Hello and welcome to Himalaya Shipping Q4 for 2025 conference call. For the first part of this call, all participants are in a listen-only mode. Afterwards there'll be a question-and-answer session. To ask a question during the Q&A, please press five star on your telephone keypad. This call is being recorded. I'll now turn the call over to CEO Lars-Christian Svensen. Please begin. 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. 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 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 4 vessels to fixed rate at an average rate of approximately $27,700 per day from January 1 to March 31, 2026. 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. 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. 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 NOK 1.1 million, which will be effective on April 1, 2026. With that, I will now pass the word to Vidar. 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. 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. 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. 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. 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. That completes the financial section, and back to you, Lars-Christian. 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 31 March 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. 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. 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%. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. As it looks now, we have clear visibility of supply for the next 3-4 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. Additionally, there will be five- 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. Thank you, and I will now pass the word back to the operator and we welcome any questions you might have. Thank you. We'll now start the Q&A session. If you wish to ask a question, please press five-star on your telephone keypad. To withdraw your question, you may do so by pressing five-star again. There'll be a brief pause while questions are being registered. The first question will be from Ivan Kolskov from Clarkson Securities. Please go ahead, your line will now be unmuted. 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? 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. 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. 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? 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. Okay, thank you. That's all from me. Thank you. 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. 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. Thank you.