Himalaya Shipping Ltd (HSHP) 2025 Q4 法說會逐字稿

Hello and welcome to Himalaya Shipping Q4 for 2025 conference call. (Operator Instructions) This call is being recorded.

您好，歡迎參加喜馬拉雅航運公司2025年第四季業績電話會議。（操作員指示）本次通話正在錄音。

I'll now turn the call over to CEO Lars-Christian Svensen. Please begin.

現在我將把電話交給執行長拉爾斯-克里斯蒂安·斯文森。請開始。

Thank you, operator. Welcome to the Q4 2025 conference call for Himalaya Shipping. My name is Lars-Christian Svensen, and I will be joined here today by our CFO Vidar Hasund.

謝謝接線生。歡迎參加喜馬拉雅航運公司2025年第四季電話會議。我叫 Lars-Christian Svensen，今天與我一同出席的還有我們的財務長 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.

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議題。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。實際結果可能與預期結果有重大差異。

I will now continue with the highlights of the quarter. We reported a net profit of $13.5 million and an EBITDA of $33.3 million. The gross time charter equivalent earnings for the quarter was approximately $39,600 per day. We converted index-linked time charters for four vessels to fixed rate at an average rate of approximately $27,700 per day from January 1 to March 31, 2026.

接下來我將繼續介紹本季的亮點。我們公佈的淨利潤為 1350 萬美元，EBITDA 為 3330 萬美元。本季總期租等效收益約為每天 39,600 美元。我們從 2026 年 1 月 1 日至 3 月 31 日，將四艘船舶的指數掛鉤定期租船合約轉換為固定費率合同，平均費率約為每天 27,700 美元。

We entered into a new time charter agreement for the Mount Elbrus until June 30, 2026, at a fixed rate of $30,000 per day, which thereafter will be converted into an index-linked rate reflecting a significant premium to the Baltic 5TC Index.

我們與Mount Elbrus簽訂了一份新的定期租船協議，租期至2026年6月30日，固定租金為每天30,000美元，此後將轉換為與指數掛鉤的租金，該租金將比波羅的海5TC指數高出很多。

We also executed a time charter agreement for the Mount Ita for a period of 11 to 14 months at an index-linked rate. This one also had a premium to the Baltic 5TC Index. Cash distributions for the quarter totaled $0.30. In subsequent events, we achieved time charter equivalent earnings for January 2026 of about $32,400 per day, and this morning we declared a dividend of $0.06 for the month.

我們還以指數掛鉤費率為 Mount Ita 號簽訂了 11 至 14 個月的定期租船協議。該股也比波羅的海 5TC 指數高出一定比例。本季現金分紅總額為 0.30 美元。隨後，我們實現了 2026 年 1 月的定期租船等效收益，約為每天 32,400 美元，今天早上我們宣布當月派發 0.06 美元的股息。

In February this year, the company entered into an agreement with 2020 Bulkers Ltd. to purchase an additional 4,200 shares for a total ownership of 54% in 2020 Bulkers Management AS for NOK1.1 million, which will be effective on April 1, 2026.

今年 2 月，該公司與 2020 Bulkers Ltd. 達成協議，以 110 萬挪威克朗的價格購買 4200 股額外的股份，從而擁有 2020 Bulkers Management AS 54% 的股份，該協議將於 2026 年 4 月 1 日生效。

With that, I will now pass the word to Vidar.

接下來，我將把訊息轉告給維達爾。

Thank you, Lars-Christian. Himalaya Shipping reports a net profit of $13.5 million and earnings per share of $0.29 for Q4 2025, compared to a net income of $1.1 million and earnings per share of $0.02 for Q4 2024. Operating profit was $26 million and EBITDA was $33.3 million for the quarter, compared to operating profit of $14 million and EBITDA of $21.3 million for the same period last year.

謝謝你，拉爾斯-克里斯蒂安。喜馬拉雅航運公司公佈，2025 年第四季淨利為 1,350 萬美元，每股收益為 0.29 美元，而 2024 年第四季淨利潤為 110 萬美元，每股收益為 0.02 美元。本季營業利潤為 2,600 萬美元，EBITDA 為 3,330 萬美元，而去年同期營業利潤為 1,400 萬美元，EBITDA 為 2,130 萬美元。

Operating revenues were $42.1 million for Q4 2025, compared to $29.6 million for the same quarter in 2024. The increase in revenues is due to higher time charter equivalent earnings achieved, which is up from $27,800 in Q4 2024 to $39,600 in Q4 2025. Vessel operating expenses were $7 million in Q4 2025, compared to $6.8 million in Q4 2024. The increase is primarily due to higher costs for spares, consumables, and service fees.

