Himalaya Shipping Ltd (HSHP) 2025 Q3 法說會逐字稿

Welcome to this conference call for Himalaya Shipping.

歡迎參加喜馬拉雅航運公司的電話會議。

For the first part of this call, all participants will be in a listen-only mode.

本次通話的第一部分，所有參與者將處於唯讀模式。

Afterwards there will be a question-and-answer session. If you wish to ask a question, please press 5 star on your telephone keypad.

之後將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的五星鍵。

This call is being recorded. A loud turn the caller to speakers. You may now begin.

本次通話正在錄音。大聲將通話切換到揚聲器。現在你可以開始了。

Thank you, operator. Welcome to the Q3 2025 conference call for Himalaya shipping.

謝謝接線生。歡迎參加喜馬拉雅航運公司2025年第三季電話會議。

My name is Lars Kirtan Svensson, and I will be joined here today by our CFO Vidar Hassan.

我叫 Lars Kirtan Svensson，今天與我一同出席的還有我們的財務長 Vidar Hassan。

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.

在正式開始演講之前，我想提醒各位，我們將討論一些前瞻性的問題。這些假設反映了公司目前對未來事件的看法，但存在風險和不確定性。

Actual results may differ materially from those anticipated. I will now continue with the highlights of the quarter.

實際結果可能與預期結果有重大差異。接下來我將繼續介紹本季的亮點。

We reported a net profit of $9.5 million and an EBITDA of $29.3 million. The gross time chart for equivalent earnings for the quarter was approximately $35,600 per day.

我們公佈的淨利潤為 950 萬美元，EBITDA 為 2,930 萬美元。本季等效收入的總時間圖表約為每天 35,600 美元。

We converted the index-linked time charters for four vessels to fixed rate time charters at an average rate of 35,300 per day from August 1st to September 30th.

從 8 月 1 日至 9 月 30 日，我們將四艘船舶的指數掛鉤定期租船合同轉換為固定費率定期租船合同，平均費率為每天 35,300。

Further conversions were made for four vessels from index linked to fixed time charters at an average rate of $38,500 from October 1st until December 31st.

從 10 月 1 日至 12 月 31 日，四艘船舶的租約從指數掛鉤租約轉換為固定租期租約，平均費率為 38,500 美元。

Total cash distributions for the quarter total $0.24 per share for the months of July, August and September.

7 月、8 月和 9 月的季度現金分紅總額為每股 0.24 美元。

In subsequent events, we achieved a time chart for equivalent earnings for October of about $36,800 per day, and we declared a dividend of $0.07 for the month.

在隨後的事件中，我們實現了 10 月份每日約 36,800 美元的等效收益時間表，並宣布當月發放 0.07 美元的股息。

And with that, I will now pass the word to Vidar.

接下來，我將把訊息轉交給維達爾。

Thank you, Lar Christian. Himalaya Shipping reports a net profit of $9.5 million and earnings per share of $0.21 for Q3 2025 compared to a net income of $10.6 million and earnings per share of $0.24 for Q3 2024.

謝謝你，拉爾克里斯蒂安。喜馬拉雅航運公司報告稱，2025 年第三季淨利潤為 950 萬美元，每股收益為 0.21 美元，而 2024 年第三季淨利潤為 1,060 萬美元，每股收益為 0.24 美元。

Operating profit was $22 million and EBITA was $29.3 million for the quarter compared to operating profit of $23.6 million and EBITTA of $30.9 million for the same period last year.

本季營業利潤為 2,200 萬美元，EBITTA 為 2,930 萬美元，而去年同期營業利潤為 2,360 萬美元，EBITTA 為 3,090 萬美元。

Operating revenues were $37.9 million for Q3 2025 compared to $39.2 million for the same quarter in 2024.

2025 年第三季營業收入為 3,790 萬美元，而 2024 年同期為 3,920 萬美元。

The reduction in revenues is due to lower time charter equivalent earnings achieved, which is down from 36,800 in Q3 2024 to 35,600 in Q3 2025.

收入減少是由於定期租船等效收益下降，從 2024 年第三季的 36,800 下降到 2025 年第三季的 35,600。

Vessel operating expenses were $7 million in Q3 2025 compared to $6.5 million in Q3 2024.

2025 年第三季船舶營運費用為 700 萬美元，而 2024 年第三季為 650 萬美元。

The increase is primarily due to higher costs for spares and repairs and maintenance.

