Himalaya Shipping Ltd.
HSHP · Deep Sea Foreign Transportation of Freight · EDGAR filings ↗
Grade
C66Young, fuel-efficient Newcastlemax dry-bulk fleet with strong operating margins but very high leverage and thin returns.
Strengths
- High gross/operating margins (88th/83rd pct) on a modern 12-vessel fleet
- ROE ~11% (60th pct) and revenue growth above median (65th pct)
Risks
- Debt-to-equity 4.1 (97th pct) leaves little cushion in a volatile charter market
- Low ROA (2%, 31st pct) and weak liquidity (current ratio 1.08, 16th pct)
- Customer concentration and cyclical charter-rate exposure
Notable findings
- High leverageHigh leverage (debt/equity 4.12)
- China exposure• Increased inspection procedures, tighter import and export controls and security standards could increase costs and disrupt our business
Key metrics
Gross margin
78.8%
Operating margin
51.7%
Net margin
13.4%
Return on equity
10.9%
Return on assets
2.0%
ROIC
6.5%
Revenue growth (QoQ)
6.7%
Net-income growth
-16.1%
Debt / equity
4.1×
Net debt / EBITDA
6.5×
Current ratio
1.1×
EBITDA
$97M
Tangible book value
$162M
Cash & investments
$32M
Stock comp / revenue
0.2%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-12 | 2025-12-31 | 0001959455-26-000024 ↗ |
| 20-F | 2025-03-26 | 2024-12-31 | 0001959455-25-000027 ↗ |
| 20-F | 2024-03-27 | 2023-12-31 | 0001959455-24-000021 ↗ |