2025 年第四季營業收入為 4,210 萬美元，而 2024 年同期為 2,960 萬美元。收入成長是由於定期租船等效收益增加，從 2024 年第四季的 27,800 美元增加到 2025 年第四季的 39,600 美元。2025 年第四季船舶營運費用為 700 萬美元，而 2024 年第四季為 680 萬美元。價格上漲主要是因為備件、耗材和服務費用增加所致。

The average OpEx per day was $6,400, compared to $6,200 per day during Q4 2024. G&A for the Q4 was $1.2 million, compared to $1 million in Q4 2024. The increase is primarily due to increased management fees and payroll accruals, partly offset by reduced costs for D&O insurance. Interest expense was $12.7 million in Q4 2025, which is a $0.4 million decrease compared to the same period in 2024 due to a lower average loan principal outstanding as a result of loan repayments.

平均每日營運支出為 6,400 美元，而 2024 年第四季為每天 6,200 美元。第四季的一般及行政費用為 120 萬美元，而 2024 年第四季為 100 萬美元。成長的主要原因是管理費和薪資支出增加，部分被董事及高階主管責任保險費用降低所抵銷。2025 年第四季利息支出為 1,270 萬美元，與 2024 年同期相比減少了 40 萬美元，這是由於貸款償還導致未償還貸款本金平均減少所致。

Cash and cash equivalents were $32.4 million at the end of the quarter. Minimum cash requirement under our sale leaseback financing is $12.3 million. Outstanding balance on the sale leaseback financing was approximately $700 million at the end of the Q4, down from $707 million at the end of the Q3, reflecting scheduled repayments.

截至季末，現金及現金等價物為3,240萬美元。根據我們的售後回租融資方案，最低現金需求為 1,230 萬美元。截至第四季末，售後回租融資的未償餘額約為 7 億美元，低於第三季末的 7.07 億美元，反映了計劃償還的款項。

Cash flow from operations was $24.8 million for the Q4. Himalaya Shipping have declared total cash distribution to shareholders of $0.30 per share for the months of October, November, and December 2025.

第四季經營活動產生的現金流量為 2,480 萬美元。喜馬拉雅航運公司宣布，2025 年 10 月、11 月和 12 月將向股東派發現金，每股股息 0.30 美元。

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

財務部分到此結束，現在把話題交還給拉爾斯-克里斯蒂安。

Thank you, Vidar. Before I will guide you through our market section, here are some company updates. Our preferred commercial strategy is still to charter out the majority of our vessels on index-linked 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 forward FFA curve. Currently, five out of our 12 ships will be on fixed rates until March 31, 2025, and thereafter we will have 11 out of 12 vessels exposed to the spot market to capture what we believe will be a strong year ahead.

謝謝你，維達爾。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。我們首選的商業策略仍然是將大部分船舶以指數掛鉤的租約出租。這使我們能夠抓住每次市場上漲的好處，並且當我們在遠期 FFA 曲線上看到價值時，也使我們能夠靈活地與可靠的交易對手轉換為固定利率。目前，我們 12 艘船中有 5 艘將採用固定費率，直至 2025 年 3 月 31 日；此後，我們將有 12 艘船中的 11 艘進入現貨市場，以把握我們認為未來一年將會強勁的市場機遇。

To illustrate our fleet and commercial performance, you can see on this slide that since inception, the Himalaya vessels have traded to an average 48% premium to the Baltic Capesize Index and a 25% premium to peers. This is achieved by extra cargo intake on our vessels and top-tier speed and consumption design on our fleet.

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好望角型船舶指數溢價 48%，比同行溢價 25%。這是透過增加船舶的貨物裝載量以及船隊一流的速度和燃油效率設計來實現的。

We always strive to have as many tools in our toolbox as possible so that we can turn our position quickly from long to short or vice versa when we see opportunities arise. Here you can see our unique dividend capacity based on various rate scenarios for a standard Capesize vessel. When the Baltic Capesize Index moves to $35,000 per day, the company will yield about 22%. When we see moves around the $40,000 per day range, we will produce a yield of around 28%.

