Himalaya Shipping Ltd. Common Shares

Hello and welcome to Himalaya Shipping Q4 for 2025 conference call. For the first part of this call, all participants are in a listen-only mode. Afterwards, there will 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 Svensson. Please begin.

Thank you, operator. Welcome to the Q4 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 $13.5 million and an EBITDA of $33.3 million. The gross time chart equivalent earnings for the quarter was approximately $39,600 per day. We converted the index link time charters for four vessels to fixed rate at an average rate of approximately $27,700 per day from January 1st to March 31st, 2026. We entered into a new time charter agreement for the Mount Elbrus until June 30th, 2026 at a fixed rate of $30,000 per day, which thereafter will be converted into an index linked rate, reflecting a significant premium to the Baltic 5TC index. We also executed a time charter agreement for the Mount Ita for a period of 11 to 14 months at an index linked rate. This one also had a premium to the Baltic 5TC index. Cash distributions for the quarter totaled 30 cents. In subsequent events, we achieved time chart of equivalent earnings for January 2026 of about $32,400 per day, and this morning we declared a dividend of 6 cents for the month. In February this year, the company entered into an agreement with 2020 Bulkers Limited to purchase an additional 4,200 shares for a total ownership of 54% in 2020 Bulkers Management for 1.1 million Norwegian krones, which will be effective on April 1, 2026. And with that, I will now pass the word to Vidar.

Thank you, Lars Christian. Himalaya Shipping reports a net profit of $13.5 million and earnings per share of 29 cents for Q4 2025, compared to a net income of 1.1 million and earnings per share of 2 cents for Q4 2024. Operating profit was $26 million and EBITDA was $33.3 million for the quarter compared to operating profit of $14 million and EBITDA of $21.3 million for the same period last year. Operating revenues were $42.1 million for Q4 2025 compared to $29.6 million for the same quarter in 2024. The increase in revenues is due to higher time charter equivalent earnings achieved, which is up from 27,800 in Q4 2024 to 39,600 in Q4 2025. Vessel operating expenses were $7 million in Q4 2025 compared to $6.8 million in Q4 2024. The increase is primarily due to higher costs for spares, consumables and service fees. The average OPEX per day was $6,400 compared to $6,200 per day during Q4 2024. G&A for the fourth quarter was $1.2 million compared to $1 million in Q4 2024. The increase is primarily due to increased management fees and payroll accruals, partly offset by reduced cost for D&O insurance. Interest expense were $12.7 million in Q4 2025, which is a 0.4 million decrease compared to the same period in 2024 due to a lower average loan principal outstanding as a result of loan repayments. Cash and cash equivalents were $32.4 million at the end of the quarter. Minimum cash requirement under our sale is back financing is $12.3 million. Outstanding balance on the sale is that financing was approximately $700 million at the end of the fourth quarter, down from $707 million at the end of the third quarter, reflecting scheduled repayments. Cash flow from operations was $24.8 million for the fourth quarter. Himalaya Shipping have declared total cash distribution to shareholders of 30 cents per share for the months of October, November and December 2025. That completes the financial section. And back to you, Lars-Christian.