Dorian LPG Ltd.

Greetings, and welcome to the Dorian LPG third quarter 2022 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, John. Good morning, everyone, and thank you all for joining us for our third quarter 2022 results conference call. With me today are John Hajibatera, Chairman, President, and CEO of Dorian LPG Limited, John LaCouris, Chief Executive Officer of Dorian LPG USA, and Tim Hanson, Chief Commercial Officer. As a reminder, this conference call webcast and replay of this call will be available through February 10, 2022. 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 unaudited results for the period ended December 31, 2021, 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 these forward-looking statements. With that, I will turn over the call to John Hedger-Bateras.

Thank you, and good morning. John, of course, Ted, Yong, Tim, Hanson will update you with details of our financial operating and general market information after my brief remarks. I hope you and your families are keeping safe. Thanks to the hard work of our shoreside people, our operations continue largely uninterrupted. I'm pleased to report that we now have 79.9% of our seafarers fully vaccinated. Our fleet performance and technical teams are assessing various emission devices, which potentially will reduce the consumptions of our eco-fleet. And we've narrowed down our target list for potential retrofits. Since January 2020, our efforts to reduce emissions have resulted in fuel savings of over $3 million. We will shortly be posting on our website our new sustainability report, which highlights our achievements and targets. We are proud to be participating in the Getting to Zero Coalition. We saw a quick rise in the market this past quarter and managed to achieve strong rates and vessel utilization. Higher bunker prices impacted TCE. Last Friday on February 28th was the first time since September that Brent was quoted above $90 a ton. The price spread between heavy fuel oil and low sulfur fuel averaged $127 a ton over the quarter. This increased the earnings differential between non-scrubber fitted ships and expedited our return on our 12 scrubber ships. Currently, the price differential is between $150 and $200 a ton. We have a new bunkering manager now sitting with Chartering and Operations in Copenhagen, who already has made a considerable impact on sourcing the best quality and best price bunkers for our fleet. and our poor pool fleet globally this morning we announced the decision of our board of directors to authorize share buybacks of up to 100 million dollars we are continuing our focus on capital allocation creating value for our shareholders notably we also have returned capital by way of our second one dollar per share dividend which was paid in january And with our new building order and time charter dual fuel new ships in 2023, we are well positioned with fleet renewal flexibility. Thus, our overall capital allocation strategy is a balanced mix of return of capital and sensible investment in our business. I'll now pass to Ted to discuss our financial results. Thank you, Ted.