Fleet Operations - The company operates a fleet of 12 Newcastlemax dry bulk vessels[27]. - Himalaya Shipping Ltd. operates twelve Newcastlemax dry bulk vessels, each with a capacity of 210,000 dead weight tons, equipped with dual fuel LNG technology[213]. Financial Reporting and Compliance - Financial statements are prepared in accordance with U.S. GAAP, with consolidated financial statements presented in U.S. dollars[30][32]. - The company is subject to increased legal and financial compliance costs due to its U.S. IPO in March 2023, which includes adherence to the Sarbanes-Oxley Act and SEC reporting requirements[188]. - The company is classified as an "emerging growth company," allowing it to benefit from reduced disclosure requirements[212]. - The SEC has proposed changes that may affect the regulatory requirements for foreign private issuers, which could increase compliance costs[210]. - If the company loses its foreign private issuer status, it would face significantly higher regulatory and compliance costs under U.S. securities laws[211]. - The company is permitted to follow home country practices in lieu of certain NYSE corporate governance rules, potentially offering less protection to shareholders[209]. Revenue and Customer Dependence - Average Time Charter Equivalent (TCE) earnings are a key non-GAAP measure, reflecting daily revenue performance of vessels[34]. - The company has significant exposure to a limited number of customers, which could impact revenue stability[52]. - A significant portion of the company's revenues is derived from a limited number of charterers, and the loss of one or more of these customers could materially affect financial performance[56]. Operational Risks - Rising crew costs and inflation may adversely affect operational results[52]. - The company is subject to liquidity risks that could impair its ability to fund operations[52]. - Charter hire rates for dry bulk vessels are volatile and may fall below cash break-even rates[52]. - The company is exposed to counterparty risks related to various contracts, and failure of counterparties to meet obligations could negatively impact financial performance[60]. - Charterers' sensitivity to commodity markets may lead to renegotiations or defaults, which could result in significant losses for the company[61]. - The company may face litigation that, if not resolved favorably, could have a material adverse effect on its financial condition[62]. - The company is subject to risks under anti-corruption laws, which could result in substantial fines and operational curtailments if violated[171]. - The arrest or attachment of vessels due to maritime liens could interrupt cash flows and require significant payments to resolve[181]. Financial Stability and Liquidity - The company relies on cash generated from operations and borrowings under the Drew Holdings Revolving Credit Facility to meet financial obligations, making it vulnerable to liquidity risks[58]. - A significant decrease in cash generated from operations or inability to secure financing could adversely affect the company's ability to continue operations[59]. - The company may require additional financing in the future, which may not be available on favorable terms[115]. - The company faces risks related to its indebtedness, including potential defaults if vessel charters do not generate sufficient revenue to cover lease payments[95][103]. Market and Economic Conditions - Global financial markets and economic conditions have been volatile, impacting the company's ability to obtain financing and affecting its financial condition[113][114]. - Changes in international trade policies and increased trade protectionism could adversely impact the company's business and demand for shipping[118]. - Unfavorable government policies on international trade, such as tariffs and capital controls, may adversely affect the company's business and financial condition[119]. - The U.S. has proposed multiple rounds of tariffs on goods imported from China, with retaliatory tariffs from China, creating significant uncertainty in trade relations[120]. - Political tensions between the U.S. and China could reduce trade volume and cross-border investments, negatively impacting the company's operations[121]. - A decrease in China's imports and exports could materially affect the company's business[123]. - The company's business heavily relies on trade routes from Brazil and Australia to China, making it vulnerable to changes in China's export levels[124]. - Political instability and conflicts, such as the war in Ukraine, may disrupt supply chains and adversely impact the global economy, affecting the company's operations[126]. Environmental and Regulatory Compliance - Environmental regulations may increase operational costs and affect the resale value of the company's vessels[138]. - The company is subject to strict liability for environmental damages, which could result in significant financial penalties and impact its operations[139]. - Compliance with Rightship rating standards may require significant investments to ensure vessels meet operational performance benchmarks[143]. - Failure to maintain class certification could render vessels unable to carry cargo, adversely affecting revenues and profitability[144]. - Non-compliance with port operational and technical requirements may lead to increased