Dorian LPG Ltd.

Good morning and welcome to the Dorian LPG First Quarter 2027 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 the 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, Tasha. Good morning, everyone, and thank you all for joining us for our first quarter 2027 results conference call. With me today are John Hadjipateras, Chairman, President, and CEO of Dorian LPG Ltd., John Lycouris, Head of Energy Transition, and Taro Rasmussen, Vice President of Chartering. 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, 2026 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. Finally, I would encourage you to review the investor highlights posted this morning on our website. With that, I'll turn over the call to John Hadjipateras.

Thank you, Todd. Good morning, everyone. Thank you for joining Ted, John, Taro, and me. Before my colleagues provide you with detailed comments on our financial results, our market outlook, and our operational progress, I'd like to highlight the following. Our recently declared dividend of $1 per share totaling $42.8 million will be our 20th dividend payment, bringing total dividends distributed to over $810 million. and total capital return to shareholders to over $1 billion since our IPO. This past quarter, the VLGC market experienced another three months of strong rates as the continued disruption to Middle East volumes drove much of the fleet to the U.S. Gulf and supply chain inefficiencies apparently increased ton-mile demand. The closure of the Straits of Hormuz cut off nearly all supply volumes from the Middle East. Liftings from the region fell to roughly 3.4 million tons in the quarter, down more than 70% from the same period last year. Countries such as India and Indonesia, who were already starting to diversify supply away from the Middle East, were now forced to source all their LPG from U.S. Gulf, adding healthy ton mile demand. Fortunately, U.S. production has continued to surprise to the upside. U.S. exports reached a record of nearly 20.8 million tons, up 20% from a year ago. The United States now accounts for approximately 65% of global seaborne LPG exports, up from less than 50% a year ago. The conflict in the Middle East has also disrupted LNG and oil cargoes out of the region and created more demand for those commodities to be sourced from the US. This increased congestion in Panama and pushed many ships to route around the Cape of Good Hope in both ballast and laden conditions, amplifying the ton-mile demand increase. The market strength is carried into this quarter, with BLPG re-approaching record territory at around 175,000 a day. Panama is congested again with elevated auction rates, Plattsstarts in Europe have increased LPG demand for steam cracking there, and Chinese petrochemical demand is expected to increase in the coming months. Taro will elaborate on the freight market of the last quarter and on our outlook going forward. This year, we contracted a sale for and have so far delivered three ships to their buyers. We contracted to build one 90,000 cubic meter dual fuel Panamax VLGC at Hyundai Heavy Industries. and our plan is to pursue a conservative renewal program. We believe that a conservative program is appropriate at this time. Our investment in energy saving devices have once again proven their value as they are reducing our overall fuel consumption in an elevated bunker price environment. Now I'll hand over to Ted who will present our quarterly financials and our view for the future as well.