Himalaya Shipping Ltd 6-K, filed May 22, 2025

Himalaya Shipping Ltd. (HSHP)

6-K 2025-05-22 For: 2025-05-22

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Added on April 10, 2026

About this 6-K

Himalaya Shipping Ltd filed this 6-K on May 22, 2025.

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Exhibit						Description
99.1						Himalaya Shipping Ltd. Earnings Release for the First Quarter of 2025
99.2						Himalaya Shipping Ltd. Interim Financial Information for the First Quarter of 2025
99.3						Himalaya Shipping Ltd. Results Presentation for the First Quarter of 2025


(in $ thousands)	Three months ended March 31, 2025	Three months ended March 31, 2024	Change ($)	Change (%)
Total operating revenues	21,973	23,581	(1,608)	(7)	%
Vessel operating expenses	(6,900)	(4,928)	(1,972)	40	%
Voyage expenses	(179)	(334)	155	(46)	%
General and administrative expenses	(1,090)	(1,472)	382	(26)	%
Depreciation and amortization	(7,296)	(5,430)	(1,866)	34	%
Total operating expenses	(15,465)	(12,164)	(3,301)	27	%
Operating income	6,508	11,417	(4,909)	(43)	%
Income from equity method investment	4	—	4	100	%
Total financial expenses, net	(12,886)	(8,925)	(3,961)	44	%
Net income	(6,374)	2,492	(8,866)	(356)	%
Adjusted EBITDA	13,804	16,847	(3,043)	(18)	%


(in $ thousands)	March 31, 2025	December 31, 2024	Change ($)	Change (%)
Cash and cash equivalents	26,990	19,369	7,621	39	%
Vessels and Equipment	845,683	852,979	(7,296)	(1)	%

Total Debt	707,937	713,887	(5,950)	(1)	%
Total Equity	162,549	154,719	7,830	5	%


In $ thousands, except per day and number of days	Three months ended
	March 31, 2025	March 31, 2024	Change	% Change
Total operating revenues	21,973	23,581	(1,608)	(7)	%
Add: Address commissions	788	840	(52)	(6)	%
Total operating revenues, gross	22,761	24,421	(1,660)	(7)	%
Fleet operational days	1,080	798	282	35	%
Average TCE earnings, gross	21,100	30,600	(9,500)	(31)	%


	Three months ended
In $ thousands	March 31, 2025	March 31, 2024	Change	% Change
Net income (loss)	(6,374)	2,492	(8,866)	(356)	%
Depreciation	7,296	5,430	1,866	34	%
(Income) from equity method investment	(4)	—	(4)	100	%
Total financial expenses, net	12,886	8,925	3,961	44	%
Income tax	—	—	—	—	%
Adjusted EBITDA	13,804	16,847	(3,043)	(18)	%


	Notes	Three months ended March 31, 2025	Three months ended March 31, 2024
Operating revenues
Time charter revenues	8	21,973	23,581


Total operating revenues		21,973	23,581

Operating expenses
Vessel operating expenses		(6,900)	(4,928)
Voyage expenses and commissions		(179)	(334)
General and administrative expenses		(1,090)	(1,472)
Depreciation	11	(7,296)	(5,430)
Total operating expenses		(15,465)	(12,164)

Operating income		6,508	11,417

Income (loss) from equity method investment	10	4	—

Financial income (expenses), net
Interest income		177	193
Interest expense, net of amounts capitalized	7	(13,032)	(9,133)
Other financial (expenses) income, net		(31)	15
Total financial expenses, net		(12,886)	(8,925)

Net (loss) income before income tax		(6,374)	2,492
Income tax expense	5	—	—
Net (loss) (loss) income attributable to shareholders of Himalaya Shipping Ltd.		(6,374)	2,492
Total comprehensive (loss) income attributable to shareholders of Himalaya Shipping Ltd.		(6,374)	2,492

Basic and diluted (loss) earnings per share	6	(0.14)	0.06


	Note	Three months ended March 31, 2025	Three months ended March 31, 2024
Cash Flows from Operating Activities
Net (loss) income		(6,374)	2,492
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Non-cash compensation expense related to stock options		43	126
Depreciation of vessels	11	7,296	5,430
Amortization of deferred finance charges		660	505
Equity in net income on equity method investment	10	(4)	—

Change in assets and liabilities:
Accounts receivable		539	(483)

Accounts payable		1,120	(394)
Accrued expenses		(320)	3,590
Other current and non-current assets		(1,190)	(340)
Other current liabilities		(1,464)	246
Net cash provided by operating activities		306	11,172

Cash Flows from Investing Activities
Additions to newbuildings		—	(153,812)

Net cash used in investing activities		—	(153,812)

Cash Flows from Financing Activities
Proceeds from issuance of common shares, net of paid issuance costs	17	14,804	—
Proceeds from issuance of long-term and short-term debt (net of deferred finance charges paid to lender)	13	—	147,850
Other deferred finance charges paid	13	—	(1,148)
Drawdown of short term debt	16	6,000	—


Repayment of long-term and short-term debt	13, 16	(12,611)	(3,449)
Payment of cash distributions		(878)	(439)
Net cash provided by financing activities		7,315	142,814

Net increase in cash and cash equivalents		7,621	174
Cash and cash equivalents at the beginning of the period		19,369	25,553
Cash and cash equivalents at the end of the period		26,990	25,727


