1. Like Maersk, but for bulk commodities (iron ore, coal) instead of containerized products.

2. Consider it the Union Pacific of the oceans, moving vast amounts of raw materials around the world.

• Dry Bulk Vessel Chartering Services: Himalaya Shipping provides maritime transportation services by leasing out its fleet of new generation dual-fuel Newcastlemax vessels to customers for the global shipment of major dry bulk commodities.

Himalaya Shipping (HSHP) sells its services primarily to other companies, not individuals. As a dry bulk shipping company, HSHP charters its Capesize vessels to transport major dry bulk commodities such as iron ore, coal, and grain across global trade routes.

The company typically enters into charter agreements with major participants in the global commodities and industrial sectors. Due to the competitive nature of the shipping industry and the often short-to-medium term duration of charters, shipping companies like HSHP do not usually publicly disclose all their specific customer names. However, their major customers fall into the following categories:

• Large Commodity Trading Houses: These companies specialize in buying, selling, and transporting vast quantities of raw materials globally. While many are private (e.g., Cargill, Trafigura), some major public players in the broader commodity space that might utilize such shipping services include:
  • Glencore plc (OTCMKTS: GLNCY) - A diversified natural resource company and commodity trader.
• Major Mining Companies: Global mining giants that produce iron ore, coal, and other bulk minerals often require extensive shipping services to transport their products from mines to processing plants or end-users worldwide. Examples of such public companies include:
  • Rio Tinto Group (NYSE: RIO) - A leading global mining group, producing iron ore, aluminum, copper, and diamonds.
  • BHP Group (NYSE: BHP) - A world-leading resources company, primarily producing iron ore, copper, petroleum, and coal.
  • Vale S.A. (NYSE: VALE) - One of the largest producers of iron ore and nickel in the world.
• Large Industrial End-Users: Companies in sectors like steel production, power generation (for coal), and other heavy industries that require a steady supply of raw materials also charter vessels directly or through intermediaries. These are typically large, often multinational corporations.

Himalaya Shipping's major suppliers include:

• New Times Shipbuilding Co., Ltd. (private company)
• Wilhelmsen Ship Management AS (parent company Wilh. Wilhelmsen Holding ASA: OSE: WWL)
• Ship Finance International Limited (NYSE: SFL)

Lars-Christian Svensen, Chief Executive Officer

Mr. Svensen commenced his role as Contracted Chief Executive Officer of Himalaya Shipping Ltd. on April 1, 2025. He has a 17-year career in international shipping, having worked as a shipbroker for Cmarine Services (2007-2008) and a Project Analyst for Petredec Pte Ltd (2008-2009). From 2009 to 2020, he held various positions within Western Bulk, including Head of Arabian Gulf in Singapore, President in Seattle, US, and Senior Vice President in Oslo. From 2020 to 2024, Mr. Svensen served as CCO and CEO of Golden Ocean Management AS.

Vidar Hasund, Chief Financial Officer

Mr. Hasund was appointed as the Contracted Chief Financial Officer of Himalaya Shipping Ltd. on April 1, 2025. He also continues to serve as the Chief Financial Officer for 2020 Bulkers Ltd.

Herman Billung, Senior Advisor to the Board

Mr. Billung stepped down as Chief Executive Officer for Himalaya Shipping Ltd. on April 1, 2025, and now serves as a Senior Advisor to the Board. He has extensive experience in shipping, holding senior roles in chartering and management. His previous positions include Managing Director at T. Klaveness Group (1998-2005), Managing Director of Frapaco Shipping, and CEO of Golden Ocean Management (2005-2016). Mr. Billung also established Songa Bulk in 2016, which was subsequently sold to Star Bulk Carriers Corp. in 2018, where he then served as Senior Vice President.

Alfi Lao, Chief Accounting Officer

Ms. Lao joined Himalaya Shipping Ltd. as Chief Accounting Officer in April 2023. She possesses over 10 years of accounting experience in the shipping industry, having worked in various accounting roles at Golar LNG Limited and Golar LNG Partners LP from 2012 to 2023. Prior to Golar, she was employed at Ernst & Young London (2006-2012) and KPMG Philippines (2002-2006). She is a Certified Public Accountant.

Here are the key risks to Himalaya Shipping (HSHP):

1. High Debt and Interest Expense: Himalaya Shipping carries a significant amount of debt, leading to substantial interest expenses that can strain profitability. The company is noted to have one of the most leveraged balance sheets within its peer group. This high debt level, combined with unpredictable earnings, raises concerns about its valuation.
2. Volatile Earnings due to High Spot Exposure: The majority of Himalaya Shipping's vessels operate on index-linked charters, resulting in high spot market exposure. As of Q3 2025, approximately 83.33% of its fleet had spot exposure, which is projected to increase to 100% in 2026. This substantial exposure to the spot market makes the company's earnings highly volatile and dependent on fluctuating dry bulk charter rates.
3. Dependence on China's Industrial Sector and Iron Ore Demand: The capesize shipping market, where Himalaya Shipping primarily operates, is strongly linked to China's demand for iron ore and its broader industrial output. Consequently, the company's performance and profitability are significantly exposed to the resilience and stability of China's industrial sector.