我們始終努力在工具箱中擁有盡可能多的工具，以便在機會出現時能夠迅速將部位從多頭轉為空頭，反之亦然。在這裡，您可以看到我們基於標準好望角型船舶的各種費率方案的獨特分紅能力。當波羅的海海岬型船指數達到每天 35,000 美元時，該公司的收益率將達到約 22%。當價格波動在每天 4 萬美元左右時，我們將獲得約 28% 的收益率。

When we see $55,000 per day on the Baltic Capesize Index, Himalaya will yield close to 50% on today's share price. Our fleet of 12 modern Newcastlemaxes with dual fuel LNG is in the top 1% emission rating for all large bulk dry carriers. The attractive financing, combined with a very clear capital allocation structure, has led to 27 monthly consecutive dividends.

當波羅的海海岬型船指數每日漲幅達到 5.5 萬美元時，喜馬拉雅公司的股價將獲得接近 50% 的收益。我們擁有 12 艘現代化的紐卡斯爾型散裝貨船，採用雙燃料 LNG，其排放等級在所有大型散裝幹船船中位列前 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 27 個月派發股息。

In Q4 2025, this amounted to $0.30. Most of our fleet is fixed out on long-term index-linked contracts with conversion options, and the all-in cash break-even equivalent to the Baltic Capesize Index is about $17,400 per day. i.e., every time you see the Baltic Capesize Index above $17,400 per day, Himalaya Shipping will make money.

2025年第四季度，這一數字為0.30美元。我們的船隊大部分都簽訂了與指數掛鉤的長期固定合同，並附帶轉換選擇權。波羅的海好望角型散裝貨船指數對應的現金損益平衡點約為每天17,400美元。也就是說，每當波羅的海好望角型散裝貨船指數高於每天17,400美元時，喜馬拉雅航運公司就能獲利。

Now, let's have a look at the market. We have had the best start to the Capesize and Newcastlemax market this year since 2010. Much of this can be credited to large iron ore export volumes from Brazil due to a warmer and less rainy January than history dictates. In addition, we have avoided large typhoons in Australia, which we experienced around this time in 2025, which has provided a steady supply of iron ore so far in 2026.

現在，讓我們來看看市場狀況。今年海岬型和紐卡斯爾型散裝貨船市場迎來了自 2010 年以來最好的開局。這很大程度上要歸功於巴西鐵礦石出口量龐大，因為今年一月的氣溫比歷史平均更高，降雨量也更少。此外，我們避開了澳洲在 2025 年同期遭遇的大型颱風，這使得 2026 年至今鐵礦石供應穩定。

Although we are pleased to see the short-term spikes, we also believe that the structural change in the Capesize and Newcastlemax trades can drive this market higher, which will be discussed in the following slides. Ton-mile in Q4 for Capesize increased 9% year-over-year thanks to a 21% increase in bauxite from Guinea and a 12% increase from the iron ore trades. Year-over-year iron ore exports from Brazil and Australia was up 18% and 9% respectively in Q4, and bauxite from Guinea again surpassed expectations with a 30% year-over-year increase.

儘管我們很高興看到短期內的飆升，但我們也相信，海岬型和紐卡斯爾型散裝貨船貿易的結構性變化可以推動市場走高，這將在接下來的幻燈片中進行討論。第四季好望角型散裝貨船噸海裡年增 9%，這主要得益於幾內亞鋁土礦運輸量成長 21% 以及鐵礦石貿易量成長 12%。第四季度，巴西和澳洲的鐵礦石出口量分別年增 18% 和 9%，幾內亞的鋁土礦出口量再次超出預期，較去年同期成長 30%。

As discussed in the previous slide, we saw the global iron ore exports set a new standard in 2025, especially with a strong Q4 from Brazil, which again emphasized the Chinese hunger for high-grade iron ore. The highest-grade iron ore comes from Brazil and Guinea, which explains the increase in ton miles. As a result, the Chinese imported iron ore inventories increased throughout 2025, but we keenly observed from the bottom right graph that even though the inventories are up, this correlates well with the increased Chinese consumption over the last few years.

正如上一張投影片中所討論的，我們看到全球鐵礦石出口在 2025 年創下了新紀錄，尤其是巴西在第四季度表現強勁，這再次凸顯了中國對高品位鐵礦石的渴望。最高品位的鐵礦石產自巴西和幾內亞，這解釋了噸英里數的增加。因此，2025 年中國進口鐵礦石庫存持續增加，但我們從右下角的圖表中敏銳地觀察到，儘管庫存增加，但這與過去幾年中國消費量的增加密切相關。

As we have discussed in previous reports, the domestic Chinese Fe content is reported to be around 20%, but the imported volumes from Brazil and Guinea contain Fe content in the mid- to high 60s. This has led to a slowdown in domestic Chinese production, and high-grade iron ore from overseas still remains preferable and profitable.