costs and refusal of entry into ports, disrupting shipping schedules[149]. - The Newcastlemax vessels were rejected from Port Hedland due to new requirements, necessitating additional compliance costs[149]. - Increased scrutiny on environmental, social, and governance (ESG) matters may hinder access to capital and impact the company's reputation[151]. - The CSRD mandates expanded sustainability reporting, potentially affecting companies with fewer than 1,000 employees if proposals are enacted[153]. - Climate change regulations, including a global 0.5% sulfur cap on marine fuels, may lead to substantial operational costs[161]. - The IMO aims for a 40% reduction in carbon dioxide emissions per transport work by 2030, which could impose additional compliance costs[161]. - Adverse effects of climate change may reduce demand for coal, a primary cargo for dry bulk vessels, impacting financial performance[163]. - Acts of piracy may significantly increase insurance premiums and operational costs, adversely affecting the company's financial condition[164]. Shareholder and Corporate Governance - The company is authorized to issue up to 140,010,000 common shares, with 46,750,000 shares outstanding as of March 5, 2026, which could impact share price if substantial amounts are sold[185]. - Drew Holdings, the largest shareholder, owns 29.1% of the company's shares, significantly influencing shareholder approvals and management decisions[191]. - The company's Bye-laws contain anti-takeover provisions that could make it more difficult for third parties to acquire the company without Board consent, potentially limiting shareholder opportunities for premium offers[204]. - The company maintains commercial relationships with Related Parties, including Drew Holdings, which may create conflicts of interest affecting business decisions[196]. - The rights of shareholders under Bermuda law may differ from those in the U.S., potentially complicating legal actions against the company or its directors[202]. - The company’s Bye-laws include a broad waiver of claims against officers and directors, limiting shareholders' ability to assert claims except in cases of fraud or dishonesty[203]. - The choice of forum provision in the company's Bye-laws may limit shareholders' ability to bring claims in favorable judicial forums, potentially discouraging lawsuits against the company[207]. Vessel Financing and Costs - The average purchase price for each vessel was $69.3 million, with the total average purchase price, including estimated variation orders and costs, amounting to $71.6 million[220]. - Variation orders increased the purchase price by approximately $0.6 million per vessel, primarily for enhancing fuel tank capacity[221]. - The first two installments for each vessel were financed through equity raised in 2021, while remaining installments were financed via leasing agreements[223]. - The company is required to pay approximately $72.6 million per year in lease payments under its lease agreements[97].

Core Viewpoint - Himalaya Shipping Ltd. (HSHP) operates a fleet of 12 Newcastlemax/Capesize dry bulk ships, but the stock performance did not meet initial expectations, resulting in a total return of over [1] Group 1: Company Overview - Himalaya Shipping Ltd. owns and operates 12 Newcastlemax/Capesize dry bulk ships [1] Group 2: Investment Perspective - The initial investment thesis for Himalaya Shipping did not yield the anticipated results, indicating potential challenges in the stock's performance [1]

Financial Data and Key Metrics Changes - The company reported a net profit of $13.5 million for Q4 2025, compared to a net income of $1.1 million for Q4 2024, representing a significant increase [5] - EBITDA for Q4 2025 was $33.3 million, up from $21.3 million in Q4 2024 [5] - Operating revenues increased to $42.1 million in Q4 2025 from $29.6 million in Q4 2024, driven by higher time charter equivalent earnings [5] - Time charter equivalent earnings rose from $27,800 per day in Q4 2024 to $39,600 per day in Q4 2025 [5] - Cash distributions for the quarter totaled $0.30 per share [7] Business Line Data and Key Metrics Changes - The company converted index-linked time charters for 4 vessels to fixed rates at an average of $27,700 per day for the period from January 1 to March 31, 2026 [2] - A new time charter agreement for the Mount Elbrus was established at a fixed rate of $30,000 per day until June 30, 2026, with a subsequent conversion to an index-linked rate [3] Market Data and Key Metrics Changes - The Capesize and Newcastlemax market experienced the best start since 2010, attributed to large iron ore export volumes from Brazil and favorable weather conditions [10][11] - Year-over-year iron ore exports from Brazil and Australia increased by 18% and 9% respectively in Q4 [12] - The ton-mile for Capesize increased by 9% year-over-year, driven by a 21% increase in bauxite from Guinea and a 12% increase in iron ore trades [11] Company Strategy and Development Direction - The preferred commercial strategy is to charter out the majority of vessels on index-linked charters to capture market upside [8] - The company aims to maintain flexibility in converting to fixed rates when advantageous, with a focus on maximizing fleet performance [9] - The fleet of 12 modern Newcastlemaxes is positioned in the top 1% emission rating for large bulk dry