Dorian LPG Ltd.

Good day and welcome to the Dorian LPG third 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 call 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, everyone, and thank you all for joining us for our third quarter 2025 results conference call. With me today are John Hodge-Bateras, Chairman, President, and CEO of Dorian LPG Limited, and John Lucouris, Head of Energy Transition and Chief Executive Officer of Dorian LPG USA, and Tara Rasmussen, Vice President of Chartering. As a reminder, this conference call webcast and a replay of this call will be available through February 27, 2025. 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 express today. Additionally, let me refer you to our unaudited results for the period ended December 31, 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 those forward-looking statements. Finally, I would encourage you to review the investor highlight slides posted this morning on our website. With that, I'll turn over the call to John Hadjibateris.

Thank you, Ted. Good morning, and thank you for joining us today. Before passing back to Ted and my colleagues John and Taro, who will provide you with detailed comments or financial results on the market and our outlook, I'd like to highlight the following. Our dividend of 70 cents per share is consistent with our irregular dividend policy of aligning shareholder returns with market realities. Our current voyage bookings reflect the improved market, and our confidence in paying a dividend exceeding our current EPS by the heavy dry docking schedule underscores our positive outlook. I would like to note that we are achieving fuel savings higher than 10% from the energy-saving devices and silicone paints we're installing during these dry dockings, resulting in payback periods of less than a year and continuous fuel and cost emissions savings. We expect production growth and terminal expansions at Targa and Nederland by second half 2025, and deliveries of only 11 ships this year will support a healthy freight market in the foreseeable future. We are mindful of a volatile political environment, but we're hopeful that our trade will not be disrupted by a possible terrorist tit for tat considering that the U.S.' 's share of LPG imports to China was 44% in 2024 compared to 22% in 2015, and China's share of U.S. exports was 60% in 2024 compared to 30% in 2015. We're confident in the LPG trade, with growth prospects in pet chem as well as domestic consumption. Expected deliveries in the latter part of 26 and in 27 substantially give pause. As a percentage of the existing fleet, they are more modest than past delivery cascades. On production, some evolving policies of the U.S. have the potential to unleash its oil and gas industry. We're mindful of the challenges posed by many uncertainties on the geopolitical front, including developments in Ukraine, Iran, and the Middle East, which may strongly influence our market. To navigate this environment, we will focus on prudent capital allocation and operational excellence, doing what we know best, serving our customers by providing safe, reliable, clean, and trouble-free transportation while maintaining a solid balance sheet. We are preparing our operations and fleet to be able to bid on emerging ammonia projects. We already have the Captain John MP on the water, fully ammonia capable. We recently retrofitted one of our 2015 built VLGCs to be ammonia capable and plan to retrofit another two ships this year. In addition, we have one VLGC VLAC delivering in 2026. With a strong balance sheet, the company is well positioned to continue being a leader in the VLGC, VLAC market. And now I'd like to pass you back to Ted.