價格上漲主要是因為備件、維修和保養成本增加所致。

The average OpEx per day was $6400 per day compared to $6000 per day during Q3 2024.

2024 年第三季平均每日營運支出為 6,400 美元，而 2024 年第三季為 6,000 美元。

G&A for the third quarter was $1.1 million compared to $1.4 million in Q3 2024.

第三季一般及行政費用為 110 萬美元，而 2024 年第三季為 140 萬美元。

The decrease is primarily due to reduced costs for DO insurance.

下降的主要原因是骨科醫生保險費用降低。

Interest expense with $12.8 million in Q3 2025, which is a $0.4 million decrease compared to the same period in 2024 due to a lower average loan principal outstanding in Q3 2025 as a result of loan repayments.

2025 年第三季利息支出為 1,280 萬美元，與 2024 年同期相比減少 40 萬美元，原因是 2025 年第三季未償還貸款本金平均減少，這是由於貸款償還所致。

Cash and cash equivalents were $26.4 million at the end of the quarter.

截至季末，現金及現金等價物為2,640萬美元。

The minimum cash requirement under a sale leaseback financing is $12.3 million.

根據售後回租融資方式，最低現金要求為 1,230 萬美元。

Outstanding balance on the sales pack financing was approximately $707 million at the end of the third quarter. It's down from $714 million at the end of the second quarter, reflecting scheduled repayments.

截至第三季末，銷售包融資的未償餘額約為 7.07 億美元。該金額較第二季末的 7.14 億美元有所下降，反映了預定的還款。

Cash flow from operations was $18.3 million for the third quarter.

第三季經營活動產生的現金流量為1830萬美元。

Himalaya Shipping have declared total cash distribution to shareholders of $0.24 for the months of July, August, and September 2025.

喜馬拉雅航運公司宣布，2025 年 7 月、8 月和 9 月將向股東派發每股 0.24 美元的現金分紅。

That completes the financial section and now back to you, Lars Christian.

財務部分到此結束，現在把時間交還給拉爾斯·克里斯蒂安。

Thank you Vila.

謝謝你，維拉。

Before I will guide you through our market section, here are some company updates.

在帶您了解我們的市場板塊之前，先來看看公司的一些最新動態。

Our preferred commercial strategy is to charter out our 12 vessels on index-linked time charters that allows us to capture the upside at each given market rise and also gives us good flexibility to convert to fixed rates with our solid counterparts when we see value on the FFA curve as mentioned earlier in the presentation.

我們首選的商業策略是將我們的 12 艘船舶以指數掛鉤的定期租船方式出租，這樣我們就可以在每次市場上漲時獲利，並且如前文所述，當 FFA 曲線出現價值時，我們也可以靈活地與可靠的合作夥伴轉換為固定費率。

Currently 6 of our 12 ships will be on fixed rates until 31 December 2025 at an average rate of $36,300 per day.

目前，我們 12 艘船中有 6 艘將按固定費率運作至 2025 年 12 月 31 日，平均費率為每天 36,300 美元。

We are 100% exposed to the spot market from 2026 to capture what we believe will be a strong year ahead.

從 2026 年起，我們將 100% 投資於現貨市場，以把握我們認為未來一年將會強勁的成長機會。

To illustrate our fleet and commercial performance, you can see on this slide that since inception, the Himalaya vessels have traded to an average 50% premium to the Baltic capsize index and a 23% premium to Pearce.

為了說明我們的船隊和商業表現，您可以在這張投影片中看到，自成立以來，喜馬拉雅船舶的交易價格平均比波羅的海傾覆指數溢價 50%，比 Pearce 指數溢價 23%。

This is achieved by the extra cargo intake on our vessel and top tier of speed and consumption design on our fleet. We also have timed our conversions well, as proved by our Q4 conversions to fixed rate.

這是透過我們船舶額外的貨物裝載量以及我們船隊一流的速度和燃油效率設計來實現的。我們的轉換時機也把握得很好，第四季轉換為固定利率的案例就證明了這一點。

Here you can see our unique dividend capacity based on various rate scenarios for a standard cappe size vessel. When the Baltic Cape size Index moved to $30,000 per day, the company will yield about 22%. When we see moves to around the $40,000 per day range, will produce a yield of around 40%. And when we see $55,000 a day on the Baltic cappes I index, Himalaya will yield well above 60%.

