Dorian LPG Ltd.

Good morning and welcome to the Dorian LPG third quarter 2024 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 like to now turn the conference over to Ted Young, Chief Financial Officer. Thank you, Mr. Young. Please go ahead.

Thank you, Rob. Good morning, and thank you all for joining us for our third quarter 2024 results conference call. With me today are John Hajibateris, Chairman, President, and CEO of Dorian LPG Limited, John Lucouris, 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 February 8, 2024. 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, 2023 that were filed this morning on Form 10-Q. In addition, please refer to our filings on Form 10-K, where you'll find risk factors that could cause actual results to differ materially from those forward-looking statements. Finally, please also refer to the investor highlights slides posted this morning on our website, to which we will refer during the call. With that, I'll turn over the call to John Haji-Bateras.

Thank you. And thank you for joining us, John, of course, Ted, Tim, and me to discuss our third quarter financial 2024 results. As you will hear in more detail from Ted, in the financial years to date, we earned record average TCE, record spot TCE, and record EBITDA. While maintaining a strong balance sheet and capital to invest in our segment and in our decarbonization initiatives, we continue to return capital to our shareholders, including our recently declared dollar For share dividend, we will have returned over $690 million to shareholders since our IPO. As one of the largest share operators in our segment, we believe we are well positioned to continue our profitable performance in the LPG sector and beyond. More than 40 shares were absorbed into the fleet in 2023, a 12% addition. This was the largest number of ships delivered in a single year since the delivery in 2016 of 46 ships, which represented 23% of the then existing fleet. Of the 17 new buildings slated for delivery in 2024, four have already started trading. We view the market volatility of 2023 and particularly the big rate spikes as evidence of demand and supply being close to equilibrium. The recent near total elimination of waiting times for the canal, which is still draft restricted, is not sustainable. The Canal Authority is prioritizing container ships and LNG ships over LPG. There are 109 NEO Panamax container ships and 73 LNG ships slated for delivery this year. For these reasons, as well as the power reduction resulting in slower speeds, which didn't happen last year, we are optimistic. On the HR side, we continue to invest in improving the quality of life of our displaced Ukrainian seafarers and their families. We recently introduced a simplified payment system through an e-wallet that enables them to receive their monthly allowments quickly and with less hassle. On the social front, we will enter our Cheyenne in a pilot program through the All Aboard Alliance, a global maritime forum-sponsored initiative, which will enable accelerated data collection regarding diversity and increase opportunities for all genders at sea. We are evaluating compelling emission-saving devices and low-friction paints for our ships. During Q3, we painted one of our dry dock ships with silicone paint and have signed new contracts for energy-saving devices that will be retrofitted in the coming year. We also continue our real-time emission monitoring program and have enhanced the initiative by installing MAN's EcoTorque engine diagnostics tool on 20 of our own chips. We have expanded our performance team in Denmark by adding a mechanical engineer. We ordered a new building, VLGC, VLAC, from Hanwha Shipyard in Korea for delivery in 2026, and are investigating opportunities to upgrade some of our existing ships to carry ammonia. John Licorice will speak further on this topic. Ted, your floor.