	Number of outstanding shares	Common shares	Additional paid in capital	Contributed surplus	Retained earnings/(Accumulated deficit)	Total equity
Balance as of December 31, 2023	43,900,000	43,900	111,788	—	(1,483)	154,205
Transfer to contributed surplus		—	(97,876)	97,876	—	—
Share based compensation		—	126	—	—	126
Cash distributions to shareholders		—	—	(1,756)	—	(1,756)
Total comprehensive income		—	—	—	2,492	2,492
Balance as of March 31, 2024	43,900,000	43,900	14,038	96,120	1,009	155,067

	Number of outstanding shares	Common shares	Additional paid in capital	Contributed surplus	Retained earnings	Total equity
Balance as of December 31, 2024	43,900,000	43,900	14,454	76,804	19,561	154,719
Issuance of common shares	2,650,000	2,650	12,476	—	—	15,126
Equity issuance costs		—	(322)	—	—	(322)
Share based compensation		—	58	—	—	58
Cash distributions to shareholders		—	—	(658)	—	(658)
Total comprehensive income (loss)		—	—	—	(6,374)	(6,374)
Balance as of March 31, 2025	46,550,000	46,550	26,666	76,146	13,187	162,549


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): Disaggregation of Income Statement Expenses	The amendments require disclosure of the amounts of below 5 categories included in each relevant expense caption: (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. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations. 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


(in thousands of $)	Three months ended March 31, 2025	Three months ended March 31, 2024
Total operating revenues	21,973	23,581
Less:
Crew costs	(3,842)	(2,850)
Other vessel operating expenses(1)	(3,058)	(2,078)
Voyage expenses and commissions	(179)	(334)
General and administrative expenses(2)	(1,090)	(1,472)
Depreciation	(7,296)	(5,430)
Income from equity method investment	4	—
Interest income	177	193
Interest expense, net of amounts capitalized	(13,032)	(9,133)
Other financial income (expenses), net	(31)	15
Income tax (expenses)	—	—
Segment and consolidated net income (loss)	(6,374)	2,492


(in $ thousands except share and per share data)	Three months ended March 31, 2025	Three months ended March 31, 2024
Basic earnings (loss) per share	(0.14)	0.06
Diluted earnings (loss) per share	(0.14)	0.06

Net income (loss)	(6,374)	2,492

Issued common shares at the end of the period	46,550,000	43,900,000
Weighted average number of shares outstanding for the period, basic	44,223,889	43,900,000

Dilutive impact of share options	—	—
Weighted average number of shares outstanding for the period, diluted	44,223,889	43,900,000


(in $ thousands )	Three months ended March 31, 2025	Three months ended March 31, 2024

Interest expense, gross	13,032	10,406
Capitalized interest on newbuildings	—	(1,273)
Interest expense, net	13,032	9,133



			March 31, 2025
(in $ thousands)
Opening balance			324

Share options expense to employees of acquiree (1)			15
Equity in net earnings (loss)			4
Closing balance			343


			Vessels and Equipment
(in $ thousands)
Cost
As of January 1, 2025			888,571
Additions			—
As of March 31, 2025			888,571


			Vessel and Equipment
(in $ thousands)
Depreciation
As of January 1, 2025			(35,592)
Charge for the period			(7,296)
As of March 31, 2025			(42,888)


	March 31, 2025	December 31, 2024
(in $ thousands)
Prepaid interest(1)	2,284	2,286
Other prepaid expenses(2)	2,510	1,329
Inventory	1,645	1,505
Other current assets(3)	932	1,060
Total	7,371	6,180


	March 31, 2025	December 31, 2024
(in $ thousands)

Vessel financing (Mount Norefjell)	58,157	58,810
Vessel financing (Mount Ita)	58,162	58,814
Vessel financing (Mount Etna)	58,735	59,346
Vessel financing (Mount Blanc)	58,616	59,253
Vessel financing (Mount Matterhorn)	59,961	60,495
Vessel financing (Mount Neblina)	59,978	60,494
Vessel financing (Mount Bandeira)	61,019	61,535
Vessel financing (Mount Hua)	61,018	61,535
Vessel financing (Mount Elbrus)	61,019	61,535
Vessel financing (Mount Denali)	61,516	62,025
Vessel financing (Mount Aconcagua)	61,550	62,024
Vessel financing (Mount Emai)	61,550	62,024
Total debt, gross	721,281	727,890
Less: Deferred finance charges	(13,344)	(14,003)
Total debt, net of deferred finance charges	707,937	713,887


Year ending December 31
(in $ thousands)
2025 (remaining nine months)			20,302
2026 (1)			26,064
2027			27,539
2028			29,563
2029			31,525
Thereafter			586,288
Total			721,281
Deferred finance charges			(13,344)
Total debt, net of deferred finance charges			707,937


		March 31, 2025		December 31, 2024
(in $ thousands)	Hierarchy	Fair Value	Carrying Value	Fair Value	Carrying Value
Assets
Cash and cash equivalents (1)	Level 1	26,990	26,990	19,369	19,369

Liabilities

Current portion of long-term debt (2)(3)	Level 2	26,960	26,960	26,913	26,913

Long-term debt (2)(3)	Level 2	725,494	694,320	730,659	700,977


Declaration date	Amount per share (in $)	Payment date
January 2025	0.005	February 2025
February 2025	0.005	March 2025
March 2025	0.005	April 2025