Dorian LPG Ltd.

Welcome to the Dorian LPG second 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 call 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.

Thank you, Stacey. Good morning, everyone, and thank you all for joining us for our second quarter 2020 results conference call. On the call today are John Hajvateras, 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 November 7, 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 those we expressed today. Additionally, let me refer you to our unuttered results for the period ended September 30, 2019 that were filed this morning on Form 10-Q. In addition, please refer to our previous filings on Form 10-K and Form 10-Q, where you'll find risk factors that could cause actual results to differ materially from those forward-looking statements. With that, I'll turn over the call to John Haja-Pateras.

Thank you, Ted. Welcome to our second quarter 2020 earnings call. I am in Singapore, where I attended the Global Maritime Forum, and where much of the discussion concerned climate change. Although the long-term goal of the industry is zero carbon emissions, in the meantime, LPG provides a significantly better environment alternative to fuels currently being consumed. John and Ted are in Connecticut, and after I give you a brief report, Ted will follow with a discussion of our quarterly numbers and John of the market and our fleet status. We will complete the call with questions. On this date last year, the Baltic rate was $41 a ton, and a year before that, it was $30. Today, the Baltic is about 70. The market appears to have reached a degree of stability, having traded about $50 a ton since April of this year. And just this quarter, the Baltic struck a highest level since 2015 at $81 a couple of weeks ago. This quarter's profitable results reflect the health of the current freight market. Our fleet is well positioned to capitalize on the potential price differential between low sulfur and high sulfur fuel oil. Two of our ships recently came out of dry dock, bringing our scrubber equipped fleet to four ships on the water trading. We believe that there are about 20 in all scrubber fitted BLGCs currently. In addition, we expect to have Four more VLDCs entered right off, five more before the end of this year, and three during next year. At the conclusion of our program, we will have 12 out of our 22 ships scrubber fitted. The freight environment and cost control have contributed to strong cash flows, enabling us to fund the scrubber installation and stock buybacks from cash flow. Today, we have repurchased $6.7 million of stock in accordance with our previously announced $50 million buyback authorization. This program underscores our board's commitment to thoughtful capital allocation. Our optimistic view of the market continues to be supported by market fundamentals with a contained order book and prospects for increased demolitions. And with this, I will hand you over to Ted.