Himalaya Shipping (HSHP) reported their Q3 2025 several week ago on 11/06/25. I am just getting around to skimming the results. HSHP is a rare shipping entity that opted for a monthly payout. Given the company operates in the shipping sector, it means the payout can bounce around a lot. Regarding results
- Operating rev of $37.9M
- EBITDA of $29.3M
- Net Income of $9.5M
- Avg TCE of $35600 daily
- July, Aug and Sep 2025 per share payouts of 4c, 10c, 10c. Oct 2025 was 7c.
HSHP tend to flip between Index-linked and fixed TCs. Their vessels are all financed via Sale-&-Leaseback deals. However, the fleet gearing is quite high. CMBT, which also have a huge fleet of Newcastlemaxes is probably a good peer for rate avg. I think CMBT managed around $30K for their Newcastlemaxes. So even with some fixed TCs, HSHP did quite well.
The debt load concerns me. Otherwise, I would likely have had a stake in HSHP. There are some “alumni” from Fredriksen-backed companies at HSHP. Which means similar ways of doing things. For example, Fredriksen used to, and still does, have a “Bank of Fredriksen” i.e. a financing facility for some of the companies he backs. In HSHP’s case, a similar financing facility, created by Tor Olav Troim (TOT), exists via Drew Holdings. It just hasn’t got the same scale and size as Fredriksen’s financing (usually over $200M).