Dorian LPG Ltd.

Greetings and welcome to the Dorian LPG third quarter 2021 earnings conference call. At this time, all participants are in 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, Rob. Good morning, everyone, and thank you all for joining us for our third quarter 2021 results conference call. With me today are John Hajibateris, Chairman, President, and CEO of Dorian LPG Limited, John LaCouris, Chief Executive Officer of Dorian LPG USA, and Tim Hansen, Chief Commercial Officer. As a reminder, this conference call webcast and replay of this call will be available through February 9th, 2021. 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 of 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 unaudited results for the period end of December 31, 2020, that were filed this morning on Form 10-Q. In addition, please refer to our previous filings on Form 10-K, 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 Hadjibateris.

Thank you, Ted. Good morning from Connecticut, where John, Ted, and I are speaking to you from different locations, and from Copenhagen, where Tim Hansen has joined. I appreciate all of you joining us this morning to discuss our third quarter results. Today, we're happy to announce a $100 million self-tender offer. Having considered various options, our board decided the tender offer presents a very compelling way to return cash to our shareholders. It accomplishes our main goal of making a meaningful distribution, while at the same time maximizing financial and option value for all our shareholders. We believe that investors will value the optionality of our approach, as those who wish to receive cash can sell as much of their holdings as fits their needs, and those who wish to increase their ownership have that flexibility as well. Through continued cooperation with our customers, various regulatory bodies, and local governments, we've been performing our work remotely when possible during the ongoing pandemic. Digitalization and remote monitoring have enhanced efficiency, offsetting some of the higher costs associated from COVID while reducing potential exposure to the disease. Through these efforts, our seafarers and shore staff remain safe and able to perform their duties as we continue to focus on providing our customers safe, reliable, and clean and trouble-free transportation. The financial results for the quarter are even better than we expected on last quarter's call on the potential effect that the combination of large amounts of U.S. supply coming online, a heavy dry docking schedule for the global fleet, and the potential impact of a cold Asian winter could have on the market. While rates have fallen dramatically from a dizzy peak, the market environment remains promising, and we think that it is sustainable for some time. We expect that dry docking and maintenance on the global fleet will likely have a stronger impact this year than last year. A wave of U.S. infrastructure came online during 2020 that was weighted towards the end of the year, introducing a large amount of spare export capacity and product supply to the market. At the same time, continued production cuts from OPEC Plus are decreasing supply out of the Middle East, leaving only U.S. product to meet global demand. U.S. LPG exports have returned to China, where new PDH plants continue to start up. Indian and other export markets continue to grow. We continue to be a believer in the cargo that our fleet transports. LPG is a clean and flexible fuel amongst those that will bridge the potential transition to alternative energy. Next, Ted Young will provide an analysis of our quarterly financials, followed by Tim Hansen on the markets and John LaCourse with an update of our environmental and operational activity. Ted, the mic is yours.