Heidmar Maritime Holdings Corp (HMR) 2026 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Heidmar conference call on the first-quarter 2026 Financial Results. We have with us Mr. Pankaj Khanna, Chief Executive Officer. (Operator Instructions) I must advise you that this conference call is being recorded today.

感謝各位女士、先生耐心等候，歡迎參加 Heidmar 2026 年第一季財務業績電話會議。我們與會者包括執行長 Pankaj Khanna 先生。（接線員指示）我必須提醒各位，本次電話會議將於今日錄音。

Please be reminded that the company announced their results with a press release that has been distributed publicly. Before passing the floor to Mr. Khanna, I would like to remind everyone that in today's conference call, Heidmar will be making forward-looking statements. These statements are within the meaning of the federal securities 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.

提醒各位，公司已透過新聞稿對外公開發布本次業績。在把時間交給 Khanna 先生之前，我想提醒大家，在今天的電話會議中，Heidmar 將作出前瞻性陳述。此等陳述屬於聯邦證券法所界定之範疇。所討論事項可能包含以前瞻性陳述為主，係基於管理層目前的預期，並涉及風險與不確定性，可能導致該等預期無法實現。

Now I would like to turn the floor over to Mr. Khanna. Please go ahead.

現在我想把時間交給 Khanna 先生。請開始。

Thanks, operator. Good day to everyone, and welcome to the first-quarter earnings call for Heidmar Maritime. Heidmar delivered a strong first quarter of 2026, marked by meaningful financial progress, accelerating fleet growth, and a sharpened strategic focus on value creation for our stakeholders. The results we're reporting today reflect the power of our asset-light, commercially driven model, one that enables us to scale rapidly in environments where tanker markets reward operational agility and market intelligence. Heidmar's business model is built on commercial management rather than vessel ownership. We earn fee-based revenues by operating tankers in pools or on commercial management and managing vessels on behalf of shipowners.

謝謝接線員。各位好，歡迎參加 Heidmar Maritime 2026 年第一季財報電話會議。Heidmar 在 2026 年第一季交出強勁表現，展現出顯著的財務進展、加速的船隊成長，以及更聚焦於為利害關係人創造價值的策略方向。我們今天所報告的結果，反映出我們「輕資產、以商業營運驅動」模式的力量；在油輪市場獎勵營運敏捷度與市場情報的環境下，該模式使我們能快速擴張。Heidmar 的商業模式以商業管理為核心，而非持有船舶。我們透過在聯營池（pool）中營運油輪或提供商業管理服務，以及代表船東管理船舶，來賺取以費用為基礎的收入。

Because we grow our fleet without deploying capital into physical assets, our earnings scale with volume and market conditions, not with the balance sheet, keeping us agile to add vessels quickly, respond to dislocations, and return capital to shareholders rather than service heavy debt.

由於我們在不將資本投入實體資產的情況下擴大船隊規模，我們的獲利會隨著運量與市場狀況而擴張，而非隨資產負債表規模而變動；這使我們能保持靈活，快速新增船舶、因應市場錯位，並將資本回饋股東，而非用於償付沉重債務。

Turning to the results. For the three-month period ended March 31, 2026, Heidmar realized consolidated net income of $2.8 million, or $0.05 per share basic, a sharp turnaround from a net loss of $6 million, or $0.10 per share in the corresponding period of 2025. Included in net income is the non-cash stock-based compensation of $0.6 million, representing the amortization of the share awards granted to key employees and members of the Board of Directors under the Heidmar Equity Incentive Plan. This charge is included within G&A expenses. Excluding this non-cash item, Heidmar realized adjusted net income of $3.4 million, or $0.06 per share, compared to adjusted net income of $0.9 million in Q1 2025. This demonstrates a compelling improvement in the underlying earnings capacity of the platform.

