Dorian LPG Ltd.

Hello and welcome to the Dorian LPG second quarter 2025 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, Nikki. Good morning, and thank you all for joining us for our second quarter 2025 results conference call. With me today are John Hajbateras, Chairman, President, and CEO of Dorian LPG Limited, John Lukouris, Head of Energy Transition, and Tim Hanson, Chief Commercial Officer. As a reminder, this conference call webcast and a replay of this call will be available through November 7, 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. Though 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 end of September 30, 2024, 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'll turn it over to call to John Hachimateris.

Good morning and happy Halloween. Thank you for joining us. Our board continues to be committed to returning value to our shareholders while retaining commercial flexibility, ensuring a strong balance sheet, and the ability to invest in optimization and decarbonization initiatives. This is reflected in our capital allocation policy under which, after paying out our recently declared dividend of $1 per share, we will have returned over $820 million to our shareholders since our IPO. We had a solid quarter despite a free market which felt the brunt of weather-related disruptions on LPG exports. For the quarter ending September 31st, our EBITDA was $46.2 million, and net income was $9.4 million. Our net debt to total capitalization remains at about 14%. We feel well-positioned to take advantage of opportunities for investments. Ted will give you details and answers to any questions you may have on our quarter's financial results. VLGC freight rates started the quarter on a high note, but this initial strength was followed by a period of softening through mid-quarter. Despite a very healthy arbitrage between U.S. and Asian LPG prices, the VLGC freight market was hit with an unusual combination of forces that created temporary length in the market and weighed on rates. Tim will provide you greater details in his comments. We're optimistic about near and mid-term market prospects ahead of seasonally strong winter period. Recent volatility illustrates that the market is near equilibrium, where disruptions cause sharp and up-and-down moves. In the short term, a canal is likely to gain more traffic from container and LNG ships in the coming months. An example of a mid-term positive is terminal expansion projects, the first of which is slated to finish in the second half of 2026, and subsequent two years will provide ample capacity to accommodate production and expert growth. The Helios LPG pool is performing well, and our mix of scrubber, LPG dual fuel, and Panamax VLGCs allows us to take advantage of favorable fuel prices and to offer commercial flexibility to our customers. We have one VLG CVLAC delivering in 2026 and will retrofit some of our existing ships to be able to carry ammonia. We already have the Captain John NP on the water which is fully ammonia capable. Our feeling is that the current order bulk is sufficient and further ordering needs to be restrained until the green ammonia trade develops. We're pleased to announce the addition of an eighth board member. Mr. Mark Ross earlier this year stepped down from his position as president of Chevron Shipping after nine years in that role and 34 years at Chevron. Mark's knowledge of the global energy and shipping markets will contribute a valuable perspective, and we're proud to welcome him to the Doran team. As always, I acknowledge our dedicated seafarers and shoreside staff whose hard work and dedication make our results possible. And now I'd like to hand over to Ted.