在這裡，您可以看到我們基於標準卡佩尺寸船舶的各種費率方案的獨特分紅能力。當波羅的海海角型海鮮指數達到每日 3 萬美元時，該公司的殖利率將達到約 22%。當價格上漲到每天 4 萬美元左右時，收益率將達到 40% 左右。當波羅的海海岬 I 指數每天達到 55,000 美元時，喜馬拉雅的收益率將遠高於 60%。

Our fleet of 12 modern Newcastle maxes with dual fuel LNG is in the TOP1% emission ratings for large bulk carriers. The attractive financing combined with a very clear capital allocation structure has led to 22 monthly consecutive dividends.

我們擁有 12 艘現代化的紐卡斯爾型雙燃料液化天然氣散裝船，其排放等級在大型散裝貨船中位列前 1%。極具吸引力的融資方案，加上非常明確的資本配置結構，使得公司連續 22 個月派發股息。

All the vessels are fixed out on long-term index linked contracts with conversion options.

所有船舶均簽訂了與指數掛鉤的長期合同，並附帶轉換選擇權。

The all in cash breakeven equivalent to the Baltic Cape size index is $17,000 per day, i.e., every time you see the Baltic Cape size index above that number, Himalaya Shipping will make money.

波羅的海角尺寸指數的現金損益平衡點相當於每天 17,000 美元，也就是說，每當波羅的海角尺寸指數高於該數字時，喜馬拉雅航運公司就會賺錢。

Now let's have a look at the market.

現在我們來看看市場狀況。

The ton mile story continues to move in the right direction after a large drop in Q4 2024 due to the coal cannibalization from the Panamaxis.

由於巴拿馬運河計畫蠶食煤炭資源，2024 年第四季噸英里數大幅下降，但此後噸英里數繼續朝著正確的方向發展。

Tonmel in Q3 for cappe's ice increased 2% year over year thanks to a 15% increase in bauxite from Guinea and a 3% increase from iron ore.

由於幾內亞鋁土礦產量成長 15% 以及鐵礦石產量增加 3%，第三季卡佩冰塊的產量年增 2%。

Year over year iron ore exports from Brazil and Australia is up 4 and 2% respectively, and bauxite exports from Guinea has again surpassed expectations with an 18% year over year increase.

巴西和澳洲的鐵礦石出口量分別年增 4% 和 2%，幾內亞的鋁土礦出口量再次超出預期，較去年同期成長 18%。

We have discussed the bauxite trade extensively in several quarterly presentations, and it's with keen interest we observe volume growth in one commodity to this extent.

我們在幾份季度報告中都對鋁土礦貿易進行了廣泛的討論，我們非常關注某一種商品的交易量增長到如此程度。

Most of the Guinean export volumes are destined for China, and as you can see from the top left graph, inputs are continuing at a solid pace.

幾內亞的大部分出口產品都銷往中國，正如你從左上角的圖表中看到的那樣，進口量仍在穩步增長。

As a central component in the alumina industry, China uses a vast share of imported bauxite volumes for the electric vehicle production. Imports are increasing, and so is the alumina production, which indicates room for further growth as illustrated in the bottom left graph.

作為氧化鋁產業的核心組成部分，中國大量進口鋁土礦用於電動車生產。進口量不斷增加，氧化鋁產量也在增加，這表明還有進一步增長的空間，如左下角的圖表所示。

To the right, you can see the increased impact of the bauxite trading ton miles.

從右側可以看出鋁土礦貿易噸英里數增加的影響。

Bauxite has this year surpassed coal by a good margin for the first time in history.

今年鋁土礦產量史上首次大幅超過煤炭。

The global iron ore exports have been strong since Q1 this year, so far surpassing the four previous years.

今年第一季以來，全球鐵礦石出口一直保持強勁勢頭，迄今已超過前四年的水平。

More importantly for the Cape South and Newcastle Max segment is that the seaborne iron ore imports so far this year also outperformed the previous years, and compared to 2024, more than 7%.

對於南開普敦和紐卡斯爾 Max 船隊來說，更重要的是，今年迄今為止的海運鐵礦石進口量也超過了往年，與 2024 年相比增長了 7% 以上。

If I can draw your attention to the bottom right graph, we observe with excitement that the Chinese iron ore inventories are down almost 10% comparing to the same period last year, which again indicates the continued need for iron ore in China.