carriers, emphasizing sustainability [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the structural changes in the Capesize and Newcastlemax trades, which could drive market growth [11] - The company noted that the current low order book and aging fleet present favorable supply dynamics for the next few years [16] - There is a clear visibility of supply for the next 3-4 years, making it challenging to add significant dry bulk capacity [16] Other Important Information - Cash and cash equivalents stood at $32.4 million at the end of Q4 2025, with a minimum cash requirement of $12.3 million under sale leaseback financing [6] - The outstanding balance on sale leaseback financing was approximately $700 million, down from $707 million at the end of Q3 2025 [6] Q&A Session Summary Question: Pricing power for upcoming renewals and average premium expectations - Management indicated that historically, higher premiums are easier to achieve in lower market conditions, and they are trying to time vessel renewals to capture better premiums in high markets [19][20] Question: Transition to new Capesize benchmark - Management confirmed that they will continue using the old index for now, as it is still linked to current FFAs, but acknowledged that changes may occur over time [21]

Financial Data and Key Metrics Changes - The company reported a net profit of $13.5 million for Q4 2025, compared to a net income of $1.1 million for Q4 2024, representing a significant increase [5] - EBITDA for Q4 2025 was $33.3 million, up from $21.3 million in Q4 2024 [5] - Operating revenues increased to $42.1 million in Q4 2025 from $29.6 million in Q4 2024, driven by higher time charter equivalent earnings [5] - Time charter equivalent earnings rose from $27,800 per day in Q4 2024 to $39,600 per day in Q4 2025 [5] - Cash distributions for the quarter totaled $0.30 per share [7] Business Line Data and Key Metrics Changes - The company converted index-linked time charters for 4 vessels to fixed rates at an average of $27,700 per day for the period from January 1 to March 31, 2026 [2] - A new time charter agreement for the Mount Elbrus was established at a fixed rate of $30,000 per day until June 30, 2026, with a subsequent conversion to an index-linked rate [3] Market Data and Key Metrics Changes - The Capesize market experienced a strong start in 2026, attributed to increased iron ore export volumes from Brazil and a lack of significant weather disruptions [11] - Year-over-year iron ore exports from Brazil and Australia increased by 18% and 9% respectively in Q4 2025 [12] - The ton-mile for Capesize vessels increased by 9% year-over-year, driven by a 21% increase in bauxite from Guinea and a 12% increase in iron ore trades [11] Company Strategy and Development Direction - The company aims to charter out the majority of its vessels on index-linked charters to capture market upside and maintain flexibility [8] - The fleet has traded at an average of 48% premium to the Baltic Capesize Index since inception, indicating strong commercial performance [9] - The company maintains a clear capital allocation structure and has achieved 27 consecutive monthly dividends [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the structural changes in the Capesize and Newcastlemax trades, which could drive market growth [11] - The company noted that the current Capesize and Newcastlemax fleet is aging, with 50% built between 2009 and 2015, leading to a favorable supply dynamic for the next few years [16] Other Important Information - Cash and cash equivalents stood at $32.4 million at the end of Q4 2025, with a minimum cash requirement of $12.3 million under sale leaseback financing [6] - The outstanding balance on sale leaseback financing decreased to approximately $700 million, down from $707 million in the previous quarter [6] Q&A Session Summary Question: Pricing power for upcoming renewals and average premium expectations - Management acknowledged that premiums tend to be higher in softer markets, and while they expect some discount in a $30,000-$40,000 market, they aim to time vessel renewals strategically [19][20] Question: Transition to new Capesize benchmark - Management confirmed that they will continue using the old index for now, as it is still linked to current FFAs, but acknowledged that a transition to new indexes will occur over time [21]

Financial Data and Key Metrics Changes - The company reported a net profit of $13.5 million for Q4 2025, a significant increase from $1.1 million in Q4 2024, with earnings per share rising from $0.02 to $0.29 [5] - EBITDA for Q4 2025 was $33.3 million, compared to $21.3 million in the same period last year, while operating profit increased from $14 million to $26 million [5] - Operating revenues rose to $42.1 million in Q4 2025 from $29.6 million in Q4 2024, driven by higher time charter equivalent earnings, which increased from $27,800 to $39,600 per day [5][6] Business Line Data and Key Metrics Changes - The average OPEX per day increased to $6,400 in Q4 2025 from $6,200 in Q4 2024, with vessel operating expenses rising to $7 million from $6.8 million [6] - General and administrative expenses rose to $1.2 million from $1 million in Q4 2024, primarily due to increased management fees and payroll accruals [6] Market Data and Key Metrics Changes - The ton-mile for Capesize vessels increased by 