正如我們在先前的報告中所討論的，據報道，中國國內鐵含量約為 20%，但從巴西和幾內亞進口的鐵含量在 60% 到 70% 之間。這導致中國國內鐵礦石產量放緩，而來自海外的高品位鐵礦石仍然是更受歡迎且有利可圖的選擇。

The Simandou mine is now up and running, and the first iron ore volumes from this mine commenced in November 2025. Over a 24-month ramp-up phase, the mine is targeting 120 million tons of high-grade iron ore per annum to the market. With the additional Vale 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. As you can see from the right graph, comparing these volumes to the low order book, the supply story strengthens further.

西芒杜礦場現已投產，該礦的第一批鐵礦石於 2025 年 11 月開始生產。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。隨著淡水河谷新增產能到 2026 年，我們預計大西洋高品位鐵礦石總產量將達到 1.7 億噸，其中大部分將出口到中國。從右圖可以看出，將這些交易量與較低的訂單量進行比較，供應情況進一步增強。

We have discussed the bauxite trade extensively in several quarterly presentations, and for good reason. After a record bauxite output from Guinea in 2025, new export records have been registered so far in 2026, which you can see from the left graph.

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，這是有充分理由的。繼幾內亞在 2025 年創下鋁土礦產量紀錄之後，2026 年至今又創下了新的出口紀錄，正如您從左圖中看到的那樣。

In conjunction with the increasing volumes departing the country, you can also see the bauxite is taking over more and more share from the other commodities and is now responsible for 16% of the total cargo transported on capes and Newcastlemaxes. This plays directly into the structural ton-mile story that we see unfolding at the moment.

隨著出境貨物數量的增加，鋁土礦也從其他商品中奪取了越來越多的份額，現在占到海角型和紐卡斯爾型貨輪運輸貨物總量的 16%。這與我們正在看到的以噸英里為單位的結構性故事直接相關。

We have seen from other segments that order books can increase quickly. However, in Capesize and Newcastlemax, this has been a slow-moving operation. We are at a 25-year record low, standing at 12% of the total existing Capesize fleet. Active shipyards are down 60% from the peak of 2008, making it challenging to build any fleet capacity that could distort the favorable supply dynamics over the next few years.

我們從其他領域已經看到，訂單量可能會迅速增加。然而，在海岬型和紐卡斯爾型散裝貨船上，這項作業進展緩慢。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 12%。活躍造船廠數量比 2008 年的峰值下降了 60%，這使得在未來幾年內建造任何可能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 Capesize order book to fleet ratio is by far the most favorable. In addition to the low order book, the current Capesize and Newcastlemax fleet is aging fast. Around 50% of the total fleet was built between 2009 and 2015, and close to 30% of the fleet will be over 20 years of age in 2030.

與其他航運板塊相比，從右圖可以看出，好望角型船舶訂單量與船隊規模之比是迄今為止最有利的。除了訂單量低之外，目前的海岬型和紐卡斯爾型船隊也正在迅速老化。約 50% 的船隊是在 2009 年至 2015 年間建造的，到 2030 年，近 30% 的船隊將超過 20 年船齡。

As it looks now, we have clear visibility of supply for the next three to four years, making it difficult to add any meaningful large dry bulk capacity in time to deal with a rapidly aging fleet. We continue to see a significant increase in dry docks due to mandatory special survey required on merchant vessels every five years. Vessels delivered in 2011 account for 12% of the total Capesize fleet and will need to undergo their 15-year special survey in 2026.

從目前的情況來看，未來三到四年的供應情況已經非常明朗，因此很難及時增加任何有意義的大型乾散貨運力來應對船隊快速老化的問題。由於商船每五年必須進行強制性特殊檢驗，我們看到乾船塢數量持續大幅增加。2011 年交付的船舶佔海岬型船隊總數的 12%，需要在 2026 年進行 15 年一次的特別檢驗。

Additionally, there will be 5- and 10-year special surveys, meaning around 28% of the total Capesize and Newcastlemax fleet will be competing for dry dock space this year. We estimate a total of 1.4% additional off-hire on the total fleet due to dry docks alone in 2026, not factoring in potential congestion and waiting time.

