insight LPG brief the a have on some we XX, and Slide thoughts. markets On
X marking that in X.X% increase the latest world's year-on-year exports steady last X.X%. 'XX 'XX, marking the finished the global at the growth. are path. increase was years, a LPG year a data an showed exporter, LPG XX% U.S., at impressive a The Over in After similar upward there largest
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its see we taken And authorities to the late in have that track. growth managed targeted economy year measures back the Chinese X% so pull far, to by last yet the
term, being Three coming that but economy factor a overcapacity. volatility the this the we on need depending on rates, in LPG that more strength we plants production the continue PDH which for expect the and both year of short should demand, built. long-term propylene of underpin utilization their see is
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mention briefly Let me them.
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they So far, further more away. or redirected imports seaborne led volumes Russian being have to Poland from
in imports, European a probably the Second, more conflict, significant in will risen -- from imports will short any we change sources we substantially. have LPG developments diversifying to -- LPG U.S. especially the European resolution since Russia-Ukraine although not as lead longer-term have a term expect of is policy,
has hinted on to new positive Iranian producer, also produces a a More U.S. LPG per estimated mainly XX Iranian administration but tons of around that. that that the million China. a major sanctions oil should ton-miles comes for exports year restriction be demand. Iran potential that Third LPG tightening is
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U.S.-China and trade maybe importantly, most Lastly, you looming the have war.
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most sleep new is know the to it we'll been. future may, has company who sure others positively, this Canal our we'll we solid in have state Some and droughts the as add I'm more calls, we them be over the talking maybe knows, Panama Be about the again earnings don't lose than ever in that that negatively. in mix.
how On discussing the markets we're shipping quarter. fared Slide XX, in last
fourth tighter vessels The relatively winter to in and an generally, of consists fleet, more While the then, activity that the a flat market market. of was our the one has pressure quarter onset been initial comprise conditions, But the small market. of picture increase firming led of since of majority stable. market the the
limited for are there most taken a also positions, limited of fixing have their Suez candidates. West period but charges as was interest
high result, a a continue rates. we witness As firm, to market historically pressurized at
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spot otherwise, and stable some rates area ships as less has more or is the to overall remain fairly west. moving leaving the expected market with hands of and availability reduced, be Period tonnage The changing flat.
about was ships, with were close the was spot petchems, fourth market the vessels butadiene all the active to quarter this For cargoes. the size, particularly also nonexistent fixed for for and LPG several trading ethylene handysize
year rather of this also start was The quiet.
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as from for On VLGC MGCs, generally through and to trading lower market product. from a continued the market, softer and LPG suffer a QX more difficult spot conditions pressure margins
side, time mid- we On tonnage in charter of more the and they delivering the several tonnage, are bet market need on available rather in long-term their TC really to saw charters a spot vessel. when
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previous for the quarters, existing the of Since the slowed book pace accumulating But worsen. longer is ordering However, book term, order our call, situation XX% order fleet. has surpassed now from ratio last MGC has the of down.
materialize grow it stage the to this Expectations choosing pain -- become segment. coming for for in order to but versus But would least significantly a today's those are of not to that ammonia in late is years, not alternative is one if this because can and market to the for record this of at this prices ships. fuels not lot invest lead leveraged
as delivering ships. to see On year, there we in order continue are book the limited and overlooked beyond different situation remains where vessels other fleet, the order the the this interest new very very that is hand, owners healthy from on ordering no handysize book quite
much. the a below keeping previous vessels and As ships, one has includes at since very the core destined Chinese X of the order ratio far just our those situation few are book for domestic at as level ordered, X% years. pressured next being not healthy fleet for trades, call, that Very changed our
meaning XX% enough, XX keeping time, vessels renewed is over the years scrapping fleet and age still the same old pressurized are profile old, At be existing unlikely older of are not fast fleet to owners even the vessels shows them. to XX the and that years up trading sometimes over that
their drop in it's ships. to Europe, difficult We safety international a increasingly owners But for without to in regulations. trade to need order in getting the will force environmental given see even massive the market to probably markets, scrapping, vessels scrap especially more
we affect ahead. On outlining are in variables XX, Slide quarters that our performance key the may some
the record we Summing great for it's today, up, million of for XXXX, with $XX improvement fourth increase, After year, announced for we the reporting ships. quarter, our profits. a annual the a net market outpacing that underlying consecutive pride third successful concluded XX% a income year, far
We value fleet, modernizing are strategic business, bring shareholders. to and the to the derisking StealthGas aiming our delivering securing on strong priorities, revenues
close are the We to debt our deleverage fleet. will advantage completing to a net free bring and that long-term
are solid a that The segment. footing, always but company always we is a in we but -- in there mindful operate volatile
a cautious. of sound, There are anyone be geopolitical for our discussed We sharing believe we still to are are situation thesis. that and today undervalued optimistic, yet lot a we developing, that investment
the Finally, renewing after task. to $XX.X our to repurchase are order our excellent we us results give announced today and shareholders, to and million, back this increasing to available up value program for our further amount in share
We our look thank presentation. and much. again your interest May. you for today the next end in us reached to for trust have our like our of to us the call conference with Thank joining forward you company, and very for in you would having we results and at our QX on I call now
