Himalaya Shipping Q1 2024

Announced on 05/23

  • Operating rev of $23.6M
  • Operating profit of $11.4M
  • Net Income of $2.5M
  • HSHP took delivery of three additional vessels in Q1 2024 and a fourth vessel in April 2024
  • Company pays a month div. It was raised to 3c/sh for a couple of months, and in April, the div was bumped up to 4c/sh

HSHP did not raise additional capital for the newbuilds. Instead, the 2024 deliveries have been financed via SLBs (Sale & Leaseback) deals. Drew Holdings (an entity that is backed by Tor Olav Troim) has a financing facility in place for HSHP. That potentially avoids additional share dilution. Some of the index related charters have been converted to fixed time charters - likely to reduce revenue variability in the near term.

An interesting Newcastlemax only, dry bulk pureplay.