Himalaya Shipping Ltd (HSHP) 2026 Q2 法說會逐字稿

Welcome to Himalaya Shipping Q2 2026 conference call.

歡迎參加喜馬拉雅航運（Himalaya Shipping）2026 年第二季電話法說會。

(Operator Instructions)

（接線員指示）

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

本次電話會議的第一部分，所有與會者將以僅聆聽模式參與。

Afterwards, there will be a question-and-answer session. To ask a question during the Q&A, please press 5* on your telephone keypad. To withdraw your question, you may do so by pressing 5* again. This call is being recorded. I'll now hand it over to CEO, Lars-Christian Svensen. Please begin.

之後將進行問答環節。在問答期間如欲提問，請在電話鍵盤上按 5*。如欲撤回提問，請再次按 5*。本次通話將被錄音。現在我將把會議交給執行長 Lars-Christian Svensen。請開始。

Thank you, operator. Welcome to the Q2 2026 conference call for Himalaya Shipping.

謝謝，接線員。歡迎參加喜馬拉雅航運 2026 年第二季電話法說會。

My name is Lars Christian Swensen, and I will be joined here today by our CFO, Wider Hausen.

我是 Lars Christian Swensen，今天與我一同出席的還有我們的財務長 Wider Hausen。

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.

在開始簡報之前，我想提醒各位，我們將討論前瞻性事項。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。

I will now continue with the highlights of the quarter. We reported a net profit of $24.6 million and an EBITDA of $44 million. The time chart for equivalent earnings for the quarter was approximately $50,600 per day.

接下來我將說明本季重點。我們公布淨利為 2,460 萬美元，EBITDA 為 4,400 萬美元。本季的期租等效（TCE）收益約為每日 50,600 美元。

We entered into a new index time charter agreement for the Mount Emai for a period of 12 to 14 months at a significant premium to the prevailing index. We also converted four of our vessels from index to fixed-rate contracts for the month of June at an average of $56,500 per day.

我們為 Mount Emai 簽訂新的指數型期租合約，租期 12 至 14 個月，租金較當前指數水準有顯著溢價。我們也在 6 月將四艘船舶由指數合約轉為固定費率合約，平均費率為每日 56,500 美元。

Cash distributions for the quarter totaled $0.59. In subsequent events, we achieved time charter equivalent earnings for July 2026 of about $51,200 per day and we declared a cash distribution of $0.22 for the month.

本季現金分配合計為 0.59 美元。後續事項方面，我們在 2026 年 7 月達成的期租等效收益約為每日 51,200 美元，並宣布當月現金分配為 0.22 美元。

We also entered into a new time charter agreement for the Mount Aconcagua for a period of 16 to 18 months at an index-linked rate, also at a significant premium to the Baltic Cape Size Index.

我們也為 Mount Aconcagua 簽訂新的期租合約，租期 16 至 18 個月，採指數連動費率，且同樣較波羅的海海岬型指數（Baltic Cape Size Index）有顯著溢價。

Lastly, we converted two of our vessels from index links to fixed rates from 1st of August until 31st of December at an average rate of $51,200 per day.

最後，我們將兩艘船舶由指數連動轉為固定費率，自 8 月 1 日至 12 月 31 日，平均費率為每日 51,200 美元。

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

接下來我把時間交給 Vidar。

Thank you, Lars Kristian. Himalaya Shipping reports a net profit of $24.6 million and earnings per share of $0.52 for Q2 2026. Compared to a net profit of $1.1 million and earnings per share of $0.02 for Q2 2025.

謝謝你，Lars Kristian。喜馬拉雅航運 2026 年第二季淨利為 2,460 萬美元，每股盈餘為 0.52 美元。相較之下，2025 年第二季淨利為 110 萬美元，每股盈餘為 0.02 美元。

Operating profit was $36.7 million and EBITDA was $44 million for the quarter, compared to operating profit of $13.6 million and EBITDA of $20.9 million for the same period last year.

本季營業利益為 3,670 萬美元，EBITDA 為 4,400 萬美元；相較去年同期營業利益 1,360 萬美元、EBITDA 2,090 萬美元。

Operating revenues were $53.7 million for Q2 2026, compared to $29.9 million for the same quarter in 2025.

2026 年第二季營業收入為 5,370 萬美元，相較 2025 年同季為 2,990 萬美元。

The increase in revenues is due to higher time chart equivalent earnings achieved, which is up from $28,400 in Q2 2025 to $50,600 in Q2 2026.

