Dorian LPG Ltd.

Greetings and welcome to the Dorian LPG first quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. Additionally, a live audio webcast of today's conference is available on Dorian LPG's website, which is www.dorianlpg.com. I would now like to turn the conference over to Ted Young, Chief Financial Officer. Thank you, Mr. Young. Please go ahead.

Thanks, Devin. Good morning, all, and thank you for joining us for our first quarter 2020 results conference call. With me today are John Hodgbateras, Chairman, President, and CEO of Dorian LPG Limited, and John LaCouris, Chief Executive Officer of Dorian LPG USA. As a reminder, this conference call webcast and a replay of this call will be available through August 14, 2019. Many of our remarks today contain forward-looking statements based on current expectations. These statements may often be identified with words such as expect, anticipate, believe, or similar indications of future expectations. Although we believe that such forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. These forward-looking statements are subject to known and unknown risks and uncertainties and other factors as well as general economic conditions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove to be incorrect, Actual results may vary materially from these we expressed today. Additionally, let me refer you to our unaudited results for the period ended June 30, 2019, that were filed this morning on Form 10-Q. In addition, please refer to our previous filings on Form 10-K and 10-Q, where you'll find risk factors that could cause actual results to differ materially from these forward-looking statements. With that, I'll turn over the call to John Hunter-Bateras.

Welcome to our first quarter 2020 earnings call. On our last call, I mentioned some historical rates. Allow me to do the same today as I think these put context to our market. Four years ago, in August 2015, the Baltic rate was $101. Twelve months ago, in August 2018, it was $39. On the 1st of April of this year, the first day of our quarter, it was $41, and on the last, June 28th, it was $78. Ted will shortly run through the numbers, and next John will update you on the latest developments in the trade as well as our fleet. I'm happy to be reporting a profitable quarter, a seven-fold increase in EBITDA from last year, which is reflective of the strong increase in the market. The TCE we're reporting is nearly double that of the same quarter last year. At $29,671 a day, it represents the results of about 70 voyages. Of these, almost half were booked in the January to March quarter. Hence, there is a lag, which we have discussed in previous calls as well. To illustrate this, note that our fixtures in June, which of course are for voyages that are not represented in these results, were booked at time chart equivalent of over $60,000 per day. In the period since the end of June and the period to date, the average TCE of our fixtures is about $50,000 a day. Assuming no dramatic changes, these stronger numbers will be reflected in the next quarter results. The EIA reported yesterday record U.S. production and lower U.S. demand. While U.S. cargoes are reaching new destinations in Asia, there are still markets such as Vietnam, Thailand, and the Philippines which have further potential. Even in India, where LPG has been a cornerstone of the Modi government's policy, the potential for further inroads is great considering that there are still 800,000 deaths annually attributable to indoor air pollution caused by cooking with solid fuels. With the order book contained and the prospects of removals for regulatory compliance, we believe the market fundamentals provide some solid support for our optimism. With 12 of our ships fitted with exhaust gas cleaning systems by the beginning of next year, we believe Doran will be very well positioned to navigate the IMO 2020 transition. Our people diligently continue to pursue cost efficiencies. Our CDM management remuneration is flat to lower than it has been in the four years since our IPO. And we have commenced programs involving digital initiatives for performance management, including intelligent bunkering. You will have read that our board has approved a stock buyback program. As you might guess, we cannot discuss the specifics of this other than to say that it underscores our board's commitment to return value to all our shareholders. I'm now passing the microphone back to Ted.