9% year-over-year in Q4, attributed to a 21% increase in bauxite from Guinea and a 12% increase in iron ore trades [12] - Year-over-year iron ore exports from Brazil and Australia increased by 18% and 9% respectively in Q4, with bauxite from Guinea seeing a 30% increase [13] - The Capesize order book to fleet ratio is at a 25-year record low, standing at 12% of the total existing Capesize fleet, indicating favorable supply dynamics [17] Company Strategy and Development Direction - The company aims to charter out the majority of its vessels on index-linked charters to capture market upside and maintain flexibility [8] - Currently, 5 out of 12 ships are on fixed rates until March 31, 2025, with plans to have 11 out of 12 vessels exposed to the spot market thereafter [9] - The company has a clear capital allocation structure and has maintained a consistent dividend payout, with $0.30 declared for Q4 2025 [11] Management's Comments on Operating Environment and Future Outlook - The company is optimistic about the Capesize and Newcastlemax market, noting it has had the best start since 2010, driven by strong iron ore export volumes from Brazil and favorable weather conditions [12] - The structural changes in the Capesize and Newcastlemax trades are expected to drive the market higher, with a focus on high-grade iron ore from Brazil and Guinea [14] - The company anticipates challenges in fleet capacity due to a significant aging fleet and a low order book, which may limit new builds [17][18] Other Important Information - Cash distributions for the quarter totaled $0.30 per share, and cash flow from operations was $24.8 million [7] - The company has entered into a new time charter agreement for the Mount Elbrus at a fixed rate of $30,000 per day, with plans for index-linked rates thereafter [3] Q&A Session Summary Question: Pricing power for upcoming renewals and average premium expectations - Management noted that historically, higher premiums are easier to achieve in lower market conditions, and while premiums may decrease in a $30,000-$40,000 market, they are not expecting dramatic reductions [20][21] Question: Transition to new Capesize benchmark - Management confirmed that they will continue to use the old index for now, as it is still the standard for FFAs, but acknowledged that a transition to new indexes will occur over time [22]

Himalaya Shipping – Q4 2025 Results Presentation 10 February 2026 1 Forward looking statements The foregoing factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement included in this report should not be construed as exhaustive. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this investor presentation. Except as required by law, Himalaya Shipping undertakes no obligation to update pu ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The dry bulk shipping market is at the beginning of a new cycle, with supply bottoming out and demand showing signs of recovery. The global order book is at a historical low, and the manufacturing PMI has returned above 50, indicating potential demand growth [8][18]. - Different ship types exhibit varying earnings elasticity. The Capesize vessels show the highest elasticity, with a TCE increase of approximately $1,274 per day for every 100-point rise in the BDI index, while smaller vessels have a more muted response [18][96]. - The report highlights the comparative analysis of listed dry bulk shipping companies in the US and Hong Kong, focusing on TCE elasticity and balance sheet quality [18][79]. Summary by Sections Section 1: Elasticity of Listed Companies - The report emphasizes that despite significant differences in fleet size, average age, and order backlog among listed companies, their stock price movements are highly correlated due to the cyclical nature of the industry [18][19]. Section 2: Company Reviews - **Star Bulk Carriers (SBLK)**: SBLK has a diversified fleet and maintains a low average daily operating cost due to its scale. The company has a strong management team with extensive industry experience [21][22]. - **Himalaya Shipping (HSHP)**: HSHP focuses on large bulk carriers and has a young fleet. It benefits from high operational leverage and low cash break-even points, making it a key player in a rising market [34][39]. - **Genco Shipping (GNK)**: GNK has a low debt ratio and focuses on maintaining stable dividends, even during downturns. The company has shifted its strategy to reduce leverage and improve financial health [43][50]. - **Safe Bulkers (SB)**: SB has a concentrated ownership structure and focuses on fleet renewal, replacing older vessels with more environmentally friendly options. The company has a consistent dividend policy [51][55]. - **Diana Shipping (DSX)**: DSX employs a conservative strategy by locking in long-term charters, which stabilizes earnings and supports a steady dividend policy [62][70]. - **Pacific Shipping (2343.HK)**: This company focuses on smaller vessels and has a stable operational model, although it has lower earnings elasticity compared to its US counterparts [72][79]. Section 3: Horizontal Comparison - The report notes a clear differentiation in fleet composition between US and Hong Kong listed companies, with US firms predominantly operating larger vessels. This structural difference impacts their earnings volatility and potential for excess returns during market fluctuations [79][80].