收入增加主要來自期租等效（TCE）收益提升，從 2025 年第二季的 28,400 美元提高至 2026 年第二季的 50,600 美元。

Vessel operating expenses were $7.1 million in Q2 2026 and unchanged from the same period last year.

2026 年第二季船舶營運費用為 710 萬美元，與去年同期持平。

The average OpEx per day per vessel was $6,500. G&A for the fourth quarter was $1.9 million compared to $1.5 million in Q2 2025. The increase is due to consolidation of peak maritime management AS, which was previously named 2020 bulkous management AS.

每艘船每日平均營運費用（OpEx）為 6,500 美元。第四季的管理費用（G&A）為 190 萬美元，相較 2025 年第二季為 150 萬美元。增加原因為合併 Peak Maritime Management AS（先前名為 2020 Bulkous Management AS）。

Interest expense were $12.4 million in Q2 2026, which is a $0.4 million decrease compared to the same period in 2025 due to a lower average loan principal outstanding in Q2 2026 as a result of loan repayments.

2026 年第二季利息費用為 1,240 萬美元，較 2025 年同期減少 40 萬美元，原因是因償還貸款使 2026 年第二季平均未償貸款本金較低。

Cash and cash equivalents were $34.8 million at the end of the quarter. Minimum cash requirement under our sale Leaseback financing is $12.3 million.

本季末現金及約當現金為 3,480 萬美元。依我們的售後回租融資安排，最低現金要求為 1,230 萬美元。

Outstanding balance on the sale Leaseback financing was approximately $688 million at the end of the second quarter, down from approximately $694 million at the end of the first quarter, reflecting scheduled repayments.

第二季末售後回租融資未償餘額約為 6.88 億美元，較第一季末約 6.94 億美元下降，反映既定的分期償還。

Cash flow from operations was $34.2 million for the second quarter, compared to $8.3 million for the same period in 2025.

第二季營運活動現金流為 3,420 萬美元，相較 2025 年同期為 830 萬美元。

Himalaya Shipping have declared total cash distributions to shareholders of $0.59 per share for the months of April, May and June 2026.

喜馬拉雅航運已宣布就 2026 年 4 月、5 月與 6 月合計向股東配發每股 0.59 美元的現金分配。

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

謝謝你，Wilard。在我帶各位進入市場部分之前，先提供一些公司最新進展。

Our fleet to 12 modern Newcastle Maxis with dual-fuel LNG is at the TOP1% emission rating for large bulk carriers. The attractive financing, combined with a very clear capital allocation structure, has led to 31 monthly consecutive dividends.

我們的船隊由 12 艘配備 LNG 雙燃料的現代化 Newcastlemax 組成，在大型散裝船的排放評級中位居前 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 31 個月的月度股利。

In Q2 2026, this amounts to $0.59. 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 cape size index is about $17,500 per day.

在 2026 年第二季，這相當於 0.59 美元。我們大部分船隊以長期指數連動合約固定出租，並附帶轉換選項；以波羅的海海岬型指數計算的全包現金損益兩平點約為每日 17,500 美元。

I.e. Every time you see the Baltic Cave Size Index above $17,500, Himalaya Shipping is making money.

也就是說，每當你看到波羅的海海岬型指數高於 17,500 美元時，喜馬拉雅航運就在賺錢。

Our preferred commercial strategy is still to charter the majority of our vessels out 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.

我們偏好的商業策略仍是將我們大多數船舶以與指數連動的租約出租。這使我們能在每一次市場上行時掌握上行空間，同時也讓我們在看到遠期 FFA 曲線出現價值時，能與我們穩健的交易對手靈活地轉換為固定費率。

Currently, 10 out of our 12 ships are exposed to the spot market to capture what we believe will be a continued strong second-half of the year.

目前，我們 12 艘船中有 10 艘暴露於現貨市場，以把握我們認為下半年將持續強勁的行情。

To illustrate our fleet and commercial performance, we have the last three years traded at an average 48% premium to the Baltic Cape Size Index and a 25% premium to Piers.

為了說明我們的船隊與商業表現，過去三年我們的成交平均較波羅的海海岬型指數高出 48% 的溢價，並較 Piers 高出 25% 的溢價。

This is achieved by extra cargo intake on our vessels and top-tier speed and consumption design on our fleet.

這是透過我們船舶更高的載貨量，以及船隊在航速與油耗設計上的頂尖水準所達成。

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 Cape size vessel.

我們始終力求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，能迅速將部位由做多轉為做空，或反之亦然。在此您可以看到，基於不同運價情境下，一艘標準海岬型船舶的股利發放能力。

When the Baltic Cape size index trades around today's levels at about $40,000 per day, the company will yield about 18%. When we see moves around the $60,000 per day range, we will produce a yield of around 34%. And when we see $100,000 per day on the Baltic Cape Size Index, Himalaya will yield close to 65% on the current share price.