The rapid acceleration in the development and widespread adoption of zero-emission fuels, such as green ammonia, green methanol, or hydrogen, could emerge as a clear threat. While Himalaya Shipping has invested in modern, LNG dual-fuel vessels to meet current and near-term environmental regulations and reduce emissions, LNG is widely considered a transitional fuel. Should technological advancements, cost reductions, and stricter regulatory mandates push the shipping industry to fully embrace and implement these truly zero-emission alternative fuels and their bunkering infrastructure much sooner than currently projected, it could diminish the competitive advantage and economic lifespan of HSHP's LNG-fueled fleet. This scenario could lead to increased operational costs, higher carbon taxes, or the necessity for costly early retrofits or replacements to remain competitive, analogous to a swift technological shift rendering a previous generation of advanced technology less desirable or obsolete.

Himalaya Shipping (symbol: HSHP) specializes in providing worldwide dry bulk shipping services. The company transports commodities such as coal, iron ore, and grain, utilizing a fleet of Newcastlemax dry bulk vessels. Newcastlemax vessels are a type of Capesize vessel, which held the largest market share in the global dry bulk shipping market in 2024.

The addressable market for Himalaya Shipping's services is the global dry bulk shipping market. This market was valued at approximately USD 142.8 billion in 2024 and is projected to reach USD 198.7 billion by 2034, growing at a compound annual growth rate (CAGR) of 3.4%.

Himalaya Shipping (HSHP) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Favorable Supply-Side Dynamics in the Capesize Market: The market for Capesize vessels is characterized by a historically low order book, which stood at 8.9% of the existing fleet in August 2025 and 7.2% in December 2024. This limited supply of new vessels, combined with reduced shipyard capacity and a significant portion of the global Capesize fleet requiring drydocking in 2025, is anticipated to lead to higher vessel utilization and improved charter rates.
2. Increasing Ton-Mile Demand from New Iron Ore Projects: Future demand in the Capesize sector is expected to be positively influenced by major iron ore projects. The Simandou Project in Guinea is projected to begin exports in late 2025, with an annual target of 120 million tons, alongside increased production from Brazil. These developments are set to significantly boost iron ore ton-mile demand, directly benefiting Himalaya Shipping's Capesize fleet.
3. Premium Earnings from a Modern and Efficient Fleet: Himalaya Shipping operates a fleet of 12 new Newcastlemax dry bulk vessels, all delivered between 2023 and 2024. These vessels are dual-fuel LNG capable and scrubber-outfitted, contributing to lower operating expenses and higher time charter equivalent (TCE) rates. The company has consistently achieved a significant premium over the Baltic 5TC Capesize Index, for example, a 49% premium over the Baltic TC5 Index and a 25% premium over peers. This superior performance, driven by the fleet's efficiency and design, is a direct contributor to enhanced revenue per vessel.
4. Flexible Charter Strategy to Capture Market Upside: Himalaya Shipping employs a flexible charter strategy, utilizing both index-linked and fixed-rate time charters. Management has expressed confidence in the Capesize market for 2026 and 2027 and plans for 100% spot exposure from 2026 to capitalize on anticipated market upsides. This approach allows the company to benefit from potentially higher spot rates, converting to fixed rates when attractive values emerge on the forward curve.

Share Issuance

• Himalaya Shipping completed its initial public offering (IPO) in the U.S. in April 2023, issuing 7,720,000 common shares at $5.80 per share, with net proceeds of approximately $40.5 million.
• In December 2023, the company completed a private placement of 3,117,143 shares, raising approximately $17.5 million, which increased its issued share capital to $43,900,000.
• A private placement completed in March 2025 resulted in the issuance of 2,650,000 new shares, raising approximately $15 million (NOK equivalent).

Inbound Investments

• A high-quality strategic investor subscribed for the NOK equivalent of $10 million in the March 2025 private placement.

Outbound Investments

• Himalaya Shipping acquired 40% of 2020 Bulkers Management AS for approximately $0.3 million.

Capital Expenditures

• The primary focus of capital expenditures has been the construction of 12 dual-fueled Newcastlemax dry bulk vessels.
• As of December 31, 2023, six vessels were in operation, with the remaining six expected to be delivered by the second quarter of 2024. All 12 ships were delivered by June 2024.
• As of the fourth quarter of 2023, the total remaining shipyard capital expenditure (including scrubbers) was $306.0 million.