Himalaya Shipping Ltd. Common Shares

Welcome to Himalaya Shipping Q2, 2026 conference call. 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. To ask a question during the Q&A, please press 5-star on your telephone keypad. To redraw your question, you may do so by pressing 5-star again. This call is being recorded. I'll now hand it over to CEO Lars-Christian Svensen. Please begin.

Thank you, operator. Welcome to the Q2 2026 conference call for Himalaya Shipping. My name is Lars-Christian Svensen and I will be joined here today by our CFO Vidar Hasund. 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 $24.6 million and an EBITDA of $44 million. The time chart for equivalent earnings for the quarter was approximately $50,600 per day. We entered into a new index time charter agreement for the Mount Emaj for a period of 12 to 14 months at a significant premium to the prevailing index. We also converted four of our vessels from index to fixed rate contracts for the month of June at an average of $56,500 per day. Cash distributions for the quarter totaled 59 cents. In subsequent events, we achieved time charter equivalent earnings for July 2026 of about $51,200 per day and we declared a cash distribution of 22 cents for the month. We also entered into a new time charter agreement for the Mount Aconcagua for a period of 16 to 18 months at an index linked rate, also at a significant premium to the Baltic Cape size index. Lastly, We converted two of our vessels from index links to fixed rates from 1st of August until 31st of December at an average rate of $51,200 per day. And with that, I will now pass the word to Vidar.

Thank you, Lars-Christian. Himalaya Shipping reports a net profit of $24.6 million and earnings per share of 52 cents for Q2 2026. compared to a net profit of 1.1 million and earnings per share of 2 cents for Q2 2025. Operating profit was $36.7 million and EBITDA was $44 million for the quarter compared to operating profit of $13.6 million and EBITDA of $20.9 million for the same period last year. Operating revenues were $53.7 million for Q2 2026 compared to $29.9 million for the same quarter in 2025. The increase in revenues is due to higher time charter equivalent earnings achieved, which is up from $28,400 in Q2 2025 to $50,600 in Q2 2026. Vessel operating expenses were $7.1 million in Q2 2026 and unchanged from the same period last year. The average OPEX per day per vessel was $6,500. G&A for the fourth quarter was $1.9 million compared to $1.5 million in Q2 2025. The increase is due to consolidation of Peak Maritime Management AS, which was previously named 2020 Bulkers Management AS. Interest expense was $12.4 million in Q2 2026, which is a 0.4 million decrease compared to the same period in 2025 due to a lower average loan principal outstanding in Q2 2026 as a result of loan repayments. Cash and cash equivalents were $34.8 million at the end of the quarter. Minimum cash requirement under a sale-easeback financing is $12.3 million. Outstanding balance on the sale is back financing was approximately $688 million at the end of the second quarter, down from approximately $694 million at the end of the first quarter, reflecting scheduled repayments. Cash flow from operations was $34.2 million for the second quarter, compared to $8.3 million for the same period in 2025. Himalaya Shipping have declared total cash distributions to shareholders of 59 cents per share for the months of April, May and June 2026. That completes the financial section and back to you, Lars-Christian.