Dorian LPG Ltd.

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

Thank you, Kevin. Good morning, everyone, and thank you all for joining us for our fourth quarter 2024 results conference call. With me today are John Hajibateras, Chairman, President, and CEO of Dorian LPG Limited, John Makouras, Head of Energy Transition and Chief Executive Officer of Dorian LPG USA, as well as Tim Hanson, our Chief Commercial Officer. As a reminder, this conference call webcast and a replay of this call will be available through May 29, 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 March 31, 2024 that were filed this morning on Form 8-K. In addition, please refer to our previous filings on Forms 10-K and 10-Q, where you'll find risk factors that could cause our actual results to differ materially from those forward-looking statements. Also, you may find it useful to refer to the slides we posted this morning as we make our remarks during this call. Finally, please note that we expect to file our full 10-K no later than May 30, 2024. With that, I'll turn over the call to John Haji-Bateras.

Thank you for joining John, Ted, Tim, and me today. We're happy to report that our financial year 2024 was a record year with our highest ever net income and more than 30% return on book equity. Returns to shareholders since our IPO will total $730 million after payment of our eighth consecutive irregular quarterly dividend of $1 per share declared at the end of last month. Even though these payments appear regular, I want to emphasize, as Ted has consistently done in our past earning calls, that they will continue to be contingent on the company's results of operations, financial condition, prospects, and capital funding needs. Post-COVID, the LPG market, benefiting from increasing product demand as well as geopolitical events and climate change, has for the most part remained resilient and has generated strong earnings. The wars in Ukraine and Gaza, as well as a deficit of rain in Panama, significantly changed trading patterns, adding ton miles, helping our sector absorb a very large order book in 2023. Our management, with the support of our board, while often navigating extreme spot market volatility and dealing with extraordinary issues caused by the pandemic, supply chain disruptions, and the wars played a critical role in our success by maintaining the right levels of debt and liquidity and by the diligent commercial and technical management of our ships. In the last 12 months, we expanded our fleet with one owned and three chartered in dual fuel new building VLGCs. It's a good time to be a ship owner. Dorian's task now is to build on our success by continuing the careful allocation of capital and by sensibly expanding and renewing our fleet to meet the needs of the LPG market while we also keep an eye out for market opportunities. We are optimistic for VLGCs for LPG transportation and for the emerging ammonia trade. We are confident in our team's skills to manage through cycles, and we are resolute in pursuit of our duty to our investors to create value maintain our strong balance sheet, and continue returns by way of dividends and or buybacks as appropriate. Back to Ted.