Dorian LPG Ltd.

Greetings and welcome to the Dorian LPG First Quarter 2023 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, Joe, and good morning, everyone. Thank you all for joining us for our first quarter 2023 results conference call. With me today are John Hajbateras, 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 a replay of this call will be available through August 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 June 30, 2022, that were filed this morning on Form 10-Q. In addition, please refer to our previous filings on Forms 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 the call over to John Hadjibateris.

Thanks, Ted, and thank you for joining John, Ted, Tim, and me to discuss our first quarter financial year 2023 results. The war in Ukraine has added complexity to our crew operations. and our crew departments work diligently and quickly to ensure safety and well-being of many of our Ukrainian seafarers. The COVID pandemic and recent poor closures in China have continued to create challenges around crew changes, but through close interdepartmental coordination, we have managed these challenges well and without creating major deviations or delays. Global LPG exports increased 2.6 million or about 5% in the first six months of this year compared to the same period last year, with the Middle East as the main contributor to global export growth, up 13% year-on-year. Estimates for U.S. exports point to further growth in 2022 and 2023. In its July short-term energy outlook report, the EIA estimated that U.S. LPG exports will grow in 2022 and expects the trend to continue with exports increasing at 23, driven by continued production growth and flat domestic demand. Tim will give you more details on this supply growth and our view of the market. We are leveraging our in-house expertise to optimize our fleet's technical and commercial performance. Our bunkering manager and the chartering operations departments are making considerable impact on sourcing best quality and best price bunkers for our fleet and our pool fleet. The price spread between heavy fuel oil and low sulfur fuel oil currently at about $300 per ton is providing a good return on our investment in scrubbers. The 2023 IMO emission regulations are coming up quickly, and our technical and fleet performance teams have been actively assessing and ordering retrofit equipment which will reduce our consumptions and emission footprints. Through the diligent assessment of hardware and software retrofits on our ships, we will be able to meet IMO targets and continue to harness the superior earnings potential of our modern fleet. John will give you much more information on this shortly. Considering the age profile of our fleet, our dual-fuel new building, the time charter of three dual-fuel new ships, and the additional flexibility following the refinancing of our term facility, which we announced today, we are well positioned to pursue an optimal capital allocation strategy. A declaration of a $1 per share dividend supports this view and demonstrates our continued commitment to shareholders, which is possible because of our focus on serving our charterers well and ensuring the well-being of our seafarers and shoreside staff, to whom we are grateful. I will now pass the line over to Ted for more on this and our financial results.