
Market:			Means Euronext Oslo Bors.
NFSA:			Means the Norwegian Financial Supervisory Authority.
Persons Discharging Managerial Responsibilities or PDMR:			Means a member of the administrative, management or supervisory body of the Company; or another senior executive who has regular access to Inside Information relating directly or indirectly to the Company and power to take managerial decisions affecting the future developments and business prospects of the Company. For the Company, the PDMRs comprise the Board Members and other designated senior managers.
Persons Closely Associated:			Means: (i)A spouse, or a partner considered to be equivalent to a spouse in accordance with national law; (ii)A dependent child, in accordance with national law; (iii)A relative who has shared the same household for at least one year on the date of the transaction concerned; or (iv)A legal person, trust or partnership, the managerial responsibilities of which are discharged by a person discharging managerial responsibilities or by a person referred to in point (i), (ii) or (iii), which is directly or indirectly controlled by such a person, which is set up for the benefit of such person, or the economic interests of which are substantially equivalent to those of such a person.


			Shares
			Units
			Options
			Futures / forwards / or other financial instruments


Date:	March 12, 2026


By:	/s/ Lars-Christian Svensen	z
Name:	Lars-Christian Svensen
Title:	Chief Executive Officer


Date:	March 12, 2026


By:	/s/ Vidar Hasund	z
Name:	Vidar Hasund
Title:	Chief Financial Officer



/s/ Lars-Christian Svensen
Name: Lars-Christian Svensen
Title: Chief Executive Officer
Date: March 12, 2026



/s/ Vidar Hasund
Name: Vidar Hasund
Title: Chief Financial Officer
Date: March 12, 2026