如果您能注意一下右下角的圖表，我們會很高興地發現，中國鐵礦石庫存與去年同期相比下降了近 10%，這再次表明中國對鐵礦石的需求仍然存在。

As for the long-term iron ore demand, the left graph shows the iron ore production cost distribution. We have frequently been asked what would happen if the iron ore price were to come down from above $100 per ton. Based on the cost curve, it would implied that the Chinese domestic production will continue to decline. If you look at the two graphs on the right, you can see that the Chinese domestic production adjusted for iron ore content has declined in the last 15 years, that the iron ore imports have increased accordingly. In conclusion, all positive for freight in the Newcastle, Max and cappeside bay.

至於長期鐵礦石需求，左圖顯示了鐵礦石生產成本分佈。我們經常被問到，如果鐵礦石價格從每噸 100 美元以上下跌會發生什麼事。根據成本曲線來看，這意味著中國國內生產將持續下降。如果你看一下右邊的兩張圖表，你可以看出，過去 15 年裡，中國國內按鐵礦石含量調整後的鐵礦石產量有所下降，鐵礦石進口量也相應增加。總之，紐卡斯爾、馬克斯和卡普賽德港的貨運情況均為正態勢。

Continuing on the iron ore track, the first volumes of iron ore from the Simandou mine in Guinea are expected to be exported this month, according to the latest updates.

繼續關注鐵礦石領域，根據最新消息，幾內亞西芒杜礦的首批鐵礦石預計本月出口。

Between 2 million tons are apparently dockside and ready to be shipped.

據稱，已有200萬噸貨物停靠在碼頭，準備裝船。

Over a 24 month ramp up phase, the mine is targeting 120 million tons of high grade iron ore per annum to the market.

在為期 24 個月的增產階段，該礦的目標是每年向市場供應 1.2 億噸高品位鐵礦石。

With the additional Valde capacity increased by 2026, we expect a total of 170 million tons of high grade iron ore from the Atlantic, most of which will be exported to China.

隨著瓦爾德礦區產能的增加，到 2026 年，我們預計將從大西洋地區獲得總計 1.7 億噸高品位鐵礦石，其中大部分將出口到中國。

As you can see from the right graph comparing these volumes to the record low order book, the supply story strengthens further.

從右圖可以看出，將這些交易量與創紀錄的低訂單量進行比較，供應情況進一步加強。

In addition to the low order book, the current cap size in Newcastle Max fleet is aging fast. Around 50% of the total fleet was built between 2009 and 2015. That means that 60% of the fleet will be over 20 years of age in 2034.

除了訂單量低之外，目前紐卡斯爾 Max 船隊的船體老化速度也很快。約 50% 的船隊是在 2009 年至 2015 年間建造的。這意味著到 2034 年，60% 的船隊將超過 20 年船齡。

Ship owners historically have been good at ruining their own markets by placing new building orders, but as it looks now, we have clear visibility of supply for the next 3 or 4 years, making it difficult to add any meaningful large bulk dry bulk capacity to the market.

船東歷來擅長透過下達新的造船訂單來破壞自己的市場，但就目前的情況來看，未來 3 到 4 年的供應情況已經非常明朗，因此很難向市場增加任何有意義的大型散貨幹散貨運力。

As we are moving towards the end of this presentation, we continue to highlight the historical low order book. We are at a 25 year record low, standing at 9.3% of the total existing cape sized fleet.

在本次演講接近尾聲之際，我們將繼續強調訂單量處於歷史低點。我們目前處於 25 年來的最低水平，僅佔現有好望角型船隊總數的 9.3%。

Active shipyards are down 60% for the peak of 2008, making it challenging to build any fleet capacity that could distort the favorable supply dynamics over the next few years.

活躍造船廠數量比 2008 年的峰值下降了 60%，這使得建造任何可能在未來幾年內扭曲有利供應動態的船隊產能都變得困難。

As a comparison to the other shipping segments, you can see from the right graph that the cape size order book to fleet ratio is by far most favorable.

與其他航運板塊相比，從右圖可以看出，好望角型船舶的訂單量與船隊規模之比是迄今為止最有利的。

Thank you, and I will now pass the word back to the operator and welcome any questions you might have.

謝謝，我現在就把訊息轉達給接線員，歡迎您提出任何問題。

(Operator instruction)

（操作說明）

Ivan Cosco from Clarkson Securities.

