Dorian LPG Ltd.

Good morning and welcome to the Dorian LPG First Quarter 2026 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.org. 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, Leo. Good morning, everyone, and thank you all for joining us for our first quarter 2026 results conference call. With me today are John Hajbataris, Chairman, President, and CEO of Dorian LPG Limited, John Lucuris, Head of Energy Transition, and and Tara Rasmussen, Vice President, Chartering. As a reminder, this conference call webcast and a replay of this call will be available through August 8, 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 expressed today. Additionally, let me refer you to our unaudited results for the quarterly period ended June 30, 2025 that were filed this morning on Form 8-K. We expect to file our 10-Q on August 5, 2025. In addition, please refer to our previous filings on Forms 10-K, where you'll find risk factors that could cause actual results to differ materially from these forward-looking statements. Finally, I would encourage you to review the investor highlights slides posted this morning on our website. With that, I'll turn over the call to John Hajibateris.

Hello, and thanks for joining us. My colleagues Ted, John, and Taro will provide you detailed comments on our financial results, our emission reduction and operational progress, and our market outlook. But first, I'd like to highlight the following. Our dividend of 60 cents per share, totaling 25.6 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 will be our 16th dividend payment, bringing total dividends distributed to over $665 million and total capital of more than $900 million returned to shareholders. In the second quarter of the year, the market proved resilient. Freight rates strengthened, supported by healthy arbitrage economics and geopolitical tensions in the Middle East. Uncertainty caused by tariff escalation displaced ships from the U.S. Gulf to the Middle East and sent more cargoes to India. While a U.S.-mediated ceasefire between Israel and Iran in late June brought some stability, charters remained cautious. U.S. LPG exports continued their multi-year growth trend, facilitated by ongoing expansion of U.S. fractionation plants and export terminal capacity. as well as high NGL output. Middle Eastern exports were also higher following the partial unwinding of OPEC Plus quotas and increased production from new regional gas projects. Taro will elaborate on the fundamentals of the VLGC market and on our outlook. On the operational side, we completed 10 of our 12 dry dockings planned for 2025. 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 I'll pass you on to Ted for our quarterly financial overview.