Heidmar Maritime Holdings Corp (HMR) 2025 Q3 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Heidmar conference call on the third quarter 2025 financial results.

We have with us Mr. Pankaj Khanna, Chief Executive Officer, and Mrs. Niki Fotiou, Chief Financial Officer of the company.

(Operator Instructions)

Before passing the floor to Mr. Khanna, I would like to remind everyone that in today's call, Heidmar will be making forward-looking statements. These statements are within the meaning of the federal security laws.

Matters discussed may be forward-looking statements which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I would now like to pass the floor back to Mr. Khanna. Please go ahead, sir.

Good day to everyone and welcome to the third quarter earnings call for Hydema Maritime.

Nikki F will walk through the results for Q3 in the first nine months of the year. I now hand over to Nikki. Go ahead, Nikki.

Thank you, Pankaj. I will now present the three months and nine month results for Heidmar for the period ended September '30, 2025. For the three-month period ended September '30, 2025, Haidmar realized a consolidated net profit from continuing operations of $1.2 million which is in line with that for the corresponding period ended September 30, 2024.

The net profit from continuing operations includes the amortization of the of the shares awarded to the employees and the members of the board under the equity incentive plan of $0.7 million.

The shares are amortized over a two or four year period and are included in the G&A. After adjusting for the amortization of the shares, Haidmar realized adjusted net income of $1.8 million in the quarter.

Total revenues were $15.6 million compared to the $7.2 million for the corresponding period in 2024. The increase of $8.4 million was driven by growth in the managed fleet and the increased number of vessels that commenced short-term voyage and time charter contracts during the quarter quarter.

Including the PSV which commenced operations in April 2025. The impact on the revenue of these vessels will continue in the fourth quarter. As of now, the market for forecast for the tanker freight rates during the winter market in Q4 and Q1 looks pretty strong, and Panka will talk more about it.

Our G&A expenses were $3.1 million for the three months ended September 2025, compared to $2.7 million for the three months ended September '30, 2024. The increase of $0.4 million was mainly attributable to the amortization of the stock based compensation under the equity incentive plan.

During the third quarter, a strategic decision was made to sell our loss-making subsidiary Hydema Trading DMCC to the management of the unit, which resulted in a net gain of $61,000.

For the nine month period ended September 30, 2025, the company realized a consolidated net loss from continuing operations of $4.8 million as compared to net income of $3 million for the corresponding period, September 30, 2024. Continuing operations exclude the impact of the flatbo business Americana Liberty that was sold in Q2.

During this period, the operations generated $3.4 million of net income, which excludes $4.3 million in non-cash stock based compensation and $3.9 million in the unrealized expense relating to the fair value of the earnout shares.

The net loss of $18.6 million for the nine month period ended September 30, 2025, includes $13.8 million net loss from discontinued operations, which comprises one, the goodwill impaired on disposal of Americana liberty, a non-cash item of $11.2 million the realized loss on the sale of the subsidiary of $1.7 million. And the operating loss incurred by Americana during the period of $0.9 million.

Total revenues were $30.8 million compared to $23.6 million for the corresponding period in 2024. The increase of $7.2 million is driven by the growth in the managed fleet, improvement in freight rates, increased number of vessels that commenced short-term and time charter contracts during the quarter, and the PSV 8 supply, which commenced operations in April 2025.

Our G&A expenses were $13.5 million for the nine months ended September 30, 2025 compared to $9.6 million for the nine months ended September 30, 2024.

The increase of $3.9 million is mainly attributable to the costs incurred. When the company listed on the NASdaq, Americana liberty related costs, various filings with the SEC that were required due to the listing, and the amortization of the stockbased compensation under the equity incentive plan and the non-cash bonus awarded to certain executives.

Under the purchase agreement with B Riley that was announced in June 2025, as of September 30th, we have sold 202,000 shares, generating net proceeds of $256,000.

I now hand over to Pankaj to continue the presentation.

Thanks, Nikki.

The increase in revenue from $7.2 million to $15.6 million is indicative of the Hydemark platform firing on all cylinders as we add more vessels to the fleet on commercial and technical management and also as freight trades for tankers recovered post the summer lull.

We have already posted press releases on the fleet editions, so I won't go through them in detail, but the spread of vessels taken in and the motivation behind them is worth mentioning.

The Sus Max new building that joined was from the capital ship management fleet and is an indicator of the strong relationship we have with the group and the continuing support.

This addition and the 5 additional Suez Max new buildings expected next year will establish Hyde Mar with a strong presence in the Suez Max market with Super Echo, state of the art tankers at an opportune time in the market.

Capital has a large tanker order book and assuming all vessels join the Hydemar fleet, we expect to see a total of 17 VLCCs, Suez maxes, and LR-2s over the coming 2 to 3 years.

The LR1 sector has an average age of over 15 years and has not had much by way of new buildings joined in several years.

Thus, this has starved all the top oil companies of eco-friendly alternatives in the sector.

Now that we are operating two state of the art super echo LR1s, we can offer our clients vessels to carry their cargo that help them reach their goals on sustainability.

Finally, the addition of the 2 LR2s from one client on technical and commercial management is a testament to the advantage offered by the HydeM platform.

We can offer the client an integrated solution to safeguard their asset, which has invested capital of between $50 million to $140 million per new building tanker. This maximizes earnings potential and at the same time provides efficiency on the day to day operations.

We hope other customers will also realize the benefit of the integrated model and take advantage of the HydeM offering.

As an update on the delivery of the container vessel AX, we have finalized and signed the facility agreement for a $12.4 million debt facility, part funding the acquisition of the vessel.

