Himalaya Shipping Ltd. Common Shares (HSHP) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Himalaya Shipping Q1 2025 results presentation conference call. For the first part of this call, all participants are in a listen-only mode. Afterwards, there will be a question and answer session. To ask a question, please press 5 star on your telephone keypad. This call is being recorded. And I will now turn the call over to CEO Lars Christian Svensson. Please begin. Thank you, Operator. Welcome to the Q1 2025 conference call for Himalaya Shipping. My name is Lars Christian Svensson, and I will be joined here today by our CFO, Vidar Hasun. 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. we reported a net loss of $6.2 million and an adjusted EBITDA of $13.8 million. The gross time charter equivalent earnings for the quarter was approximately $21,100. We also entered into a new time charter agreement on the Mount Norifjell for 14 to 38 months at a Baltic index rate higher than the average premium on our current charters. The same vessel, Mount Norifjell and the Mount Huak, was later in the quarter converted from index link time charges to fixed rates from 1st of April until 31st December 2025 at $32,000 and $31,500 gross respectively. The company also completed the private placement of approximately $15 million, issuing 2.65 million new shares at 60.5 Norwegian krones per share. Total cash distributions for the quarter total 5 cents per share for the months of January to March. In subsequent events, we achieved a time chart equivalent for April 2025...