Himalaya Shipping Ltd.

Himalaya Shipping reported second-quarter revenue of $53.7 million, a 79.6% year-over-year increase that beat estimates by $2.13 million. Total time-charter revenues reached $53.3 million, reflecting average gross TCE earnings of approximately $50,600 per day, well above the average Baltic 5TC 180 Capesize Index of $36,303 per day. Net income came in at $24.6 million and EBITDA at $44.0 million. The company declared total cash distributions of $0.59 per share for the quarter and noted that July 2026 TCE earnings are tracking at approximately $51,200 per day gross. Looking ahead, management highlighted that the Capesize fleet is projected to grow by only 2.5% in 2026 after adjusting for dry-dock schedules, with about 24% of the fleet due for dry dock or special surveys this year.

President Trump declared the U.S. would act as the 'Guardian of the Hormuz Strait' and charge a 20% fee on all transiting cargo to cover security costs, prompting the International Maritime Organization to state there is no legal basis for mandatory tolls to transit a strait. The announcement follows escalating clashes in which Iran has targeted commercial vessels and vowed to impose its own fees for passage, while the U.S. has conducted airstrikes against Iranian installations. The IMO, the U.N. body overseeing global shipping safety, clarified that freedom of navigation is guaranteed under customary international law, which the U.S. has historically recognized. The proposed fee marks a shift toward transactional foreign policy, raising concerns that allies may seek alternative security arrangements and that other powers could assert similar claims in contested waterways.