Himalaya Shipping Ltd. has expanded its capacity by operating 12 modern Capesize vessels equipped with scrubber technology, contributing to revenue growth to $132 million in 2025. Despite a near 16% decline in net income due to higher interest and operating expenses, the company maintained strong operating cash flows and disciplined capital management. Strategic sale and leaseback financing arrangements provide liquidity flexibility while supporting fleet expansion. The firm’s outlook benefits from supply constraints in the Capesize sector and rising demand ton-miles, although market volatility and regulatory risks remain significant.