Monitor spot capesize rates and the Baltic 5TC index trajectory — Himalaya's index-linked fleet outperformed the benchmark by ~44% in September, but any sustained softening in dry bulk rates would pressure future TCE earnings and distribution levels.
Price Chart
Executive Summary
Himalaya Shipping reported September 2026 average TCE earnings of ~$65,800/day (gross), with index-linked vessels earning ~$71,100/day and fixed-charter vessels earning ~$55,100/day. The Baltic 5TC Capesize Index averaged $49,209 during the month. The Board approved a $0.28/share cash distribution from Contributed Surplus, payable on/about October 27, 2026.
Key Facts
- Average TCE earnings of ~$65,800/day gross for September 2026, including ~$2,300/day scrubber benefits
- Eight index-linked vessels earned ~$71,100/day gross; four fixed-charter vessels earned ~$55,100/day gross
- Baltic 5TC 180 Capesize Index averaged $49,209 in September 2026
- Cash distribution of $0.28/share approved for September 2026, from Contributed Surplus
- Record date October 19, 2026; payment on/about October 27, 2026 (Euronext VPS on/about October 30, 2026)
- Time charter revenues for the month: $22.8 million; gross operating revenues $23.7 million on 360 fleet operational days
Financial Impact
Monthly operating revenues of $23.7M gross; cash distribution of $0.28/share (aggregate amount not disclosed)
Risk Factors
- Dry bulk spot rate volatility could reduce index-linked charter earnings
- Fixed-charter vessels earn significantly less than index-linked vessels, limiting upside if rates rise further
- Distributions from Contributed Surplus are not guaranteed and depend on future cash generation
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001959455-26-000122 |
| Document: hslpressreleaseoctober7202a.htm | 0001959455-26-000122 |
| Document: 0001959455-26-000122-index-headers.html | 0001959455-26-000122 |
| Document: 0001959455-26-000122-index.html | 0001959455-26-000122 |
| Document: 0001959455-26-000122.txt | 0001959455-26-000122 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 6-K | $17.62 | awaiting T+60 | — | $16.76 (−4.88%) |
Sep 8, 2026 6w ago | 6-K | $18.16 | awaiting T+60 | — | $16.76 (−7.71%) |
Aug 27, 2026 8w ago | 6-K | $16.30 | awaiting T+60 | — | $16.76 (+2.82%) |
Aug 18, 2026 9w ago | 6-K | $15.83 | awaiting T+60 | — | $16.76 (−5.87%) |
Aug 11, 2026 10w ago | 6-K | $15.51 | awaiting T+60 | — | $16.76 (+8.06%) |
Aug 11, 2026 10w ago | 6-K | $15.51 | awaiting T+60 | — | $16.76 (+8.06%) |
Aug 11, 2026 10w ago | 6-K | $15.51 | awaiting T+60 | — | $16.76 (+8.06%) |
Aug 11, 2026 10w ago | 6-K | $15.51 | awaiting T+60 | — | $16.76 (+8.06%) |
Jul 14, 2026 14w ago | 6-K | $15.69 $17.62 | ▲ +12.30% | ▲ +8.92% | $16.76 (+6.82%) |
Jul 8, 2026 15w ago | 6-K | $15.28 $18.05 | ▲ +18.13% | ▲ +15.63% | $16.76 (+9.69%) |
US Market Status
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