Himalaya Shipping .(US:HSHP)2025-11-06 14:00Financial Performance - Himalaya Shipping reported a net profit of $9.5 million and an EBITDA of $29.3 million for Q3 2025[9] - The company achieved time charter equivalent (TCE) earnings of approximately $35,600 per day, gross, outperforming the Baltic Capesize Index which was at $24,684 during the same period[9] - Operating revenues decreased by $1.3 million compared to Q3 2024, attributed to a reduction in average TCE from approximately $36,800/day to $35,600/day[14] - Cash flow from operations was $18.3 million in Q3 2025[18] Fleet and Chartering - Four vessels' index-linked time charters were converted to fixed rates averaging approximately $35,300 per day (gross) from August 1, 2025, to September 30, 2025[9] - An additional four vessels had their index-linked time charters converted to fixed rates averaging approximately $38,500 per day (gross) from October 1, 2025, to December 31, 2025[9] - Himalaya Shipping's average premium versus the Baltic index is approximately 50%, and versus peers, it's about 23%[23] Market Dynamics - Total Capesize tonne-mile growth saw a 2% year-over-year increase in Q3, with iron ore contributing a 3% increase and bauxite a 15% increase, while coal decreased by 15%[34] - Brazil's iron ore exports increased by 4%, Australia's by 2%, and Guinea's bauxite exports increased by 18% year-over-year in Q3[34] - Approximately 60% of the Capesize fleet will be over 20 years old by 2034[51] - The orderbook represents 93% of the existing Capesize fleet DWT[54]