Himalaya Shipping Ltd (HSHP) 2026 Q1 法說會逐字稿

Welcome to Himalaya Shipping Q1 2026 financial results presentation. Today's call is being recorded. (Operator Instructions)

歡迎參加喜馬拉雅航運（Himalaya Shipping）2026年第一季財務業績簡報。今天的電話會議將被錄音。（接線員指示）

I will now turn the call over to CEO, Lars-Christian Svensen. Please begin.

我現在把電話交給執行長 Lars-Christian Svensen。請開始。

Thank you, operator. Welcome to the Q1 2026 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，接線員。歡迎參加喜馬拉雅航運2026年第一季電話法說會。我是 Lars-Christian Svensen，今天與我一同出席的是我們的財務長 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. I will now continue with the highlights of the quarter.

在開始簡報之前，我想提醒各位，我們將討論一些前瞻性事項。這些假設反映公司目前對未來事件的看法，並可能受到風險與不確定性影響。實際結果可能與預期有重大差異。接下來我將繼續說明本季重點。

We reported a net profit of $5 million and an EBITDA of $24.5 million. The time charter equivalent earnings for the quarter was approximately $32,300 per day. We entered into new index time charter agreements for both the Mount Ita and the Mount Matterhorn for a period of 11 to 14 and 12 to 14 months, respectively, at significant premiums to the prevailing indices. Cash distributions for the quarter totaled $0.18.

我們公布淨利為500萬美元，EBITDA為2,450萬美元。本季期租等效（TCE）收益約為每日32,300美元。我們為 Mount Ita 與 Mount Matterhorn 分別簽訂新的指數連結期租合約，租期分別為11至14個月及12至14個月，且相較於當前指數水準有顯著溢價。本季現金分配合計為0.18美元。

The company also entered into a contract to acquire an additional 4,200 shares in 2020 Bulkers Management AS from 2020 Bulkers Limited for NOK1.1 million, which will be effective on April 1, 2026, increasing our total ownership from 40% to 54%. In subsequent events, we achieved time charter equivalent earnings for April 2026 of about $41,600 per day, and we declared a cash distribution of $0.15 for the same month. We also entered into a new time charter agreement for the Mount Emai for a period of 12 to 14 months at an index-linked rate, also at a significant premium to the Baltic Capesize Index.

公司亦與2020 Bulkers Limited簽訂合約，將以110萬挪威克朗向其收購2020 Bulkers Management AS額外4,200股股份，並於2026年4月1日生效，使我們的總持股比例由40%提高至54%。在後續事項方面，我們於2026年4月達成的期租等效（TCE）收益約為每日41,600美元，並就同月宣告現金分配0.15美元。我們也為 Mount Emai 簽訂新的期租合約，租期為12至14個月，採指數連結費率，且同樣相較於波羅的海海岬型指數（Baltic Capesize Index）有顯著溢價。

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

接下來我把時間交給 Vidar。

Thank you, Lars-Christian. Himalaya Shipping reports a net profit of $5 million and earnings per share of $0.11 for Q1 2026 compared to a net loss of $6.4 million and loss per share of $0.14 for Q1 2025. Operating profit was $17.2 million, and EBITDA was $24.5 million for the quarter compared to operating profit of $6.5 million and EBITDA of $13.8 million for the same period last year. Operating revenues were $33.6 million for Q1 2026 compared to $22 million for the same quarter in 2025. The increase in revenues is due to higher time charter equivalent earnings achieved, which is up from $21,100 in Q1 2025 to $32,300 in Q1 2026.

謝謝你，Lars-Christian。喜馬拉雅航運2026年第一季淨利為500萬美元、每股盈餘為0.11美元；相較之下，2025年第一季為淨損640萬美元、每股虧損0.14美元。本季營業利益為1,720萬美元、EBITDA為2,450萬美元；去年同期營業利益為650萬美元、EBITDA為1,380萬美元。2026年第一季營業收入為3,360萬美元，較2025年同季的2,200萬美元增加。收入增加主要來自期租等效（TCE）收益提高，從2025年第一季的每日21,100美元上升至2026年第一季的每日32,300美元。

Vessel operating expenses were $7.4 million in Q1 2026 compared to $6.9 million in Q1 2025. The increase is primarily due to higher costs for crew spares, service fees, and insurance costs. The average OpEx per day was $6,800 compared to $6,400 per day during Q1 2025. G&A for the fourth quarter was $1.2 million compared to $1.1 million in Q1 2025. Interest expense were $12.4 million in Q1 2026, which is a $0.7 million decrease compared to the same period in 2025 due to a lower average loan principal outstanding in Q1 2026 as a result of loan repayments.