接著談業績。截至 2026 年 3 月 31 日止三個月，Heidmar 合併淨利為 280 萬美元，基本每股盈餘 0.05 美元，較 2025 年同期淨損 600 萬美元（每股虧損 0.10 美元）大幅轉盈。淨利中包含 60 萬美元的非現金股份基礎給付費用，係依 Heidmar 股權激勵計畫（Heidmar Equity Incentive Plan）授予關鍵員工及董事會成員之股份獎酬的攤銷。此項費用列於一般及行政（G&A）費用中。排除此非現金項目後，Heidmar 調整後淨利為 340 萬美元，或每股 0.06 美元，較 2025 年第一季調整後淨利 90 萬美元顯著提升。這顯示本平台的核心獲利能力有令人信服的改善。

Total (technical difficulty) for the quarter were $18.4 million, compared to $5.8 million in Q1 2025, an increase of $12.6 million or more than 216% year-on-year. This growth was driven by record freight rates and a sharp increase in vessels employed on short-term spot and time charter voyages. Eight in Q1 2026 versus just one a year earlier. The quarter included the contribution of the platform supply vessel, Ace Supplier, which commenced charter operations in April 2025. G&A expenses decreased to $3.6 million from $6.1 million in Q1 2025, a reduction of $2.5 million. This improvement reflects the significantly lower amortization of stock-based compensation in the current period, following the elevated charges recognized in 2025 related to equity awards granted to management. As we move through 2026, we expect G&A to remain well controlled relative to our growing revenue base.

本季總收入（technical difficulty）為 1,840 萬美元，較 2025 年第一季的 580 萬美元增加 1,260 萬美元，年增超過 216%。此成長主要受創紀錄的運費水準，以及投入短期現貨與定期租船航次的船舶數量大幅增加所帶動：2026 年第一季為 8 艘，而一年前僅 1 艘。本季亦包含平台供應船 Ace Supplier 的貢獻，該船自 2025 年 4 月開始承租營運。一般及行政（G&A）費用由 2025 年第一季的 610 萬美元降至 360 萬美元，減少 250 萬美元。此改善反映本期股份基礎給付攤銷顯著降低，因 2025 年因授予管理層股權獎酬而認列較高費用。展望 2026 年，我們預期 G&A 相對於持續成長的營收基礎將維持良好控管。

Turning to the balance sheet. As of March 31, 2026, cash and cash equivalents stood at $27.6 million, up $8.6 million from the $18.6 million at December 31, 2025. Total assets were at $76.1 million, and total stockholders' equity strengthened to $14.2 million from $10.7 million at year-end, reflecting the profitable quarter and the positive momentum building in our financial position. Net cash provided by operating activities from continuing operations was $6.6 million for the quarter, more than double the $3.1 million generated in Q1 2025. This reflects the strong improvement in underlying earnings and confirms that the business is converting revenue growth into real cash generation.

接著看資產負債表。截至 2026 年 3 月 31 日，現金及約當現金為 2,760 萬美元，較 2025 年 12 月 31 日的 1,860 萬美元增加 860 萬美元。總資產為 7,610 萬美元；股東權益總額由年末的 1,070 萬美元增至 1,420 萬美元，反映本季獲利以及財務狀況正向動能的累積。來自持續營運之營業活動淨現金流入為 660 萬美元，較 2025 年第一季的 310 萬美元增加逾一倍。這反映核心獲利能力的強勁改善，並證實本業正將營收成長轉化為實質現金創造。

Turning to the market. The tanker market environment during the first quarter of 2026 was among the most constructive we have seen in recent years. Freight rates were already very strong in January and February and rose to historically record levels, underpinned by heightened geopolitical tensions and sustained disruption across critical shipping lanes, most notably increased volatility in and around the Strait of Hormuz and the broader Gulf region. These dynamics triggered significant rerouting of crude and product cargoes, extending voyage distances, tightening effective vessel supply, and amplifying ton-mile demand across the tanker complex. The structural implications we are observing in global energy trade flows are not transient.

