Himalaya Shipping Ltd. Common Shares

Hello and welcome to Himalaya Shipping Q2 2025 presentation. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there'll be a question and answer session. To ask a question during the Q&A, please press 5 star on your telephone keypad. This call is being recorded. I'll now turn the call over to CEO Lars Christian Svendsen. Please begin.

Thank you, operator. Welcome to the Q2 2025 conference call for Himalaya Shipping. My name is Lars Christian Svensson, and I'm joined here today by our CFO, Vidar Hasun. Before we begin the presentation, I would like to remind you that we will be discussing matters that are forward-looking. These statements reflect the company's current views regarding future events and are subject to risks and uncertainties. Actual results may differ materially from those anticipated. I will now proceed with the highlights of the quarter. We reported a net profit of 1.1 million and an adjusted EBITDA of 20.9 million. The gross time charter equivalent earnings for the quarter were approximately $28,400 per day. I commenced my role as CEO and we appointed Vidar Hasun as contracted CFO on April 1st, 2025. In April, the board also approved a grant of 200,000 share options to key personnel. On June the 3rd, the company successfully completed the uplisting from Euronext Expand to the main list on the Oslo Stock Exchange. Total cash distributions for the quarter totaled 10.5 cents per share for the months of April to June. In subsequent events, we converted the indexed link time charters for four of our vessels to fixed rates at an average of approximately 35,300 per day from 1st of August until 30th September. We achieved a time charge equivalent for July of approximately $33,100 per day. And this morning, we declared a dividend of $0.04 per share for July. With that, I will now pass the floor back to Vidar.

Thank you, Lars Christian. Himalaya Shipping reports a net profit of $1.1 million and earnings per share of $0.02 for Q2 2025. compared to a net income of 6.9 million and earnings per share of 16 cents for Q2 2024. Operating income was $13.6 million and EBITDA was $20.9 million for Q2 2025, compared to operating income of $17.5 million and EBITDA of $24 million for the same period last year. Operating revenues were $29.9 million for Q2 2025, compared to $31.2 million for the same quarter in 2024. The reduction in revenues is due to lower time charter equivalent earnings achieved, which is down from $34,600 in Q2 2024 to $28,400 in Q2 2025, mainly offset by 157 more operational days in Q2 2025 as a result of the last vessels delivered during Q2 2024. Vessel operating expenses were $7.1 million in Q2 2025 compared to $5.6 million in Q2 2024. The increase is primarily due to a full fleet in operation during Q2 2025. The average operating expenses per ship per day was $6,500 in Q2 2025. G&A for the second quarter was $1.5 million compared to $1.3 million in Q2 2024. The increase is primarily due to fees incurred in connection with uplisting from Euronext Expand to Euronext Oslo Burrs. Interest expense were $12.8 million in Q2 2025 which is a 1.8 million increase compared to Q2 2024, primarily due to drawdowns on the sale-easeback financing during Q2 2024. Cash and cash equivalents were $24.7 million at the end of the quarter. The minimum cash requirement under our sale-easeback financing is $12.3 million. Outstanding balance on the sale Eastpac financing was $714 million at the end of the second quarter, down from $721.3 million at the end of the first quarter, reflecting scheduled repayments. Cash flow from operations was $8.3 million for the second quarter. Himalaya Shipping have declared total cash distributions to shareholders of 10.5 cents per share for the months of April, May and June 2025. That completes the financial section. Now back to you, Lars Christian.