market for product. On partners Slide the shape on our providing insight markets how and trade LPG we some are the XX, shipping
the being themes in and call data these one The change resurgence previously views. Chinese out laid demand. XXXX of the our have from coming We support to positive previous
data to year countries, significant increased for and XXXX, expected. increases Costa exports According Middle in exports managed slightly last of by main destined Europe. from better with being the X.X%, was U.S. LPG than The X% increasing volumes LPG Eastern Banchero during exports increasing exporters U.S. the and both
diversify be and to mile the demand. supplies increased of mainly from U.S., from importing to thus India, continue as muted from Apart Japan, that LPG are supplies away, their countries continues Europe, of importers sourcing China, the exports the ton is away third European Korea European imports. a Russian their further all largest and increasing
imports. has LPG Chinese in showed of while the COVID an that positive reopening all of significantly we And China, the year, change the import in and end at infection concern 'XX COVID data lifting numbers, of the quarter in previous finally while that boosting last vary initial grew policies finally of it rise was compared the seems had. negative year-on-year the making the call that started point imports there to widely, The
expected last Chinese that rates for remain main the but that to optimistic We few to therefore will margins, years LPG have of the PDH feedstock. propane A expansion by is and over China's use by China supported unquestionable. the unfavorable LPG economic GDP X.X% plants flagged plants this capacity rapid demand, be for in demand on as in increasing despise low capacity year. Chinese growth recovery been due imported PDH run the its of These production start-up delays catalyst
capacity less beyond than projects To the was scale, tons 'XX, potentially tons million more increasing current and production by than understand capacity are more in XXXX. scheduled around for XX% There domestic of new that. X plants XX XX.X million
evolution. we On key shipping commencing market fundamentals with our rate in some Slide present XX, market the
while QX healthy on back During rates a the demand, location. continues 'XX, time rose on depending the to on year-over-year growth increasing X% charter basis, and and there between XX%, size be of
a of months following Suez of West the and have XXXX on due moderate side, There unfixed gone tight push at of months, to trade, that upwards, has and lack summer fair times been LPG ships. pace. of rates available so although have the at period tight smaller the been bit to softer even continue average beginning activity At the final and the on 'XX of cargoes reasonably a
the of activity available on less amongst of spot see charters the market. time Suez, it's the time any see main major coverage a in tonnage high a usual limited sentiment show for in we East time active the As fair the period drastic the the to this also year, has considering Atlantic, charter of charter side, market of than now, we future. near reasons been and explained by in turnaround but bit for cannot like in
Rates marginally have trended upwards.
final market the the months 'XX. significant ships for A were LPG spot pet-chem available tight the ammonia, For number very of trades. time to of has beginning fixed short-term ‘XX in and been the charters, Size this tight Handy less resulted during the Size for being of tonnage or and Handy vessels, and
The pressure is fleet the vessels over to old. XX fundamentals our third promising small of as a for almost look of continue fleet years core
trading. the strong, market scrapping destined were activity recently further we remains vessels that subdued. sold that Even As for remains
to from However, upcoming or make do capital environmental demanding international vessels in we older to intensity and regulations it on trading see for vessels EXI expect restricted carbon and removed trade, being activity trades less scrapping increasing will to areas. harder
with only ordered. ships handful to continues of being activity ordering The subdued be a
XX to delivered order be are ships of next the As on published there couple until up orders, per years. recent
risk before the in all scrapping vessels that balance increase the not of supply-demand We bulk in one continue the keep could smallest, improbable. the smallest A is believe of segments. seeing that X% to ordering used if the of shipping is annual fleet sub
until comparison the we pure focused and the in showing In excluded are including terms JV of have fleet LPG capacity, we purposes, tanker vessels. we up XX, XXXX, LPG Slide for vessels we our that have this the fleet. On evolution slide held cubic of on our
the and always We vessels. been buying have sale active in purchase and selling market
a our three Recently, fleet older we joint have of part selling competitiveness. our We our few quite In have four of opportunistic we a may its the little XXXX in keep in thus maintain of strategy this This leverage order more to is reduced years. ventures, fleet in approach ships, buying. more our year. shedding been average below to and terms have nine and to renewing
cubic However, 'XX, in again the of meters late that diverse in our able needs new meter core fleet, in capacity we increase our expect while service to being in cubic starting with of the will once addition of customers. we our the XX,XXX builds better terms
a is important ahead. some Slide we after that for variables In XX, China most our two mentioned long awaited are key will we quarters the (ph) affect performance Obviously, the development examining that years. reopening earlier of have the
LPG With trading. back should on economy we track, the increased see Chinese
for should imagined. faring the its recessionary the especially the hand, latest projections. than The even economies they've a fears time. with that more high other global IMF persistent all what long fragile rates, be is U.S. us. economy, the and originally the On better for slightly are inflation recently, impression revised upwards interest than of But is a been And concern
a difficult fleet, ever net to million earn support environment $XX in profit StealthGas $X.X share. interest a for rates sum very we pleased rising income up, -- per best to to smaller annual To or of and report I'm about total with managed
'XX. the adjusted times X Our QX for was adjusted QX higher EPS EPS for than
at end end year the the push We liabilities. year. us in at quarter not Our with growing, results $XX.X energy. sheet the beginning worthy $XX.X for only assets doubled the to strong strengthen prior last the all company continue total even $XXX.X from need while total the results were for balance We These of 'XX, another year further. and of total more we million cash $XXX of our and million to million to at to end give the hope million expect and our to keep momentum
floor like presentation open questions. would We end have the to and reached our the of now for
