Dorian LPG Ltd.

Good morning and welcome to the Dorian LPG fourth quarter and full year 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, everyone, and thank you all for joining us for our fourth quarter 2025 results conference call. With me today are John Hajbataris, Chairman, President, and CEO of Dorian LPG Limited, John LaCouris, 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 May 29, 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 quarterly and annual periods ended March 31, 2025, 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 the actual results to differ materially from those forward-looking statements. Also, please note that we expect to file our full 10-K no later than May 30, 2025. Finally, I'd encourage you to review the investor highlight slides posted this morning on our website. And with that, I'll turn over the call to John Hunter-Pateras.

Good morning, and thank you for joining us. My colleagues Ted, John, and Tim will provide you with detailed comments on our financial results, our sustainability and operational progress, and our market outlook. First, I'd like to highlight the following. Our dividend of 50 cents per share, totaling 21.3 million, reflects our commitment to returning capital to shareholders in a manner that's aligned with market conditions and our policy of distributing earnings prudently. This past fiscal year, we paid over $155 million in dividends. So far in 2025, freight rave movements have been dramatic. While traders grappled with the tariff announcements and the fact that for a time it became uneconomic to export U.S. LPG to China, the market quickly assessed the ability of the Middle East and Canada to replace U.S. tons. Through this, U.S. exports remained strong, with more than 300 VLGCs loading more than 14 tons in the last quarter. U.S. LPG specifications are particularly attractive for Chinese PDH plants. As you will hear from Tim, we believe that increased production in the US and the Middle East and US terminal expansion, combined with just nine new buildings for the rest of the year, will support a balanced freight market and healthy earnings for 2025. We are confident in the long-term fundamentals of LPG demand, which are underpinned by growing petrochemical and residential consumption, particularly in Asia, and by infrastructure expansions in the U.S., which will support steady growth in NGL output. Moving to the operational side of our business, we are progressing our investments in quick payback energy-saving devices and performance optimization. We have eight dry dockings planned for this year. John L. will provide an update on our initiatives and our decision to convert some of our VLGCs to facilitate the carriage of ammonia. And now I'd like to pass it over to our CFO, Ted Young, for our quarterly financial overview.