Dorian LPG Ltd.

Welcome to the Dorian LPG second quarter 2024 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, Asha. Good morning, and thank you, everyone, for joining us for our second quarter 2024 results conference call. With me today are John Hajibateras, Chairman, President, and CEO of Dorian LPG, John Lakouras, Chief Executive Officer of Dorian LPG USA, and Tim Hansen, Chief Commercial Officer. As a reminder, this conference call webcast and a replay of this call will be available through November 9, 2023. 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 September 30, 2023, 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 resorts to differ materially from those forward-looking statements. Finally, you may find it useful to refer to the Investor Highlights slide posted this morning on our website as we go through our prepared remarks. With that, I'll turn over the call to John Hachivateris.

Thank you, Ted. With a very strong quarter and record EBITDA, Our board declared another dollar per share dividend. The strength of our balance sheet with net debt to total capitalization of about 30% and attractive financing conditions enabled us to return about $650 million to shareholders since our IPO, while also pursuing a conservative fleet renewal policy and continuing to invest in fleet operational efficiencies and decarbonization initiatives. We installed scrubbers on two additional ships and plan to install a scrubber on one more in calendar year 2024, bringing our total scrubber fleet to 16 ships, including one time charter in. And with our four dual fuel ships being up under our operation, 20 of the 25 ships in our fleet reflect investments in greener technology. We're at the forefront of the new environmental regulations and continue collaborating with charters to ensure compliance while optimizing our fleet operational utilization. Our fleet performance and new tech teams evaluate and have deployed energy-saving devices and silicone paints, resulting in significant savings in consumption and reduction of our carbon footprint. The record rates in the spot market indicated tonnage supply-demand equilibrium and effective absorption of the order book bulge in 2023. We're cautiously optimistic about the market in 2024, supported by U.S. production and exports and by demand in Asia and PDH demand in China. Our caution relates to geopolitical and trade tensions. To the list of unknowable issues, we recently added the climate impact on Panama Canal transits. We're closely following and evaluating prospects for future trades, including ammonium. The outlook for transportation of ammonia is sanguine, and manufacturers claim to be progressing their plans for deployment of engines capable of using ammonia as a propulsion fuel. As members of the All Aboard Alliance, we have participated with a group comprising 11 leading maritime companies in the launch of an initiative to promote diversity and inclusiveness and equity on board with a view to broadening the appeal of the seafaring profession and increasing the participation of women who currently make up less than 2% of the workforce. And with this, I pass on to Ted Young.