Himalaya Shipping .(US:HSHP)2025-08-08 13:00Financial Performance - The company reported a net profit of $1.1 million and an EBITDA of $20.9 million for Q2 2025[9] - Time charter equivalent (TCE) earnings were approximately $28,400 per day, gross, for Q2 2025 and $32,700 per day, gross, for July 2025[9] - Operating revenues decreased by $1.3 million compared to Q2 2024, from $31.2 million to $29.9 million, due to reduced average TCE, offset by more operational days[12, 14] - Vessel operating expenses increased by $1.5 million compared to Q2 2024, primarily due to more operational days[14] - Interest expense increased by $1.8 million due to draw downs on sale leaseback financing[14] Balance Sheet and Cash Flow - Cash and cash equivalents totaled $24.7 million as of June 30, 2025, including a minimum cash balance of $12.3 million[17] - Total debt was $714.0 million, or $701.3 million net of deferred loan costs, as of June 30, 2025[17] - Cash flow from operations was $8.3 million in Q2 2025[17] - Total cash distributions of $0.105 per share were declared for April, May, and June 2025[17] Market Dynamics - Year-on-year Capesize tonne-mile development decreased by 1.2% in Q2 2025, but increased by 3.2% compared to the 3-year average[35] - China's iron ore imports remain solid, and inventories are set for a seasonal rebound[45] - The orderbook represents 8.9% of the existing Capesize fleet, indicating a historically low orderbook[55]