our the XX, on market. brief slide On LPG insight
above very LPG month. is reports. first year-on-year, tons exports With have continue. current far The inventories risen Costa this being a will of main been as X.X% it’s X.X U.S. global at been exporting Banchero estimated per a consistently positive year So has increases far, with exporter amounts as record by million concerned, to levels, trend likely the exporting half with the high being XX% has supply
East increased in main destination the subsequently of the the LPG sized exporting and as Middle amount have With support China The quarter. well. also provided LPG, for being been and firm the Japan, larger rates this particularly medium of second U.S. ships countries export has
OPEC production this be remains the growth, cut but oil seen. in may moderate to that recent Although
post recovery LPG has Higher effect and all-time more a with X.X XXXX, economic a in imports lot record million But of lower LPG as is important in were Asia. as of far feedstock Chinese that LPG plants LPG with had being tons and with This margins then boded imported. there and operating utilization as capacity at an export well price use China XX% of above differential about but a in crackers. talk effect high been been to demand U.S. rates news for declining April lately its numbers. again as pronounced in positive being COVID, has less general, concerned, Europe lower in in references PDH Overall, prices, naphtha has and There supported by exports, the propane recovery additions saw and an from amount plants. May, importer
China expansion rapid more over are We PDH these and as of It the certain. for have its year. the added but as been second end China plants made major but has control its the increasing it of the in Hence, theme. times quarter a in a we quite a bumpy touched the have investments last were is before PDH Two expected few propane more five ride, -- until capacity. wants on plants capacity production. years for see been to plants few macro
shipping some rates On we market of slide our our with in market. key XX, for market fundamentals commencing present the
in in we stated XX%. call, time charter to up increases year-over-year previous basis, rates on As our significant a see
the During remain steady time rates increasing QX ships. while further ‘XX, the charter ships smaller larger for for
cool off pattern see Looking at the the for of seasonal has the we second small line market Since spot majority June, more LPG year. trade the or a tight half usual the started bit of every the with in QX. market spot remained West of less to Suez,
period On healthy in the market fairly side, the QX. and continued a through state a active
of interest strong the the for Expectations stabilization to and on cubic we smaller and the on period ships going are tonnage in forward. charters and winter a a continued of years pressure lock general, couple seen meters have X,XXX keen We the and see for next above. rates coming in strengthening from
perform East spot did did. Suez, Asia, of the in Western as the market as not markets strong
October TC onwards, rather QX, the with riding, a high quiet charters relatively enjoying from relatively pickup quiet still On period the remained the time in and the coverage. market of Asia expectation is with the through September, of market
We expect activity QX. more towards
to through very the large little There very tonnage was Suez. QX market Handysize medium-sized as either strong again was of a remain side continues vessels, from the the available spillover market, with spot Gas which For effect held market. by well Carrier tight tight on up also
period vessels the the fleet almost side, rates the subdued and size coming reiterate is years. to also pressure relatively hold being already new old, any one-third we of did fundamentals book firm. vessels fleet scrapped not for of small an newbuilding years for this like well see for our in bodes small rates But market. while the quarter, ordering of XX market saw over promising hundreds to look we On that order stable core the remain this continued as I’d of
vessels recent years, published X% a [ph] delivered in next eventually defer the couple until be order in up should there per on lead XX annual midterm. sub to about fleet to before scrapping vessels As of are the increase orders, the
the We balance continue that believe is vessels the improbable. risk could segment keep ordering supply-demand of seeing in new bulk of this that to
this of On terms and including slide XX, that cubic fleet. focus showing fleet the excluded we in the slide of pure ships are the for our comparison XXXX, our purposes, LPG vessels. In until tanker JV we we LPG capacity, held we evolution
X active to sell year in aggregate. market We in selling more X by entered in In vessels and been and into as and X buying JV. selling a always some this sell circa to have We well sold X the market, vessels purchase we for an XXXX after as agreement rising continue our sell ships. $XX million another
are longer this so an sale, that early the extended last little will recorded charters profitable of these of advantage ‘XX, on a take we the we under. the ships delivery While we impairment timing to
have We’re our the more is the modern XX maintained sell age is looking which if we to average standards. industry vessels right. the of Through to quite price years, for such sales, fleet
vessels Moreover, cubic our newbuilding ships and built consists gas order we medium have capacity been XX,XXX investing book each. more three Korean in with of
while take owned October, near one QX take delivery by and in our the first will will two, in completion The is ‘XX. delivery other JV we
the It’s entering our XXXX. vessels Gas larger diversify a slowly fleet smaller Handysize we the and Medium-sized between operated strategic ships, that decision to Carriers that since the traditionally have been have and fleet
In that may outlining some variables performance in we quarters our key slide of are XX, the affect the ahead.
analyzed on optimistic are short market remain the Despite well to mostly up the so far. and term in longer the we held environment, We the the months for the many pretty term, macroeconomic we has summer earlier. reasons related uncertainties in
winter we rates as that increasing Hemisphere will start enter expect, they the We the for normally do. as Northern
on quarter, firm, profit to year target annual annual record record QX, year and strong reported record. us another having to after up, had in profits last keep Summing six second market quarterly the remained last profits months record and allowing we and report us break
assets further the continue larger, quarter, rising addition we of with terms during we of second strategy, timely in fleet the divested to the market, diversify eco-friendly more a ships. In
and we reducing focus to $XXX we late have largely also during quarter our the previous repurchase expenses. to million authorized X to will in Up same greatly shares, repaying this over time, now, rate on we alone, do doing common that continue our quarter. shares thus reducing us the Board million We started so. At interest debt, repurchased will
a This we where And the repurchase same is at are our are the and strong for we stock at to value We price significantly the we creating months, can deleverage, the in to believe fortunate share diversify, way investors. wishing maintain liquidity anyone even X continue past our investment shareholder position for time. be has in we time. invest this over though company sound our climbed
presentation. We open We’ve questions. now like the floor reached the for end our of your to would