2026年第一季船舶營運費用為740萬美元，較2025年第一季的690萬美元增加。增加主要來自船員備品、服務費用與保險成本上升。平均每日營運費用（OpEx）為6,800美元，去年第一季為每日6,400美元。第四季的管理費用（G&A）為120萬美元，較2025年第一季的110萬美元增加。2026年第一季利息費用為1,240萬美元，較2025年同期減少70萬美元，原因是2026年第一季因償還貸款使平均未償貸款本金較低。

Cash and cash equivalents were $24.5 million at the end of the quarter. Our minimum cash requirement under our sale leaseback financing is $12.3 million. Outstanding balance on the sale leaseback financing was approximately $694 million at the end of the first quarter, down from approximately $701 million at the end of 2025, reflecting scheduled repayments. Cash flow from operations was $9.8 million for the first quarter compared to $0.3 million for the same period in 2025. Himalaya Shipping has declared total cash distributions to shareholders of $0.18 per share for the months of January, February, and March 2026.

本季末現金及約當現金為2,450萬美元。在售後回租融資架構下，我們的最低現金要求為1,230萬美元。第一季末售後回租融資未償餘額約為6.94億美元，較2025年年底約7.01億美元下降，反映既定的分期償還。第一季營運活動現金流為980萬美元，去年同期為30萬美元。喜馬拉雅航運已就2026年1月、2月與3月宣告對股東的現金分配合計每股0.18美元。

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

以上為財務部分。接下來交還給你，Lars-Christian。

Thank you, Vidar. Before I guide you through our market section, here are some company updates. Our fleet of 12 modern Newcastlemaxes with dual fuel LNG is in the top 1% emission rating for large bulk carriers. The attractive financing, combined with a very clear capital allocation structure, has led to 28 monthly consecutive dividends. In Q1 2026, this amounted to $0.18.

謝謝你，Vidar。在我帶各位進入市場部分之前，先更新幾項公司近況。我們由12艘現代化、可使用LNG雙燃料的Newcastlemax船隊，在大型散裝船的排放評級中名列前1%。具吸引力的融資條件，加上非常清晰的資本配置架構，帶來連續28個月的月度股利。在2026年第一季，這相當於0.18美元。

Most of our fleet is fixed out on long-term index-linked contracts with conversion options. And the all-in cash breakeven equivalent to the Baltic Capesize Index is about $17,300 per day, i.e., every time you see the Baltic Capesize Index above $17,300, Himalaya Shipping is turning a profit.

我們的船隊多數以附帶轉換選項的長期指數連結合約鎖定。而以波羅的海海岬型指數（Baltic Capesize Index）衡量的全現金損益兩平點約為每日17,300美元；也就是說，每當你看到波羅的海海岬型指數高於17,300美元時，喜馬拉雅航運就處於獲利狀態。

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 of each given market rise and also gives us good flexibility to convert fixed rates with solid counterparts when we see value on the forward FFA curve. Currently, 11 out of our 12 ships are exposed to the spot market to capture what we believe will be a continued strong year ahead. To illustrate our fleet and commercial performance, you can see on this slide that since inception, the Himalaya vessels are traded to an average 48% premium to the Baltic Capesize Index and a 25% premium to peers. This is achieved by the extra cargo intake on our vessels and top-tier speed and consumption design on our fleet.