此外，還將進行 5 年和 10 年的特別檢驗，這意味著今年大約有 28% 的海岬型和紐卡斯爾型船隊將爭奪乾船塢空間。我們估計，僅因乾船塢維修，到 2026 年，整個船隊的停租率就會增加 1.4%，這還不包括潛在的擁塞和等待時間。

Thank you, and I will now pass the word back to the operator and we 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 Instructions) [Ivan Kolskov], [Clarkson Securities].

（操作說明）[Ivan Kolskov]，[Clarkson Securities]。

Thank you. So I have a few questions on the commercial side as it comes to your time charter agreements. So you mentioned before that it's easier to get high premiums when rates are soft. And I can see in your presentation that your average premium has gone down from 42% to 41%. So could you talk about the pricing power you're seeing for upcoming renewals and for 2027? What do you think the average premium will be for your whole fleet?

謝謝。關於你們的定期租船協議，我有一些商業上的問題。所以你之前提到過，利率低的時候比較容易獲得高額保費。從您的簡報中我可以看到，您的平均保費已從 42% 下降到 41%。那麼，您能否談談您對即將到來的續約以及 2027 年的定價權的看法？您認為您整個車隊的平均保費是多少？

Yeah, thank you for the question, and you are absolutely right. Historically, in the Capesize market, when you see markets down in around $10,000 range, it's much more convenient for us to get a big premium from our charterers simply because it's easier for them to navigate the volatile FFA markets. So when the market is low, our premiums are higher. When we then sit and renegotiate new agreements in a $30,000, $40,000 market, that means that the charterers are not able to pay the exact same premium, but with a small discount.

是的，謝謝你的提問，你說得完全正確。從歷史上看，在好望角型帆船市場，當市場價格跌至 10,000 美元左右時，我們更容易從租船人那裡獲得高額溢價，因為這樣他們更容易應對波動劇烈的 FFA 市場。所以當市場低迷時，我們的保費就會更高。當我們坐下來在 3 萬到 4 萬美元的市場中重新談判新的協議時，這意味著租船人無法支付完全相同的保費，只能獲得少量折扣。

We're not talking dramatic reductions, but obviously, if we could extend the entire fleet between the contracts in a very low market, we would definitely prefer to do so. We're trying now to time the vessels we have in high markets. We try to renew them in a shorter duration period of time so that we're able to see if we can beat the premium further down the line.

我們說的不是大幅削減，但顯然，如果在市場行情低迷的情況下，我們能夠延長整個船隊的合約期限，我們肯定會更願意這樣做。我們現在正努力將我們的船隻安排在市場行情好的時期。我們盡量縮短續保期限，以便觀察能否在未來獲得更低的保費。

Got it. As it comes to the actual index, will it stick to the old one or will you transfer to the new Capesize benchmark?

知道了。至於實際的指數，會繼續沿用舊的指數，還是會轉而採用新的好望角型船舶基準指數？

For now, we're sticking to the old one as the FFAs are currently traded on that as well, and all our vessels are linked to the old index. So for now, it's business as usual. But obviously, this will be a dynamic change over time as it will become more and more common to link it all with the new indexes. But the premiums will then be a simple mathematical formula which we will adhere to achieve about the same upside in the end.

目前，我們仍然堅持使用舊指數，因為 FFA 目前也是在該指數上交易的，而且我們所有的船舶都與舊指數掛鉤。所以目前一切照常。但顯然，隨著時間的推移，這種情況會不斷變化，因為將所有這些都與新指數聯繫起來會變得越來越普遍。但屆時保費將採用簡單的數學公式，我們將遵循該公式，最終實現大致相同的收益。

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

好的，謝謝。我的內容就這些了。

Thank you.

謝謝。

Thank you, Ivan. As a reminder, if you wish to ask a question, please press a five-star on your telephone keypad. We'll have a brief pause while questions are being registered. As we have no one line up for questions, I will hand it back to the speakers for any closing remarks.

謝謝你，伊凡。再次提醒，如果您有任何問題，請在電話鍵盤上按五星鍵。我們將稍作停頓，以便記錄問題。由於沒有專門的提問環節，我將把發言權交還給各位發言人，讓他們作總結發言。

Thank you very much for taking the time to listen to us today, and hopefully, we'll hear you hear more from us in the next quarter. Thank you so much.

非常感謝您今天抽出時間聆聽我們的發言，希望下個季度還能聽到我們更多的消息。太感謝了。

Thank you.

謝謝。