Himalaya Shipping Ltd. Common Shares

Welcome to this conference call for Himalaya Shipping. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there will be a question and answer session. If you wish to ask a question, please press 5-star on your telephone keypad. This call is being recorded. I'll now turn the call over to your speakers. You may now begin.

Thank you, operator. Welcome to the Q3 2025 conference call for Himalaya Shipping. My name is Lars Christian Svensson, and I will be joined here today by our CFO, Vidar Hasun. Before we start the presentation, I would like to remind you that we will be discussing matters that are forward-looking. These assumptions 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 continue with the highlights of the quarter. We reported a net profit of $9.5 million and an EBITDA of $29.3 million. The gross time chart for equivalent earnings for the quarter was approximately $35,600 per day. We converted the index-linked time charters for four vessels to fixed-rate time charters at an average rate of $35,300 per day from August 1 to September 30. Further conversions were made for four vessels from index linked to fixed time charges at an average rate of $38,500 from October 1st until December 31st. Total cash distributions for the quarter totaled $0.24 per share for the months of July, August, and September. In subsequent events, we achieved a time chart for equivalent earnings for October of about $36,800 per day, and we declared a dividend of $0.07 for the month. And with that, I will now pass the word to Vidar.

Thank you, Lars Christian. Himalaya Shipping reports a net profit of $9.5 million and earnings per share of 21 cents for Q3 2025, compared to a net income of $10.6 million and earnings per share of 24 cents for Q3 2024. Operating profit was $22 million and EBITDA was $29.3 million for the quarter compared to operating profit of $23.6 million and EBITDA of $30.9 million for the same period last year. Operating revenues were $37.9 million for Q3 2025 compared to $39.2 million for the same quarter in 2024. The reduction in revenues is due to lower time charter equivalent earnings achieved, which is down from 36,800 in Q3 2024 to 35,600 in Q3 2025. Vessel operating expenses were $7 million in Q3 2025 compared to $6.5 million in Q3 2024. The increase is primarily due to higher costs for spares and repairs and maintenance. The average OPEX per day was $6,400 per day compared to $6,000 per day during Q3 2024. G&A for the third quarter was $1.1 million compared to $1.4 million in Q3 2024. The decrease is primarily due to reduced costs for D&O insurance. Interest expense with $12.8 million in Q3 2025, which is a 0.4 million decrease compared to the same period in 2024 due to a lower average loan principle outstanding in Q3 2025 as a result of loan repayments. Cash and cash equivalents were $26.4 million at the end of the quarter. The minimum cash requirement under a sale leaseback financing is $12.3 million. Outstanding balance on the sale Eastpac financing was approximately $707 million at the end of the third quarter, down from $714 million at the end of the second quarter, reflecting scheduled repayments. Cash flow from operations was $18.3 million for the third quarter. Himalaya Shipping have declared total cash distribution to shareholders of $0.24 for the months of July, August and September 2025. That completes the financial section. And now back to you, Lars Christian.