接著談市場。2026 年第一季的油輪市場環境，是我們近年所見最具建設性的情況之一。運費在 1 月與 2 月已相當強勁，並上升至歷史新高，主要受地緣政治緊張升溫與關鍵航道持續受阻所支撐，尤其是荷姆茲海峽及其周邊、以及更廣泛的波斯灣地區波動加劇。這些動態引發原油與成品油貨載大幅改道，拉長航程距離、收緊有效船舶供給，並放大整體油輪市場的噸海里需求。我們觀察到的全球能源貿易流向之結構性影響並非短暫現象。

They reflect a fundamental reshaping of the supply chain architecture for crude oil and refined products, one that benefits well-positioned operators and commercial managers such as Heidmar. Notably, the rise in oil prices has remained modest, even though the Strait of Hormuz has now been closed for almost three months, removing an estimated 10% to 15% of world supply, net of pipeline volumes bypassing the strait. That restraint reflects a massive release of stocks across the OECD and China. Inventories now sit at record lows and will have to be rebuilt to provide a buffer against the next Middle East conflict. We expect this crisis to drive two lasting changes: diversification of crude supply and the build-out of emergency storage. Japan today depends on the Middle East for roughly 90% of its crude imports, South Korea 70%, and China and India around 55%, concentrations that are no longer tenable.

這反映出原油與成品油供應鏈架構正在根本性重塑，而這將有利於如 Heidmar 這類具備良好布局的營運商與商業管理公司。值得注意的是，儘管荷姆茲海峽目前已關閉近三個月，扣除繞過海峽之管線輸送量後，估計移除了全球供給的約 10% 至 15%，油價漲幅仍相對溫和。此種克制反映 OECD 與中國大量釋出庫存。當前庫存已降至歷史低位，未來必須重建，以作為因應下一次中東衝突的緩衝。我們預期本次危機將帶來兩項長期變化：原油供給來源多元化，以及緊急儲備的擴建。日本目前約 90% 的原油進口依賴中東，南韓約 70%，中國與印度約 55%；此等集中度已不再可持續。

As these buyers turn to the Atlantic basin, voyage distances lengthen, and ton-mile demand rises. Beyond higher prices, many countries now face outright fuel shortages, LPG in India, gasoline and diesel across parts of Asia and Africa. This has underscored the need for emergency reserves, and we expect governments to build crude and product stocks to guard against the next disruption. Both trends add to tanker demand in the near term.

隨著這些買方轉向大西洋盆地，航程距離將拉長，噸海里需求將上升。除價格走高外，許多國家如今面臨實質燃料短缺，例如印度的 LPG，以及亞洲與非洲部分地區的汽油與柴油。這凸顯建立緊急儲備的必要性；我們預期各國政府將建立原油與成品油庫存，以防範下一次供應中斷。兩項趨勢在短期內都將推升油輪需求。

Even when a peace accord is signed and it's reopened, we expect rates to firm further, with few ships positioned in the region. The hardest hit buyers in Asia and elsewhere will move quickly to restock. We estimate three to six months for flows to normalize. By then, the winter season will lift oil demand and freight rates seasonally. In short, we expect strong rates to persist for the next 12 months and beyond.

即使簽署和平協議並重新開放，我們仍預期運費將進一步走強，因為區域內可用船舶配置有限。亞洲及其他地區受衝擊最嚴重的買方將迅速補庫。我們估計需要三到六個月，物流與貿易流向才會恢復正常。屆時冬季將帶動石油需求，並使運費呈現季節性上升。總之，我們預期強勁運費將在未來 12 個月及更長時間內持續。

We continue to execute on our growth plans, scaling the platform during the quarter. Heidmar added eight vessels across key tanker segments, two VLCCs, three Suezmaxes, and three MRs during Q1 and continue to add in Q2. These additions expand our reach across the crude and product tanker markets. Our pipeline remains active, with further additions expected through this year and next.

我們持續執行成長計畫，並在本季擴大平台規模。Heidmar 於第一季在主要油輪分項新增 8 艘船舶，包括 2 艘 VLCC、3 艘 Suezmax，以及 3 艘 MR，並在第二季持續新增。這些新增船舶擴大了我們在原油與成品油油輪市場的覆蓋範圍。我們的新增船舶管線仍然活躍，預期今年及明年仍將有進一步增量。

What sets Heidmar apart from the traditional shipping companies is fundamental. We do not own ships. While asset-owning operators carry depreciation, dry docking cycles, financing costs, and capital lockup, Heidmar focuses solely on commercial performance. With over 40 years of heritage as the original commercial management brand in the tanker sector, we have built unmatched relationships with charterers, oil majors, and trading houses across every major trading basin.