Financial Data and Key Metrics Changes - The company reported a net profit of $9.5 million for Q3 2025, down from $10.6 million in Q3 2024, with earnings per share decreasing from $0.24 to $0.21 [4] - EBITDA for Q3 2025 was $29.3 million, compared to $30.9 million in the same period last year [4] - Operating revenues decreased to $37.9 million in Q3 2025 from $39.2 million in Q3 2024, attributed to lower time charter equivalent earnings [4] - Vessel operating expenses increased to $7 million in Q3 2025 from $6.5 million in Q3 2024, primarily due to higher costs for spares and repairs [5] - Cash flow from operations was $18.3 million for the third quarter [5] Business Line Data and Key Metrics Changes - The average time charter equivalent earnings decreased from $36,800 per day in Q3 2024 to $35,600 per day in Q3 2025 [4] - The company converted index-linked time charters for four vessels to fixed-rate time charters at an average rate of $35,300 per day from August 1 to September 30, and further to $38,500 from October 1 to December 31 [2][3] Market Data and Key Metrics Changes - The ton-mile for capesize vessels increased by 2% year over year in Q3, driven by a 15% increase in bauxite exports from Guinea and a 3% increase in iron ore [9] - Year-over-year iron ore exports from Brazil and Australia increased by 4% and 2%, respectively, while bauxite exports from Guinea saw an 18% increase [10] - The global iron ore exports have been strong, surpassing the previous four years, with seaborne iron ore imports up more than 7% compared to 2024 [11] Company Strategy and Development Direction - The preferred commercial strategy is to charter out vessels on index-linked time charters to capture market upside and maintain flexibility [7] - The company aims to be 100% exposed to the spot market from 2026, anticipating a strong year ahead [7] - The fleet consists of 12 modern Newcastlemax vessels with dual fuel LNG, achieving top emission ratings [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the capesize market's potential to rally, citing strong bulk side volumes and upcoming significant volumes from the Simandou mine [16] - The company believes that the downside risk in the market is less than in the previous year due to reduced coal volumes [16] - Expectations for 2026 and 2027 remain solid, with plans to lock in rates if favorable conditions arise [18] Other Important Information - Total cash distributions for the quarter amounted to $0.24 per share for July, August, and September [6] - The company has declared a dividend of $0.07 for October [3] Q&A Session Summary Question: How does the capesize market compare to the sub-cape market for 2026? - Management indicated that the capesize market has a higher potential for rallying compared to the sub-cape market, supported by strong bulk volumes and upcoming significant shipments [16] Question: Are there plans to cover the fleet for the first quarter of 2026? - Management confirmed that they are not locked in at current levels and are considering locking in rates if they see value on the forward curve, maintaining confidence in future market conditions [18]

Financial Performance - Himalaya Shipping reported a net profit of $9.5 million and an EBITDA of $29.3 million for Q3 2025[9] - The company achieved time charter equivalent (TCE) earnings of approximately $35,600 per day, gross, outperforming the Baltic Capesize Index which was at $24,684 during the same period[9] - Operating revenues decreased by $1.3 million compared to Q3 2024, attributed to a reduction in average TCE from approximately $36,800/day to $35,600/day[14] - Cash flow from operations was $18.3 million in Q3 2025[18] Fleet and Chartering - Four vessels' index-linked time charters were converted to fixed rates averaging approximately $35,300 per day (gross) from August 1, 2025, to September 30, 2025[9] - An additional four vessels had their index-linked time charters converted to fixed rates averaging approximately $38,500 per day (gross) from October 1, 2025, to December 31, 2025[9] - Himalaya Shipping's average premium versus the Baltic index is approximately 50%, and versus peers, it's about 23%[23] Market Dynamics - Total Capesize tonne-mile growth saw a 2% year-over-year increase in Q3, with iron ore contributing a 3% increase and bauxite a 15% increase, while coal decreased by 15%[34] - Brazil's iron ore exports increased by 4%, Australia's by 2%, and Guinea's bauxite exports increased by 18% year-over-year in Q3[34] - Approximately 60% of the Capesize fleet will be over 20 years old by 2034[51] - The orderbook represents 93% of the existing Capesize fleet DWT[54]