當波羅的海海岬型指數在今日水準附近、約每日 40,000 美元交易時，公司殖利率約為 18%。當我們看到運價上移至每日 60,000 美元區間時，殖利率約可達 34%。而當波羅的海海岬型指數達到每日 100,000 美元時，Himalaya 以目前股價計算的殖利率將接近 65%。

Now let's have a look at the market. Q1 started out with the best Cape Size in Newcastle MAX market registered in 10 years. Q2 did not want to fare any worse and we have had the best Q2 on record in 16 years.

現在讓我們看看市場。第一季以 10 年來 Newcastle MAX 市場中最佳的海岬型表現開局。第二季也不遑多讓，我們迎來 16 年來紀錄中最佳的第二季。

Iron ore exports are at an all-time high for the season and the continued flows from Guinea with bauxite and now also iron ore has been key drivers to maintain momentum.

鐵礦石出口在本季節創下歷史新高，而幾內亞持續輸出鋁土礦、如今也包括鐵礦石的流量，是維持動能的關鍵驅動因素。

The structural tonne-mile change in the Cape Sizer Newcastle Max trades over the last few years has proven capable of lifting the floor of the market to a new level.

過去幾年海岬型／Newcastle Max 航線的結構性噸海里變化，已證明有能力將市場底部抬升至新的水準。

Tonne-mile in Q2 for Cape Sizer Newcastle Max increased 4.9% year-over-year. The bauxite volumes from Guinea contributed a 7.7% increase year-over-year and the global iron ore trades assisted with a 2% increase.

第二季海岬型／Newcastle Max 的噸海里年增 4.9%。其中，幾內亞鋁土礦量年增貢獻 7.7%，全球鐵礦石貿易則帶來 2% 的增幅。

In the current geopolitical landscape, coal has now also returned to Cape Size and Newcastle Max trades with a 15% tonne-mile increase year-over-year.

在當前地緣政治格局下，煤炭也已回到海岬型與 Newcastle Max 的貿易中，噸海里年增 15%。

Looking at the pure export data, year-over-year iron ore exports from Brazil was up 4% and Australian iron ore volumes were up 5% in Q2 on the back of fewer weather-related logistical interruptions and solid demand from China. As discussed in the previous slide, we saw the global iron ore exports are continuing to increase.

從純出口數據來看，第二季巴西鐵礦石出口年增 4%，澳洲鐵礦石出貨量年增 5%，主要受惠於較少的天候相關物流中斷，以及來自中國的穩健需求。如前一頁所述，我們看到全球鐵礦石出口仍在持續增加。

To put this in perspective, the Chinese seaborne iron ore imports hit an all-time high for Q2, as you can see on the top right graph. This again emphasizes the Chinese hunger for high-grade iron ore which can be found outside the country's borders.

為了更具體說明，如右上圖所示，中國海運鐵礦石進口量在第二季創下歷史新高。這再次凸顯中國對高品位鐵礦石的強勁需求，而這類資源可在國境之外取得。

In addition, the Chinese imported iron ore inventories are down from the peak and below the 12-month average in the same period.

此外，中國進口鐵礦石庫存已自高點回落，且在同一期間低於 12 個月平均水準。

As we have discussed in previous reports, the domestic iron ore content is reported to be around 15%, but the imported volumes from Brazil and Guinea contains an iron ore 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. The unsung Capeside Hero bauxite is continuing to impress.

如我們在先前報告中討論，中國國內鐵礦石品位據報約為 15%，但自巴西與幾內亞進口的礦石品位則在 60% 中段至高段。這導致中國國內產量放緩，而海外高品位鐵礦石仍是首選。不那麼被注意到的海岬型英雄——鋁土礦——仍持續令人驚艷。

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.

在幾內亞於 2025 年創下鋁土礦產量新高之後，2026 年迄今也再度刷新出口紀錄，您可由左圖看出。

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 18% of the total cargo transported on Capes and Newcastle Maxes.

隨著離境貨量增加，您也可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 Newcastle Max 運輸總貨量的 18%。

This plays directly into the structural ton-mile story that we see unfolding and that we believe will be a driver for years to come.

這正好直接呼應我們所看到正在展開的結構性噸海里趨勢，我們相信這將在未來多年成為驅動因素。

The Simandou mine is now up and running and the first iron ore volumes from this mine commenced in November in 2025. Target remains at 120 million tons of exported high-grade iron ore per annum to the market. As you can observe from the right graph, export volumes and core momentum in 2026. A 15 to 20 million ton projected contribution in the 1st year of operation has so far created further tightness in the Atlantic basin.