Heidmar 與傳統航運公司之間的差異是根本性的：我們不擁有船舶。資產持有型營運商需承擔折舊、進塢維修週期、融資成本與資本占用，而 Heidmar 專注於商業績效。作為油輪領域最早的商業管理品牌，我們擁有逾 40 年的傳承，並在各主要貿易區域與承租人、國際石油公司（oil majors）及貿易商建立了無可匹敵的關係。

Our eFleetWatch platform, the first digital transparency tool developed in shipping, gives owners real-time visibility into their vessels' earnings and performance, a capability that no pure asset owner can replicate at scale. This combination of deep market knowledge, a trusted owner partner network, and proprietary technology is what makes Heidmar structurally different. The value of the Heidmar platform compounds as we grow. Each vessel we add to our commercially managed fleet increases our collective trading power, enabling better cargo coverage, tighter voyage optimization, and stronger negotiating leverage with counterparties. This network effect means that scale directly translates into better returns for every owner in the pool or on commercial management. Beyond commercial management revenues, the platform supports other services including technical management, sale and purchase advisory, investor opportunities, asset management, and fuel services, creating multiple touchpoints through which we deliver value to owners across the life cycle of their assets.

我們的 eFleetWatch 平台是航運業首個開發的數位透明化工具，讓船東能即時掌握其船舶的收益與績效；這項能力並非任何純資產持有者能以規模化方式複製。這種深厚的市場知識、值得信賴的船東合作夥伴網絡，以及專有技術的結合，正是 Heidmar 在結構上與眾不同之處。隨著我們成長，Heidmar 平台的價值會持續複利累積。我們每新增一艘納入商業管理船隊的船舶，便會提升整體交易能量，使我們能取得更佳的貨源覆蓋、更精準的航次最佳化，以及在與交易對手談判時更強的議價能力。這種網絡效應意味著，規模會直接轉化為池內或委託商業管理的每一位船東更好的回報。除商業管理收入外，平台亦支援其他服務，包括技術管理、買賣船（S&P）顧問、投資人機會、資產管理與燃油服務，透過多個接觸點，在資產全生命週期中為船東創造價值。

As we continue to grow, the platform becomes increasingly difficult to replicate, and the competitive moat around our commercial model widens. Looking ahead, we remain constructive on the tanker market outlook. The fundamental drivers supporting elevated freight rates on both demand and supply remain firmly in place. We are confident in Heidmar's trajectory and our ability to generate sustainable returns for our stakeholders as we scale into one of the leading commercial management platforms in the global tanker industry. I thank our stakeholders, employees, vessel owners, and charterer partners for their continued trust, and we look forward to updating you on our progress.

隨著我們持續成長，該平台將愈來愈難以被複製，而圍繞我們商業模式的競爭護城河也會擴大。展望未來，我們對油輪市場前景仍持建設性看法。支撐需求與供給兩端維持較高運價的基本面驅動因素依然穩固存在。我們對 Heidmar 的發展軌跡以及在擴張成為全球油輪產業領先的商業管理平台之一的過程中，為利害關係人創造可持續回報的能力充滿信心。感謝我們的利害關係人、員工、船東與租家合作夥伴持續的信任，我們也期待向各位更新我們的進展。

We will now take questions.

我們現在開始提問。

(Operator Instructions) Tate Sullivan, Maxim.

（接線員指示）Tate Sullivan，Maxim。

Well, thank you very much, and apologize if I break up as I'm in transit. Your 20F had great detail on the number of your managed fleet (technical difficulty) April 30th, could you comment, Pankaj, that since the end of first quarter or April 30th, you've added to that list of managed vessels?

