Himalaya Shipping

What Himalaya Shipping does

Himalaya Shipping Ltd. is a Bermuda-incorporated dry bulk shipping company founded in 2021 that operates a fleet of 12 modern LNG dual-fuel Newcastlemax dry bulk vessels, each approximately 210,000 DWT, delivered between March 2023 and June 2024. The vessels feature ECO hull design, nitrogen abatement systems, scrubber installations, and readiness for conversion to next-generation fuels, positioning the fleet as one of the newest and most emissions-efficient in the Cape/Newcastlemax segment. The company is publicly listed under the ticker HSHP on both the New York Stock Exchange and Euronext Oslo Børs, having uplisted from Euronext Expand in June 2025.

Himalaya earns revenue by time-chartering its 12 vessels to major commodity traders, mining companies, and shipping counterparties under either index-linked arrangements (tied to the Baltic 5TC Capesize Index with a ~37% fleet-wide premium, equating to roughly $39,600/day vs. the $28,875 benchmark) or fixed-rate charters at $27,700-$56,500/day. Additional revenue accrues from scrubber benefits of approximately $1,000-$1,600 per vessel per day, generated from fuel-cost differentials. Q4 2025 operating revenue reached $42.1M (EBITDA $33.3M) and Q1 2026 was $33.6M (EBITDA $24.5M). The company distributes surplus free cash flow to shareholders on a monthly basis, with a recent ex-distribution of US$0.22 per share.

The company runs a deliberately lean organizational structure (1-10 employees), contracting its executive and operational leadership (CEO, CFO, COO, CTO, Chief Accounting Officer) from its parent affiliate 2020 Bulkers Ltd. and its sister entity 2020 Bulkers Management AS, in which Himalaya is increasing its ownership stake to 54% effective April 2026. Technical ship management is outsourced to OSM Bergen and Wilhelmsen Ship Management. Himalaya's mission is to provide dry bulk shipping with lower emissions and competitive quality tonnage while maximizing investor returns through fuel efficiency, environmental compliance, and premium charter rates.

Name

Himalaya Shipping

Legal name

Himalaya Shipping Ltd.

Website

https://himalaya-shipping.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Himalaya Shipping Ltd. operates 12 LNG dual-fuel Newcastlemax dry bulk vessels delivered 2023-2024, chartering them to commodity traders and mining companies for iron ore, coal, and bauxite transport, with operations listed on NYSE and Oslo Børs under HSHP.

Ownership category

akta.pro rank

Product category

Dry Bulk Shipping Services

NAICS

Deep Sea Freight Transportation (483111)

SIC

Deep Sea Foreign Transportation Of Freight (4412), Water Transportation (4400)

akta.pro primary industry

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA)

akta.pro secondary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

Keywords

• Dry bulk shipping
• LNG dual-fuel vessels
• Capesize bulk carriers
• Time charter services
• Newcastlemax fleet

Headquarters

HQ city

Hamilton

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain

Revenue model

1. Time Charter Revenue - Index-Linked: Vessels operating on index-linked time charters earn rates tied to the Baltic 5TC Capesize Index plus a premium. The fleet earns approximately 37% premium over the capesize index, with recent rates around $39,600-$59,600 per day. Revenue is recognized based on operational days and index performance.
2. Time Charter Revenue - Fixed Rate: Certain vessels operate on fixed rate time charters at agreed daily rates. Recent conversions show rates of approximately $27,700-$56,500 per day. Fixed rate charters provide revenue predictability during the charter period.
3. Scrubber Benefits: Additional revenue stream from scrubber-equipped vessels earning approximately $1,000-$1,600 per day in scrubber benefits, representing cost savings passed through from fuel consumption differentials.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Himalaya Shipping provides ocean transportation services for dry bulk commodities through a fleet of 12 LNG dual-fuel Newcastlemax vessels (approximately 210,000 DWT each), delivered between 2023 and 2024. Vessels are offered to enterprise customers under time charter agreements (index-linked or fixed-rate), transporting iron ore, coal, and bauxite on global routes while capturing premium daily rates and scrubber benefits relative to standard capesize tonnage.

Product overview

Himalaya Shipping operates a single unified fleet of 12 LNG dual-fuel Newcastlemax dry bulk vessels, each approximately 210,000 DWT. The vessels are offered under time charter arrangements with index-linked rates plus premium and scrubber benefits, or fixed rate time charters. The fleet is under commercial management by Himalaya Shipping and technical management by OSM Bergen and Wilhelmsen Ship Management. Individual vessels include Mount Norefjell, Mount Ita, Mount Etna, Mount Blanc, Mount Matterhorn, Mount Neblina, Mount Bandeira, Mount Hua, Mount Elbrus, Mount Denali, Mount Aconcagua, and Mount Emai, with charter expiry dates ranging from 2026 to 2027.

