XX. on Moving Slide
LPG healthy. and LPG X.X% than the seems market. a year, still in to of unabated Exports of have grow world, in half brief strong to increasing increased see slightly minimal the the but been by X.X% a this in quarter, exports continue the for the XX% on exports X first Hurricane 'XX, from LPG exports in first insight to We lower the in in months continued QX. this of year exporter largest have at these the U.S. the of Brilon first impact we
over the selling Targa, the XX% planning 'XX. The Partners, Transfer so Energy companies To is due terminal whether U.S. can export issue at to by the constraints. now Product avoid U.S. hit capacity expansions by of end volumes becoming that, and that like will the an capacity increase Enterprise already
Middle extends expect hand, change East those lifted, from we And any cuts. other coming production until flat remained as exports in as meaningful the its Arabian long Gulf. not OPEC the are volumes On
increasing sent the on Europe Although last we this year. experience same into that in demand did whether know of the phase import to has we U.S. X-year volumes Russian are the -- comes Europe, ban was the volumes LPG relatively from effect December. last that winter will lot year as introduced depend and in a on mild To flat, remained
Russian on as imports volumes rail LPG that rely of that Countries means now accounted will This banned. will for in more imported be imports. that to X% via have seaborne 'XX Poland such
demand India. and is the imports, terms China LPG of force of driving In
first the even July. of this day China million year, and XX% of seaborne volumes import year-on-year hit X.X a an rose in all-time half During high by barrels in
importer is been of consumption elections LPG to the supportive economy and grow course, Indian expected demand by June the compared In of first period. of Bank, the through the of remained expected LPG rates that utilization to were has LPG NAFTA #X nation XX% The usage government over grow year is, expansion PDH half India, subdued to the of the LPG alongside of next the its according LPG the is far is the elections. of while X% household demand on and fuel driving a for the to force world for year, incumbent remained during for it. World held production to in so this China, propelling capacity propylene, during demand competitive
on During X.X stream, XX, of X million new PDH tonnes plants came adding capacity.
X X plants capacity another tons are new started have adding far year, year. million this X.X of So this million the up, tons, additions and expected reach end to by
market the are Another parts to ships. present fall market did pressurized at XX, over strength firmed the saw the At with larger Atlantic. drop for X remained rates high why 'XX, experience vessels, our but the million for a quarter, especially key in of continued LPG shipping for our of in the growth fundamentals tons the we we for QX, the trade, charter second historically levels to we Rates of 'XX market. smaller during levels. small a through scheduled some commencing tend time in Slide XX% compared
remained The hand, of The market experienced on west spot Suez was spot softer tonnage rates of on with was poor and tight other firm. owners. rates the east more market, by time idle and
in historically charter side, Most of shift Suezan, period longer X high the especially west than market skin shares saw at also are of Eastern in West. to above market. we now rises, sizes the year. in the the secure On pressurized significantly The vessel rate we period continue West further rates see levels. to
This and through due trading partly to conditions expected softening to underperforming is the market spot petchem compared activity. to a ethylene, partly more due apart from LPG segment, the in size Handy for On the QX. difficult we market saw
book, worst-case the almost remains segment. the especially market QX. with the size risk could Also, show the order an The on Medium term, time term, pressure moment fundamentals of down market Short standard to strong the QX. charter scenario for midsized longer tonnage. we experienced put softening -- order book, a to handy expect growing at a handy compared rates semi-ref factor segment looks to nonexisting improvement segment main for the in which the TC
significantly a to in QX medium-size a the resulted for softer On softer this ships, QX market market. compared also VLGC
number limited the led of available, were and of spot vessels rates to vessels some a incurring demand idle Although lack falling time.
As rates a result, the also charter time on show correction. down
limited has the number buildings market in However, of the entering new limiting the 'XX fall. before assisted
More now has starts look order with piling term, order MGCs long for in worrisome. ratio book the are However, 'XX and surpassed to 'XX more book and deliveries XX%. orders the situation
if ammonia vessels at the fuel a for also and green this shipping. still these there is ammonia, of this the size carry for book going There's is of as situation over doesn't But there's a Handy the optimism be X point. overlooked of And candidate the an this generation delivering quite vessels. is order different next lot in The speculation oversupply was year. next happen, to fleet vessels
the book see X And some although recently, being 'XX did healthy, ships orders 'XX. new placed remains we for order and for
as far concerned the pressurized has situation changed much. of is not our As fleet core ships,
look have We the the the quite mark is X a to we're of and fact demand XX near the winter of for a ordering with of of to In with of for the age the coupled fundamentals term, viable for over given the short to pick years age, being the We fleet. quarters order particularly we more periods, some key the seasonally continue rises. that In scrapping, that scrapping fleet have ratio promising. LPG, activity expect show years. as ordered slide, only in like heating we the last entering This to performance up X/X ahead. not our the strong may vessels this for firm almost make far. owners would segment affect are thus seen next outlining the the X% time for But market, vessels due handful sold any book
to the continue term reasons We the remain longer for optimistic we analyzed on earlier.
than XX of announced Profits To more an its are company at second in since all-time up, the the to high $XX.X record-breaking for 'XX of quarter. inception. compared last that year another for today, were sum we yet double the million years quarter
enjoying whose While previous took strong contain fixing our market we that higher we we of benefits operating are chartering a costs, during quarters, to full vessels at managed rates advantage and now.
bottom The a to the one vessel our of our return sale bolstered further by line of was from related the investments by JVs.
with We debt the of vessels, reduction. in current $XX part while Second taking strategy period the X%. repaid million fix debt have to fleet and continue advantage below the of of our debt far And of vast flow. cash the strategy so quarter, strong XX now net of have and a our securing on we the was majority And ratio unencumbered market
far as for so have employment million year. We all in implemented future Overall, fleet and are have the of revenues. XX% vessels we $XXX have secured successfully managed that secure the to next fixed for
improve undervalued and discount continuously also producing price paying we our we at ratio. NAV higher the not investment, been every continue on optimistic the earnings a in results, to bar terms sound time, we to of but be believe as market to price a are we and profitability, As have we are setting just because
to your QX in Thank trust now to we us call in company, our at have look thank November. at our with end very our for the for you us having again and interest I'd of our call our you you We conference and much. joining forward results for next presentation. like and