非常感謝，也先致歉，如果我講話斷斷續續，因為我正在移動中。你們的 20F 對截至 4 月 30 日你們受管理船隊的數量有很詳盡的說明（技術問題）。Pankaj，你能否評論一下，自第一季末或 4 月 30 日以來，你們是否又新增了受管理船舶？

Yes, we have ongoing additions as new buildings are coming in and other secondhand vessels are joining as well. We did a press release, I think it was a week, two weeks ago, which added five vessels and it's a constant process.

是的，隨著新造船交付，以及其他二手船加入，我們持續有新增。我們發布過一則新聞稿，我想是在一週、兩週前，新增了五艘船，這是一個持續進行的過程。

Okay. That was great detail on there and great comments on multiple countries building strategic energy reserves too. Just on the platform supply vessel, is that a fixed rate or is that an index rate that will vary based on some index you can point to?

好的。那份資料很詳盡，而且你們對多個國家建立戰略能源儲備也有很好的評論。關於那艘平台供應船（PSV），那是固定費率，還是會依據某個你能指出的指數而變動的指數費率？

No, it's a fixed rate contract.

不，是固定費率合約。

(Operator Instructions) Laura Maher, B. Riley.

（接線員指示）Laura Maher，B. Riley。

Hi, good morning. Thank you for taking the question. My first question is, are elevated rates keeping tanker owners from joining the Heidmar pool and staying in the time charter market?

嗨，早安。謝謝讓我提問。我的第一個問題是，高運價是否讓油輪船東不願加入 Heidmar 的池（pool），而選擇留在定期租船市場？

Not necessarily. At this point, owners are interested more in the spot market than they are in the time charter market. It's split, of course, everybody's hedging their bets. Some people are looking at the forward markets and saying, one year rates have never been at these kind of levels. Some are taking that opportunity, but there are plenty of people who are on the spot market. We have a constant flow of vessels coming in where owners are buying at elevated rates and are looking to basically play the spot market, at the earnings that there are.

不一定。就目前而言，船東對現貨市場的興趣高於定期租船市場。當然是分散的，大家都在對沖押注。有些人看遠期市場，認為一年期租金從未到過這樣的水準；有些人會把握這個機會，但也有很多人仍在現貨市場。我們持續有船舶流入，有些船東在高價買船後，基本上是想在現貨市場上操作，賺取目前的收益水準。

The expectation in the market is that when the straits open, the spot market rates will explode. Let's use a term like that. Basically, we expect that rates will increase substantially. This is what people are positioning themselves for.

市場的預期是，一旦海峽開放，現貨市場運價將會暴衝——就用這樣的說法。基本上，我們預期運價會大幅上升。這也是大家正在為之布局的方向。

Great, thanks. Maybe just one more. You had a year-over-year step-up in EBITDA margins. With rising rates and more vessels added to the platform, can we expect continued positive operating leverage on the Heidmar platform?

很好，謝謝。再問一個。你們 EBITDA 利潤率年對年有明顯提升。隨著運價上升、平台新增更多船舶，我們是否可以預期 Heidmar 平台將持續呈現正向的營運槓桿？

Yes. As I mentioned in the remarks that the G&A levels are pretty stable. At this point, we have the capacity to add another 20 vessels without affecting the G&A. I'm conservative of 20, maybe 30, maybe 40, but basically, the EBITDA margins should stay strong and elevated. The G&A will not change substantially going forward.

可以。如我在發言中提到，G&A（一般及行政費用）水準相當穩定。以目前來看，我們有能力在不影響 G&A 的情況下再增加 20 艘船。我保守估計是 20 艘，也可能是 30、40 艘；但基本上，EBITDA 利潤率應會維持強勁且處於高位。未來 G&A 不會有實質性的變動。

George Berman, Cabot Lodge Securities.

George Berman，Cabot Lodge Securities。

First and foremost, I want to congratulate you to a great quarter. Apparently, judging from the stock price performance, it was unexpected. The forecasted revenues, earnings, additional shipping should lead to another good second quarter here. Are you planning to continue the at the market stock offering or is that finished by now?