Differentiator

Problem solved

Functional benefit

Products and services

• Himalaya Shipping Fleet — 12 LNG Dual-Fuel Newcastlemax Dry Bulk Vessels A homogenous fleet of 12 modern Newcastlemax dry bulk vessels of approximately 210,000 DWT each — Mount Norefjell, Mount Ita, Mount Etna, Mount Blanc, Mount Matterhorn, Mount Neblina, Mount Bandeira, Mount Hua, Mount Elbrus, Mount Denali, Mount Aconcagua, and Mount Emai. Vessels feature LNG dual-fuel propulsion, ECO hull design, scrubbers, nitrogen abatement, and design for future conversion to next-generation fuels. They are offered on time charter (index-linked or fixed rate) to major commodity traders, mining companies, and shipping counterparties for transport of iron ore, coal, and bauxite on global routes.

Quantifiable outcome

• 37% premium over capesize index rates - fleet earns $39,600/day vs $28,875 benchmark
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core.

• 2020 Bulkers Management AScoreStrategic or Co-development Partner · 31 December 2025Himalaya Shipping entered into a contract to acquire an additional 4,200 shares in 2020 Bulkers Management AS from 2020 Bulkers Ltd. for NOK 1.1 million, effective April 1, 2026, increasing total ownership from 40% to 54%.
• 2020 Bulkers Ltd.coreStrategic or Co-development Partner2020 Bulkers Ltd. is the parent company and joint data controller with Himalaya Shipping Ltd. The company provides contracted management personnel including CEO, CFO, COO, and CTO. Himalaya Shipping is a subsidiary under the 2020 Bulkers group structure.
• OSM BergencoreOthersOSM Bergen provides technical management services for several vessels in the Himalaya Shipping fleet including Mount Norefjell, Mount Ita, Mount Matterhorn, Mount Bandeira, Mount Elbrus, and Mount Aconcagua.
• Wilhelmsen Ship Management (WSM)coreOthersWilhelmsen Ship Management provides technical management services for vessels including Mount Etna, Mount Blanc, Mount Neblina, Mount Hua, Mount Denali, and Mount Emai.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Star Bulk Carriers Corp. Major diversified dry bulk owner with significant Cape-size/Newcastlemax exposure. Directly comparable vessel class mix and customer base of commodity traders and mining companies.
• Eurodry Ltd. Greek-listed pure-play dry bulk owner-operator with a fleet of Panamax, Ultramax, Kamsarmax, and Capesize vessels. Smaller scale than Himalaya but directly comparable dry bulk business model.
• Genco Shipping & Trading Limited: New York-listed dry bulk shipowner with a fleet of Capesize, Ultramax, and Supramax vessels. Comparable as a publicly traded pure-play dry bulk operator serving similar commodity trade flows.
• Safe Bulkers Inc. Dry bulk shipowner with a fleet including Capesize, Panamax, Kamsarmax, and Ultramax vessels. Similar chartering model and commodity exposure (iron ore, coal, grain).
• Golden Ocean Group Limited: Pure-play Cape-size and Newcastlemax dry bulk owner-operator. Closest comparable due to similar vessel focus, modern fleet strategy, and overlapping management pedigree (Himalaya's CEO previously led Golden Ocean Management).
• Diana Shipping Inc. Dry bulk owner with Capesize, Newcastlemax, Panamax, Kamsarmax, Ultramax, and Post-Panamax tonnage. Comparable time-charter business model serving commodity traders and miners.
• Pangaea Logistics Solutions Ltd. Dry bulk shipping company operating Cape-size, Panamax, and specialized ice-class vessels. Comparable dry bulk exposure with focus on industrial commodity trades.
• Seanergy Maritime Holdings Corp. Pure-play Capesize dry bulk owner-operator listed on Nasdaq. Closely comparable given identical Capesize-only fleet focus and similar charterer base of commodity traders.
• Grindrod Shipping Holdings Ltd. Dry bulk owner-operator with Kamsarmax and Ultramax vessels serving similar commodity trade routes. Comparable time-charter business model with smaller Cape-size exposure.

Others

• BW LPG Limited: John Fredriksen-affiliated shipping company (alongside Frontline). While LPG-focused rather than dry bulk, it shares the affiliated shipping ecosystem and Oslo-listing platform used by Himalaya.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Himalaya Shipping