Simandou 礦山現已投產，該礦的首批鐵礦石出貨於 2025 年 11 月開始。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，2026 年的出口量與核心動能。營運首年預估貢獻 1,500 萬至 2,000 萬噸，迄今已進一步加劇大西洋盆地的運力緊張。

We are also monitoring closely the capacity increase from Valle, which can add strength to an already focused Atlantic basin to boost ton mile further.

我們也正密切關注 Vale 的產能提升，這可能為本已相對集中的大西洋盆地增添動能，進一步推升噸海里。

We have seen from other segments that order books can increase quickly. However, in Cape Size and Newcastle Max, this has been a slower moving operation. We currently observe a 16% order book of the total existing Cape Size fleet.

我們從其他航運板塊看到，手持訂單可能快速增加。然而在海岬型與 Newcastle Max 領域，這一直是較為緩慢的過程。我們目前觀察到，手持訂單約占現有海岬型船隊總量的 16%。

The active shipyards are still preferring to build tankers, LNG carriers, container and car carriers to maximize profit margins. As a comparison to other shipping segments, you can see from the right graph that the Cape Size order book to fleet ratio is still the most compelling in the large shipping space.

仍在接單的船廠目前更偏好建造油輪、LNG 運輸船、貨櫃船與汽車運輸船，以最大化利潤率。與其他航運板塊相比，您可由右圖看到，海岬型的訂單簿對船隊比率在大型航運領域仍最具吸引力。

In addition to the low order book, the current Cape Size and Newcastle MAX fleet is aging fast.

除了訂單簿偏低之外，目前海岬型與 Newcastle MAX 船隊也正快速老化。

Around 46% of the total fleet was built between 2009 and 2015.

約有 46% 的總船隊建造於 2009 年至 2015 年之間。

That means that 26% of the fleet will be over 20 years of age in 2030.

這意味著到 2030 年，將有 26% 的船隊船齡超過 20 年。

As of now, we have visibility onto 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 and the additional strong vessel demand from the market. We continue to see a significant increase in drydocks due to mandatory special surveys required on merchant vessels every five years.

截至目前，我們對未來兩年的供給情況已有能見度，這使得很難及時新增任何具規模且有意義的大型乾散貨運力，以應對船隊快速老化以及市場額外強勁的船舶需求。我們持續看到進塢維修（drydock）顯著增加，原因是商船每五年必須進行一次強制性的特別檢驗。

12% of the entire Cape Size 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 Cape Size and Newcastle MAX fleet will be competing for drydock space this year.

整體海岬型（Cape Size）船隊中有12%是在2011年交付，並將在2026年必須進行15年期特別檢驗。此外也會有5年與10年期特別檢驗，這意味著今年約有海岬型與Newcastle MAX船隊合計約24%的總運力將競爭進塢資源。

We estimate a total of 1.7% additional off-fire on the total fleet due to drydocks alone in 2026, not factoring in potential congestion and waiting time.

我們估計，僅因進塢維修之故，2026年整體船隊將額外有約1.7%的停航（off-hire）時間，尚未納入可能的壅塞與等待時間。

So far, though, only 30% of the scheduled drydocks for 2026 has been completed, which means that about 70% of the required vessels will seek drydock before year-end, which could further tighten the Newcastle Max market.

不過截至目前，2026年排定的進塢維修僅完成了30%，這表示約70%需要進塢的船舶將在年底前尋求進塢，可能進一步收緊Newcastle Max市場。

Thank you very much.

非常感謝。

And with that, 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。

Thank you. We'll now start the Q&A session.

謝謝。我們現在開始問答環節。

If you wish to ask a question, please press five star on your telephone keypad.

若您想提問，請在電話鍵盤上按下五顆星。

To redraw your question, you may do so by pressing five star again. There'll be a brief pause while questions are being registered.

若要取消您的提問，您可以再次按下五顆星。在登記問題期間將短暫暫停。

Our first question will be from the line of Ivan Kolsko from Clarkson Securities. Please go ahead. Your line will now be unmuted.

我們的第一個問題來自Clarkson Securities的Ivan Kolsko。請開始。您的線路現在將解除靜音。

Hi.

嗨。

Thank you for taking my question.

謝謝讓我提問。

So I think you have a compelling story for the second-half of the year.

我認為你們對今年下半年有一個很有說服力的故事。

But I have a question related to the first quarter of next year. Because if you just look at.

