Dry bulk shipper Himalaya Shipping (HSHP) actually reported Q2 2024 result last month. Included in results
- Rev of $31.2M
- Net income of $6.9M
- Took delivery of last three newbuilds during Q2 2024.
- Company dividend is a monthly payout. The July div was $0.06/sh
- Avg TCE for Q2 was $34,600 daily (Impressive - is that due to the dual fuel advantage?? )
Somewhat of a surprise to me (Slide 14) was insider stake is only 1/3 of the company. The company had only issued about 7M - 8M shares in its IPO. I had thought Tor Olav Troim (TOT) interests held most of the rest of the shares. But apparently, that is not the case.
At least, that’s not the case now.
Last three vessels were financed via sale & leaseback deals. IIRC, several of the earlier deliveries were financed via this method (would have to drill down more to confirm). Have been reluctant to take a HSHP position primarily due to the leverage (currently, around $60M per vessel), And debt should be a concern given cloudiness on China’s growth outlook.