我們偏好的商業策略仍是將大多數船舶以指數連結期租方式出租。這讓我們能在市場上行時掌握上漲空間，也在我們於遠期FFA曲線看到價值時，能以具實力的交易對手將固定費率進行轉換，並保有良好彈性。目前，我們12艘船中有11艘曝險於現貨市場，以掌握我們認為未來一年將持續強勁的行情。為了說明我們的船隊與商業表現，從成立至今，投影片顯示喜馬拉雅船舶的平均成交水準較波羅的海海岬型指數溢價48%，較同業溢價25%。這得益於我們船舶額外的載貨量，以及船隊在航速與油耗設計上的頂尖表現。

We always strive to have as many tools as possible to navigate this volatile market so that we can turn our position quickly from long to short or vice versa should we see a clear trend. Here, you can see our dividend capacity based on various rate scenarios for a standard Capesize vessel. When the Baltic Capesize Index trades around today's levels of $40,000 a day, the company will yield about 18%. When we see moves to around the $50,000 per day range, we will produce a yield of around 28%. And when we see $60,000 per day on the Baltic Capesize Index, Himalaya will yield close to 35% on the current share price.

我們一向致力於擁有盡可能多的工具來應對這個波動的市場，以便在看到明確趨勢時，能迅速將部位由偏多轉為偏空，或反之亦然。在此你可以看到，基於標準海岬型船舶在不同運價情境下的股利發放能力。當波羅的海海岬型指數在今日約每日40,000美元的水準交易時，公司殖利率約為18%。當運價上升至約每日50,000美元區間時，我們將產生約28%的殖利率。而當波羅的海海岬型指數達到每日60,000美元時，以目前股價計算，喜馬拉雅的殖利率將接近35%。

Now let's have a look at the market. We had the best start to the Capesize and Newcastlemax market this year since 2010. Much of this can be credited to the large bauxite volumes exported from Guinea, slowdown in speed on the overall fleet, and global port waiting time has also increased. We believe that the structural ton-mile change in the Capesize Newcastlemax trades can drive this market further as we will be discussing in the following slides.

現在我們來看看市場。今年海岬型與Newcastlemax市場創下自2010年以來最佳開局。這在很大程度上可歸因於幾內亞出口的大量鋁土礦、整體船隊航速放緩，以及全球港口等待時間也有所增加。我們相信，海岬型/Newcastlemax航線交易中的結構性噸海里變化，能進一步推動市場走強，我們將在接下來的投影片中討論。

Tonne-mile in Q1 for Capesize increased 4.3% year-over-year. We can yet again thank the increased bauxite volumes from Guinea, which contributed a 23% increase year-over-year and a 4.8% increase from global iron ore trades. Year-over-year iron ore export from Brazil was down 1%, and Australian iron ore volumes were up 4% in Q1. As discussed in the previous slide, we saw the global iron ore exports are continuing to increase, albeit a flat quarter compared to last year from Brazil, the Chinese seaborne iron ore imports are up, which again emphasizes the Chinese hunger for high-grade iron ore, which can be found outside the country's borders. The Chinese imported iron ore inventories are down from the peak, and we keenly observed from the bottom right graph that inventories correlate well with the increased Chinese iron ore consumption over the last few years.

第一季海岬型船（Capesize）的噸海里（tonne-mile）年增4.3%。我們再次要感謝幾內亞鋁土礦運量增加，年增23%，以及全球鐵礦石貿易量年增4.8%的貢獻。巴西鐵礦石出口年減1%，而澳洲第一季鐵礦石運量年增4%。如前一頁所述，我們看到全球鐵礦石出口持續增加；儘管巴西相較去年同季大致持平，但中國海運鐵礦石進口上升，這再次凸顯中國對高品位鐵礦石的需求，而這些資源可在國境之外取得。中國進口鐵礦石庫存已自高點回落；我們也從右下圖清楚觀察到，庫存與過去幾年中國鐵礦石消費增加之間具有良好的相關性。

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 contains an Fe content of mid- to high 60s. This has led to a slowdown in domestic Chinese production and high-grade iron ore from overseas still remains a preference.