The facility is on competitive terms, especially given that it's our first vessel acquisition. All the pieces are in place and we expect the vessel will be ready for delivery in November.

Tanker markets have been, have always been driven by geopolitics, but the last 4 years have been especially volatile given the wars in Europe and the Middle East, but also the many political upheavals we have seen in other countries. The last 10 months have been challenging as the industry tackles the fallout from tariff wars and related measures.

Last month, we were in the midst of the port port fees conflict between the US and China, which would have caused serious inefficiencies in the trading of the fleet and massive port costs for the vessels that were caught unawares by the sudden announcement.

Thankfully this has been paused for one year now and hopefully will not be a factor going forward.

For the record, we are not a US controlled company as was defined by the Chinese authorities in the four directive, and therefore the fees did not apply to us.

In any case, where we are today, VLCCs are earning close to or more than $100,000 per day, depending upon the route, as crude oil is flowing from OpEx, actually mostly Middle East countries, and also from growth in Brazil, Guyana, and US Gulf exports.

Russian crude oil exports have diminished due to the sanctions, and product exports have dried up due to continuing attacks on refineries in Russia.

Chinese buildup of crude oil stocks has been a key factor in the tanker market this year, and we see a shift in Indian buying of crude from Russia to other sources.

We expect a very strong freight market over the rest of the fourthrth quarter and into Q1, mainly benefiting the larger tankers.

As the Hydema fleet grows with additions and freight rates are as strong as we are experiencing, we expect this to be reflected in our top-line and bottom line going forward.

Now I will take questions.

(Operator Instructions)

Our first question comes from Tate Sullivan with the Maxim Group. Please proceed with your question.

Thank you. Good day. You had a meaningful quarter over quarter increase in revenue in EBITDA and then looking at voyage and time charter revenue, about $12.7 million, up from $6.2 million in the prior quarter is a meaningful portion of that from charter in and charter out revenue.

Correct, yes.

And then following up on that, I mean, how many, can you give a rough idea how many ships that is and the charter in and charter out strategy? Is it average duration for the contracts one month to three months or or longer if you can share some more details, please.

I mean, this is an opportunistic, op, strategy.

It's not something that I can give guidance on that we will always have some of this, but in a typical terms, it is one to three months.

Yes.

Okay, and then we'll, okay, I can look at that, and then the container, so then this current quarter did not include any results from the container ship and you expect it for delivery in the fourth quarter around sometime this month. Correct, yeah, correct, yes, correct.

Okay, thank you. And then, the, can you talk about that, so you have the financing for the container ship $12.4 million. Do you have any other interest-bearing on the balance sheet or the pay, do you still have the payable to to capital on the balance sheet?

I mean, for, are we talking about the obelis or anything else?

Payable to shareholder balance, yeah, was $5.2 million in [630] and just went.

Yeah, so that that was, no, we don't have that. That was not interest-bearing in any case. And so that along with the sale of the subsidiary in in Dubai, that that liability has gone with it as well.

Okay, excellent. And okay, I think that's, and then just going for the quarter over quarter volatility in, I mean you have growth in the managed fleet on that, so that's quite consistent. Can you talk about how many shis you currently have under management and then and then I can, we can do the math on our side.

Yeah, I mean, we have, on the tanker side, we're now up to about 40 vessels under management. The dry cargo fleet is actually de minimis now. But on the tanker side, we're at about 40. We are about, the first two LR2s, delivery is imminent, which will be in Q4, and there's a potential third LR2 as well, which, could be, but I mean, that's not in the, that's not signed up as yet. But has been discussed.

Excellent.

Thank you very much.

Our next question comes from Liam Burke with B Riley Securities. Please proceed with your question.

Thank you. Good afternoon, Pan, Nikki.

Coach.

These vessels that you bought in under either CMAs or technical management or both are high-quality eco vessels.

How are you compete and the rates are pretty elevated right now. How are you competing with an owner that can time charter it out, sort of avoid the additional fees that you charge? How are you competing successfully against that alternative?

It's because, I mean, this is the power of the Hydema platform, right? When we provide our earnings performance to the owners, we outperform most of what people have done outside in time charters.

Without naming names, there is a company that has put a vessel, a modern Swiss Max out at a number where we could have done much better than that because of the relationships that we have in the industry.

So we are able to demonstrate results even including our fees, which are better than what people can get by themselves, mainly because of the relationships that we have.

Great. And in the fleet pool business, I mean, that's something that has significant value add, understanding rates are high, people have less incentive to put assets into a pool fleet. How does the outlook for that business near term?

Okay, tanker pools are also cyclical, but they're counter technical in the sense that when the rates are low, people turn to pools because they want cash flow and they want the asset to be operating 365 days, which the pool can do.

When the rates are as high as they are right now, people look to time charters and they look to do their chartering themselves, and they're not so concerned about cash flow.

So that's when they're not in pools. So the fact is that all the pools out there are losing vessels, not because they're not performing, it's because this is not the right time for people to be in pools.

So, we have seen that. We saw our fleet decline, and then on the other side, owners have come to us because of the offering to say we want commercial management. And we want to, be the master of our own destiny in a sense. And so we offered that product.

So I think on the pooling business, it will come back again when the rates are lower, and pools will grow again. But in the meanwhile, the commercial management business is growing.

Great, thank you, Pakke.

There we go.

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Mr. Khan for closing comments.

Thank you, everyone. Thanks for your attention, and we'll speak soon in the next quarter.

This concludes today's.

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