來自克拉克森證券的伊凡·科斯科。

Thank you. So if you look at the market in 26, you and most other people, including us, are quite positive to the Cape size market due to the factors you have talked about. But I think the main pushback is that you said cappe market doesn't look that good. As you see in or in 25, there's been a lot of coal, splitting from Australia. So for 26, how good or how much. Of an outperformance do you think the cap size market can have compared to the sub cap market?

謝謝。所以，如果你看看26號市場，你和包括我們在內的大多數人，由於你剛才提到的那些因素，對海角型房屋市場持相當樂觀的態度。但我認為主要的反對意見是，您說cappe市場看起來不太好。正如你在第 25 頁看到的，有很多煤炭是從澳洲運來的。所以26歲，到底值多少錢？您認為市值較大的市場與市值較小的市場相比，能達到怎樣的超額報酬？

Yeah, hi, thanks for the question.

你好，謝謝你的提問。

We've seen quite a bit of coal splits the end of last year and this year. That's true, but I think the potential for the cape sizes to continue to rally is higher based on the big frontal routes that we talked about in this presentation, and the downside to this market, I would say is a lot less than what we saw last year simply because we lost so much coal on the total fleet.

去年年底和今年，我們看到了不少煤炭價格下跌的情況。沒錯，但我認為，根據我們在本次演講中討論的大型航線，好望角型煤礦的規模繼續上漲的潛力更大。而且，我認為，這個市場的下行風險比去年小得多，因為我們去年在整個船隊中損失了大量煤炭。

But the bauxite volumes are strong. The Simando volumes are destined to be big and strong as well. So, and with the Panamaxes moving quite a bit higher now as well, we think that the cape sizes can rally like they normally do at least 2.5 times the Panamax segments, and it's good to see that the Panamaxes are doing well on the coal and grains as well.

但鋁土礦儲量十分充足。Simando 的作品數量也注定很大，品質也會很高。所以，鑑於巴拿馬型船的價格現在也大幅上漲，我們認為好望角型船的價格可能會像往常一樣上漲，至少是巴拿馬型船價格的 2.5 倍，而且很高興看到巴拿馬型船在煤炭和穀物運輸方面也表現良好。

Yeah, thanks. I'm just moving to the for your seat which is currently fully open at 4:26.

嗯，謝謝。我現在正前往您的座位，目前 4:26 的座位完全空著。

And I guess it's about the first quarter of next year. We're currently seeing the FFAs at 6 at $17,500 a day.

我猜大概是明年第一季吧。我們目前看到 FFA 為 6，每天 17,500 美元。

So as your school is spot at the moment, I guess you think the first quarter could go higher, or are you looking to get some coverage for the first quarter.

既然你們學校目前處境艱難，我猜你們認為第一季的成績可能會更好，還是你們希望第一季能獲得一些賠償？

The curve is obviously always a moving target. We have expectations that are solid going forward, and yes, you're absolutely right, we have not locked in at these levels right now because we think we might see another push. But as normal when we do conversions, if we see value on the forward curve, we will lock it in and, move on. We can always unwind it if we, if there's, if our view has been wrong, but, for now we still have faith in 26 and also 27.

這條曲線顯然始終是個動態變化的目標。我們對未來的預期是穩固的，是的，你說得完全正確，我們目前還沒有鎖定這些價位，因為我們認為可能會出現另一波上漲行情。但像往常一樣，當我們進行轉換時，如果我們看到遠期曲線有價值，我們會鎖定它並繼續進行。如果我們的觀點錯了，我們總是可以推翻它，但就目前而言，我們仍然對第 26 條和第 27 條抱有信心。

Okay, thank you. That's all for me.

好的，謝謝。我的內容就這些了。

And as a reminder.

再次提醒。

Press 5 starts or ask a question. There'll be a brief pause whilst new questions are being registered.

按5個星號或提問。在登記新問題期間，會有短暫的停頓。

As no one else has lined up for questions, I'll now hand it back to the speakers for any closing remarks.

由於還沒有人排隊提問，現在我將把發言權交還給演講者，請他們作總結發言。

Thank you very much for listening. We look forward to having further updates for you in the next quarter.

非常感謝您的聆聽。我們期待在下一季為您帶來更多最新消息。

Thank you very much, bye.

非常感謝，再見。