如我們在先前報告中所討論，中國國內鐵（Fe）品位據報約為20%，但自巴西與幾內亞進口的貨量，其鐵（Fe）品位約在60%中段至高60%區間。這導致中國國內產量放緩，而海外高品位鐵礦石仍然更受青睞。

We have discussed the bauxite trade extensively in several quarterly presentations and for good reason. After 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. In conjunction with the increasing volumes departing the country, you can also see that the bauxite is taking over more market share from the other commodities and is now responsible for 20% 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.

我們在多場季度簡報中已深入討論鋁土礦貿易，而且理由充分。在幾內亞於2025年創下鋁土礦產量紀錄之後，2026年至今又再度刷新出口紀錄，左圖可見一斑。隨著離境貨量增加，你也可以看到鋁土礦正從其他商品手中取得更多市占，現已占海岬型與Newcastlemax運輸總貨量的20%。這正好直接呼應我們目前所看到正在發展的結構性噸海里（ton-mile）故事。

The Simandou mine is now up and running and the first iron ore volumes from this mine commenced in November 2025. Target remains at 120 million tonnes of exported high-grade iron ore per annum to the market. As you can observe from the right graph, export volumes have caught momentum over the last few weeks, which indicates that the mine to vessel logistics are improving and further growth can be expected. We're also monitoring closely the capacity increase from Vale, which can add further strength to an already export-focused Atlantic Basin to boost ton-mile further.

西芒杜（Simandou）礦山現已投產，該礦的首批鐵礦石貨量於2025年11月開始出貨。目標仍為每年向市場出口1.2億噸高品位鐵礦石。如右圖所示，近幾週出口量已加速上升，顯示礦山到船舶的物流正在改善，預期仍有進一步成長空間。我們也密切關注淡水河谷（Vale）的產能提升，這可能為本已以出口為導向的大西洋盆地再添動能，進一步推升噸海里（ton-mile）。

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 keenly observe a 14% order book 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. As a comparison to other shipping segments, you can see from the right graph that the Capesize order book to fleet ratio is still the most compelling in the large shipping space.

我們從其他航運區隔看到，訂單簿可能快速增加。然而在海岬型與Newcastlemax方面，這一直是較為緩慢的進程。我們觀察到訂單簿約占現有海岬型船隊總量的14%。活躍船廠數量較2008年高峰下降60%，使得要建造足以扭轉未來幾年有利供給動態的船隊產能變得具挑戰性。與其他航運區隔相比，從右圖可見，海岬型的訂單簿對船隊比率在大型航運領域仍是最具吸引力的。

In addition to the low order book, the current Capesize and Newcastlemax fleet is aging fast. Around 46% of the total fleet was built between 2009 and 2015. That means that close to 30% of the fleet will be over 20 years of age in 2030. As it looks now, we have visibility on the supply for the next two years, making it difficult to add any meaningful large dry bulk capacity in time to deal with the rapidly aging fleet.

除了訂單簿偏低之外，目前海岬型與Newcastlemax船隊也正快速老化。約46%的船隊建於2009年至2015年間。這意味著到2030年，接近30%的船隊船齡將超過20年。以目前情況來看，我們對未來兩年的供給有一定能見度，使得要及時新增任何具規模的大型乾散貨運力，以因應快速老化的船隊，變得相當困難。

We continue to see a significant increase in dry docks due to mandatory special surveys required on merchant vessels every five years. 12% of the entire Capesize fleet was delivered in 2011 and will have to undergo 15-year special surveys in 2026. There will be 5- and 10-year special surveys as well, meaning around 24% of the total Capesize and Newcastlemax fleet will be completing for dry dock space this year. We estimate a total of 1.7% additional off-hire total fleet due to dry docks alone in 2026, not factoring in potential congestion and waiting time. Thank you.

由於商船每五年必須進行一次強制特檢（special survey），我們持續看到進塢（dry dock）需求顯著增加。整體海岬型船隊中有12%於2011年交付，並將在2026年進行15年期特檢。此外也會有5年與10年期特檢，意味著今年約有海岬型與Newcastlemax船隊總量的24%將競爭進塢資源。我們估計僅因進塢因素，2026年全船隊將額外增加約1.7%的停租（off-hire）比例，尚未納入可能的壅塞與等待時間。謝謝。

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

接下來我把時間交還給主持人，也歡迎各位提出任何問題。

(Operator Instructions) Even Kolsgaard, Clarksons Securities.