Financial Data and Key Metrics Changes - The company reported a net profit of $1,100,000 for Q2 2025, down from $6,900,000 in Q2 2024, with earnings per share decreasing from $0.16 to $0.02 [8] - Adjusted EBITDA for Q2 2025 was $20,900,000, compared to $24,000,000 in the same period last year [8] - Operating revenues decreased to $29,900,000 in Q2 2025 from $31,200,000 in Q2 2024, primarily due to lower time charter equivalent earnings [8] - Time charter equivalent earnings fell from $34,600 in Q2 2024 to $28,400 in Q2 2025, despite an increase of 157 operational days [8][9] - Vessel operating expenses increased to $7,100,000 in Q2 2025 from $5,600,000 in Q2 2024, attributed to a full fleet operation [9] - Interest expenses rose to $12,800,000 in Q2 2025, an increase of $1,800,000 compared to Q2 2024 [10] - Cash and cash equivalents at the end of Q2 2025 were $24,700,000, with an outstanding balance on sale leaseback financing of $714,000,000 [10] Business Line Data and Key Metrics Changes - The company’s preferred strategy is to charter out its 12 vessels on index-linked charters, with six vessels on fixed rates at $34,100 per day for August and September [12] - For Q4, two vessels are fixed at $31,800 per day, while the remaining ten ships will operate in the spot market [12] Market Data and Key Metrics Changes - The tonne mile for Capesize vessels in Q2 2025 was close to record levels, with a marginal decrease of 1.3% compared to Q2 2024 [18] - Bauxite exports from Guinea increased by 27% year-over-year, while iron ore exports from Brazil rose by 4% [22] - Chinese total imports were up 3%, indicating a healthy demand scenario for iron ore as inventories decreased by approximately 10% year-over-year [22] Company Strategy and Development Direction - The company aims to capture upside during market rises through index-linked charters and has flexibility to convert to fixed rates when advantageous [12] - The company is positioned to benefit from upcoming emission regulations, with dual fuel LNG vessels providing a competitive edge [16] - The management emphasizes a focus on shareholder returns, with all free cash flow after debt service targeted for dividends [18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the market, anticipating a strong end to 2025 and an even stronger 2026 due to increased demand for iron ore and bauxite [12][36] - The company sees potential for higher demand driven by new sources like the Simandou mine and increased imports from India [36] - Management believes that the current market dynamics and regulatory environment will favor modern, greener vessels, enhancing the company's competitive position [37] Other Important Information - The company successfully completed its uplisting from Euronext Expand to the main list on the Oslo Stock Exchange [6] - Total cash distributions for the quarter were $0.105 per share for April to June 2025 [11] Q&A Session Summary Question: What is driving the recent strength in the Capesize spot market? - Management noted that the strength is due to increased demand from the Panamax market and a seasonal uptick in iron ore shipments from Australia [32] Question: How does the company plan to navigate the seasonally weaker Q1 next year? - Management indicated it is too early to secure fixed cover but remains optimistic about capturing potential spikes in the market [34] Question: Will 2026 be better than 2025 in terms of demand? - Management believes 2026 will be better due to increased demand from new sources and a recovering coal market [36] Question: How will the company approach renewing floating charters in light of new regulations? - Management expects a higher willingness among charterers to secure modern, greener vessels, which positions the company favorably [37]