首先，我要恭喜你們交出非常出色的一季。顯然，從股價表現來看，這是出乎意料的。預期的營收、獲利，以及額外的航運業務應該會讓第二季也很不錯。你們是否打算繼續進行 at-the-market（ATM）股票發行，還是現在已經結束了？

Look, we have kept the flexibility to have the ELOC live, but at the same time, as you will see from the press release, we have not really used it because we don't believe that these levels are reflective of the company's valuation. We have always maintained that we are not there to dilute the shareholders, including ourselves, for no valid reason. We are not in the market to buy vessels. We're not looking to create another vessel owner. Unless there's an accretive transaction that requires capital, we do not see any need to raise capital.

你看，我們保留了讓 ELOC 維持有效的彈性；但同時，如你從新聞稿所見，我們其實並沒有真正使用它，因為我們不認為目前這些水準能反映公司的估值。我們一向的立場是，不會在沒有正當理由的情況下稀釋股東（包括我們自己）。我們不在市場上買船，也不打算再打造另一個船舶資產持有者。除非有需要資本、且具增值性的交易，否則我們看不出有任何募資的必要。

Okay, great. There are a lot of smaller, younger shipping companies formed right now, particularly with the high rates persisting in all the different markets. What would be your sort of pitch to a ship owner, smaller in size, to utilize your services, taking advantage of your vast network of offices all over the important points?

好的，很好。現在有很多規模較小、較年輕的航運公司成立，尤其是在各個市場高運價持續的情況下。你對於一位規模較小的船東，會如何推介你們的服務，讓他能利用你們遍布重要據點的龐大辦公室網絡？

Look, I think the most important point is KYC, know your client. If you want to go and work with Aramco as a new company, it may take you 12 months to clear their KYC requirements, and that is if Aramco decides to work with you. I just use them as an example. That is one very key point where Heidmar is KYC cleared by all oil companies and traders in the world.

你看，我認為最重要的一點是 KYC（了解你的客戶）。如果你是一家新公司，想去和 Aramco 合作，可能需要 12 個月才能通過他們的 KYC 要求，而且前提是 Aramco 願意與你合作。我只是拿他們當例子。這是一個非常關鍵的點：Heidmar 已通過全球所有石油公司與交易商的 KYC 審核。

But besides that, because of our market intelligence and relationships, we are able to realize TCEs as in earnings, which are higher than most other people can do by themselves, especially the small owners. We have proven that time and time again. For one Chinese owner who's a one-ship owner, we fixed the ship at $490,000 per day at the peak of the crisis.

除此之外，憑藉我們的市場情報與關係網，我們能實現的 TCE（等效期租）也就是收益，往往高於多數人自己操作所能達到的水準，尤其是小型船東。我們一次又一次證明了這點。以一位中國船東為例，他只有一艘船；在危機高峰時，我們把那艘船以每天 49 萬美元的價格成交。

There's no way he could have fixed with that charter by himself. We have proven time and time again the value of Heidmar as a platform for the small ship owners, but it's also applicable for the big ship owners. If they don't have scale in a particular size sector, again, Heidmar can offer them that scale, so they can realize the best results in that sector. I think our platform is useful for both the big ship owners and the smaller ship owners.

他不可能靠自己拿到那樣的租約。我們一再證明 Heidmar 作為平台對小型船東的價值，但同樣也適用於大型船東。如果他們在某個船型/級別的細分市場沒有規模，同樣地，Heidmar 可以為他們提供規模，讓他們在該細分市場取得最佳成果。我認為我們的平台對大型船東與小型船東都很有用。

We have reached the end of the question-and-answer session. Mr. Khanna, I'd like to turn the floor back over to you for closing comments.

問答環節到此結束。Khanna 先生，我想把時間交還給您做結語。

Thanks, everyone. It was a great quarter. We expect to hope an even better quarter for the second Q. Thank you and have a good day.

謝謝各位。這是一個很棒的季度。我們希望第二季能更好。謝謝，祝各位有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。感謝您的參與，祝您有美好的一天。