（主持人指示）Even Kolsgaard，Clarksons Securities。

So my first question is towards the market outlook. You do sound more optimistic than the broader market. And earlier today, you reported calling this the start of a super cycle. So looking at the FFA curve and consensus, they are assuming lower rates than your view implies. So where do you think the market is getting it wrong?

我第一個問題是關於市場展望。你的語氣聽起來比整體市場更為樂觀。而且你今天稍早也提到，這是超級循環（super cycle）的開始。但從FFA遠期曲線與市場共識來看，他們假設的運價低於你所暗示的看法。那你認為市場錯在哪裡？

And what do you see as the main drivers that take rates higher from where it is today?

另外，你認為推動運價從目前水準走高的主要驅動因素是什麼？

Well, if you look at the current FFA curve, then specifically Q3 and Q4, that has remained fairly stable over the last few months. But at the same time, we've seen the tightness in Atlantic, which has also been a big contributor to the current high levels that we have. And I don't think we've seen that fully priced yet in the forward curve.

如果你看目前的FFA遠期曲線，特別是第三季與第四季，過去幾個月其實相當穩定。但同時，我們也看到大西洋市場的緊俏，這也是推升目前高水準的一大因素。而我認為遠期曲線尚未完全反映這一點。

So based on the volumes that we see, especially encouraging to see that the Simandou volumes are coming on stream and the very strong bauxite volumes we've seen in Q1, but also the structurally short Atlantic that we have now compared to three, four years ago, but we have more backhaul business from the Pacific into the Atlantic, which we don't really see much of anymore. So this structurally short Atlantic with more volumes coming on from Atlantic and out to Pacific, we think that, that will have a positive effect on the future market as well, which is naturally reflected in the fact that we have 11 out of our 12 ships in the spot market.

就我們看到的貨量而言，尤其令人鼓舞的是西芒杜（Simandou）貨量開始上線，以及第一季非常強勁的鋁土礦貨量；再加上相較三、四年前，如今大西洋市場在結構上更為偏緊，但我們從太平洋回程到大西洋的回程貨（backhaul）業務增加，而這類業務我們現在其實已不太常見。因此，在這個結構性偏緊的大西洋市場中，隨著更多貨量自大西洋出發前往太平洋，我們認為這也會對未來市場帶來正面影響；這也自然反映在我們12艘船中有11艘配置在現貨市場（spot market）。

And given that market outlook, you also have a share now that is trading well above the NAV today based on current book values, which also gives a currency for potential acquisitions. So given your outlook and your stock as a potential currency, is fleet expansion something that you are considering?

在這樣的市場展望下，你們的股價目前也明顯高於以現行帳面價值計算的NAV，這也提供了作為潛在併購的「貨幣」。因此，考量你們的展望以及股票作為潛在交易對價，擴張船隊是否是你們正在考慮的方向？

We are always trying to make accretive business for the shareholders and also to try and grow the company. But one of the reasons why we trade above our NAV, we have a very simple and transparent model. The investors know what they're buying. We have solid counterparts. And also we have a low G&A.

我們一向致力於為股東創造增值（accretive）的交易，也希望推動公司成長。但我們之所以能交易在NAV之上，其中一個原因是我們的模式非常簡單且透明。投資人知道自己買的是什麼。我們有穩健的交易對手。而且我們的管理與一般費用（G&A）也偏低。

So I think it's a combination of many things, but we're always going to be on the lookout to make the company more interesting for our shareholders.

所以我認為這是多項因素的綜合，但我們也會持續留意，讓公司對股東而言更具吸引力。

(Operator Instructions) It appears that we do not have any further questions at this time. So I'll hand it back to the speakers. Please go ahead.

（主持人指示）看起來目前沒有其他問題。那我把時間交還給講者。請繼續。

Thank you very much for listening in, and we look forward to speaking to you again the next quarter. Thank you very much.

非常感謝各位收聽，我們期待在下個季度再次與各位交流。非常謝謝。

Thank you.

謝謝。