但我有一個與明年第一季相關的問題。因為如果你只是看……

So you have the cemented mine obviously ramping up. You have the exceptional coal trade as this one in the second quarter. And if you look at or looked at the quarter, first quarter for coal shipments this year, it was pretty weak. So I guess some upside there as well in the first quarter of '27.

你們的Simandou礦顯然正在爬坡增產。你們也有像第二季這樣的異常煤炭貿易。而如果你看今年第一季的煤炭出貨量，其實相當疲弱。所以我想在2027年第一季那邊也可能有一些上行空間。

And then on top of that, you have the potential effect from a linear potential dryer. Brazil and even better shipments from Brazil. So how do you think about this first quarter of 27 and we saw you took some coverage for the second-half of this year but at what point could you consider taking coverage for the first quarter of next year?

再加上，你們還可能受到拉尼娜（La Niña）帶來的潛在乾燥效應影響。巴西，甚至巴西更好的出貨量。所以你們如何看待2027年第一季？我們看到你們為今年下半年做了一些避險覆蓋，但在什麼時點你們會考慮為明年第一季做覆蓋？

Thank you.

謝謝。

Thank you for the question.

謝謝你的問題。

I think as we saw this year, Q1 has become more correlated to the other quarters than we've seen in the past, much as you mentioned, the bauxite volumes and now also the Simandu volumes coming on stream. So we think the market as an all overall when it comes to the quarters would be more balanced than what it's been in the past. When the timing is right to lock in Q1 or not, that depends. But if you see now the value of the whole curve for '27 is around $29.5,000 and Q1 trading at $25.5, the spread is not daunting at all. So for now, we'd like to ride a little bit longer, but timing is always difficult to call.

我想如同我們今年所看到的，第一季與其他季度的相關性已經比過去更高；正如你提到的，鋁土礦量，以及現在Simandou的量也開始上線。因此我們認為，就季度表現而言，整體市場會比過去更為均衡。至於何時鎖定第一季、或是否鎖定，取決於情況。但如果你現在看，2027年整條曲線的價值大約在29.5,000美元，而第一季交易在25.5,000美元，這個價差一點也不嚇人。所以目前我們想再多觀望一段時間，但時點一向很難拿捏。

With the second-half, we think have more legs to go. We also think the Q1 contract will move up in time. So right now, it's too early to cover in our opinion.

至於下半年，我們認為還有更大的上行空間。我們也認為第一季合約價格會隨時間上移。所以以我們的看法，現在做覆蓋還太早。

Got it. And then just on the asset side, because you've seen, or the swap market is obviously super strong, time track rates 100 up, but in the second hand market, there's been very few transactions and values, at least broker values have been, are remained fairly flat. So how do you see the asset market today, why is there so little or few transactions and where do you think the next transaction price will be compared to today?

了解。另外在資產端，因為你們看到——掉期市場顯然非常強，期租航次（time track）運價上到100以上，但在二手船市場，成交非常少，估值——至少經紀商估值——基本上仍相當持平。所以你們如何看待目前的資產市場？為什麼交易這麼少？你們認為下一筆成交價相較於今天會在哪個水準？

Challenging question, but asset prices, albeit flat, they have been flat at a very high level.

這是個具挑戰性的問題，但資產價格雖然持平，仍是在非常高的水準上持平。

We don't think asset prices will come off anytime soon. But of course, to take the next leap up from where we are now, it also requires higher freight rates than what we see. Right now, we see market trading around $40,000, and I won't be surprised that you see asset prices moving higher if the second-half performs the way we think it will.

我們不認為資產價格短期內會下滑。但當然，要從目前水準再往上跳一階，也需要比我們現在看到的更高運價。目前我們看到市場交易大約在40,000美元左右，如果下半年表現如我們所預期，我不會意外看到資產價格走高。

Thank you for your answers. That's all for me.

謝謝你的回答。我這邊就到此為止。

Thanks, Ivan.

謝謝，Ivan。

As a reminder, if you wish to ask a question, please press five star on your telephone keypad. We'll have a brief pause while questions have been registered.

提醒一下，若您想提問，請在電話鍵盤上按下五顆星。我們將短暫暫停以登記問題。

As we have no questions in the queue, I'll hand it back to last question Svensson for closing remarks.

由於目前沒有排隊中的問題，我將把時間交回給Svensson先生作結語。

Thank you all very much for dialing in and we hope to address you again in a quarter's time and hopefully the market has improved even further.

非常感謝各位撥冗參與，我們希望在一季後再次與各位交流，也希望市場能進一步改善。

A nice day.

祝各位有美好的一天。

Thank you.

謝謝。