Himalaya Shipping Ltd. Common Shares

Welcome to Himalaya Shipping Q1 2026 Financial Resource Presentation. Today's call is being recorded. If you have any objections, please disconnect at this time. For the first part of this call, all participants will be in a listen-only mode, and afterwards, there will be a question-and-answer session. To ask a question, please press 5-star on your telephone keypad. I'll now turn the call over to CEO, Lars Christian Svensson. Please begin.

Thank you, operator. Welcome to the Q1 2026 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 $5 million and an EBITDA of 24.5 million. The time charter equivalent earnings for the quarter was approximately $32,300 per day. We entered into a new index time charter agreements for both the Mount Ita and the Mount Matterhorn for a period of 11 to 14 and 12 to 14 months respectively at significant premiums to the prevailing indices. Cash distributions for the quarter totaled 18 cents. The company also entered into a contract to acquire an additional 4,200 shares in 2020 Bulkers Management AS from 2020 Bulkers Limited for 1.1 million Norwegian crowns, which will be effective on April 1, 2026, increasing our total ownership from 40% to 54%. In subsequent events, we achieved time-chartered equivalent earnings for April 2026 of about $41,600 per day, and we declared a cash distribution of 15 cents for the same month. We also entered into a new time-chartered agreement for the Mount EMI for a period of 12 to 14 months at an index-linked rate, also at a significant premium to the Baltic Cape Size Index. And with that, I will now pass the word to Vidar.

Thank you, Lars Christian. Himalaya Shipping reports a net profit of $5 million and earnings per share of 11 cents for Q1 2026, compared to a net loss of 6.4 million and loss per share of 14 cents for Q1 2025. Operating profit was $17.2 million and EBITDA was $24.5 million for the quarter, compared to operating profit of 6.5 million and EBITDA of 13.8 million for the same period last year. Operating revenues were $33.6 million for Q1 2026, compared to 22 million for the same quarter in 2025. The increase in revenues is due to higher time charter equivalent earnings achieved, which is up from 21,100 in Q1 2025, to 32,300 in Q1, 2026. Vessel operating expenses were $7.4 million in Q1, 2026 compared to 6.9 million in Q1, 2025. The increase is primarily due to higher costs for crew, spares, service fees and insurance costs. The average OPEX per day was $6,800 compared to $6,400 per day during Q1, 2025. G&A for the fourth quarter was $1.2 million compared to $1.1 million in Q1 2025. Interest expense were $12.4 million in Q1 2026, which is a 0.7 million decrease compared to the same period in 2025 due to a lower average loan principle outstanding in Q1 2026 as a result of loan repayments. Cash and cash equivalents were $24.5 million at the end of the quarter. Our minimum cash requirement under our sale leaseback financing is $12.3 million. Outstanding balance on the sale leaseback financing was approximately $694 million at the end of the first quarter, down from approximately $701 million at the end of 2025, reflecting scheduled repayments. Cash flow from operations was $9.8 million for the first quarter compared to $0.3 million for the same period in 2025. Himalaya Shipping have declared total cash distributions to shareholders of 18 cents per share for the months of January, February and March 2026. That completes the financial section and back to you, Lars Christian.