LPG - Earnings call 3 2024 | Dorian LPG Ltd.

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Operator

Good morning, and welcome to the Dorian LPG Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

Additionally, a live audio webcast of today's conference call is available on Dorian LPG's website, which is www.dorianlpg.com.

I would like to now turn the conference over to Ted Young, Chief Financial Officer. Mr. you, Thank

ahead. go Young. Please

Theodore Young

and Thank USA; you, joining conference you for Officer. Officer Chairman, and With John LPG Lycouris, Chief Tim Good for our Hansen, morning, Executive President Hadjipateras, us John results Dorian today thank of third Dorian me Limited; LPG all of are Rob. CEO and quarter call. Commercial XXXX Chief

Many of of reminder, may conference words remarks expectations. February call this replay call future believe anticipate, this a through current will as similar a such forward-looking As X, often contain indications expectations. and XXXX. our today on with statements of available be webcast expect, or be based identified statements These

assure correct. any to Although will prove you statements we that we that forward-looking believe forward-looking be such statements are cannot reasonable,

materialize statements more those forward-looking factors other Should well These unknown and we subject these be materially or known incorrect, of express uncertainties results risks should one are risks may economic from actual and and uncertainties vary estimates prove as or conditions. or underlying to general today. assumptions as to or

Additionally, were XX-Q. me this XXXX, period XX, ended on refer that for our you December results let unaudited Form the morning filed to

In you'll results that Form could forward-looking refer to those our cause differ XX-K addition, please find filings on statements. actual to where risk factors materially from

investor posted refer morning this the slides on to highlight refer call. the during will to which website Finally, we please also our

Hadjipateras. With that, over to I'll turn call the John

John Hadjipateras

our Ted, and thank Thank me for Lycouris, to you discuss results. quarter XXXX you, third Tim joining John us, financial and

record record financial more in in spot TCE hear and Ted will EBITDA. the you record year-to-date, a we earned TCE, from average As detail

shareholders. invest segment, sheet initiatives, strong and our our to return capital balance decarbonization a capital maintaining in to our to we continue adding While

declared shareholders million recently have dollar over our we will since dividend, per to returned our share IPO. Including $XXX

addition, performance our fleet positioned sector in a single the in in XX ships, are number represented were of fleet. the existing of the segment, we a delivery was then XX we of More XX% believe than which continue our largest the XXXX, one this to and As XX% beyond. in year the profitable well XXXX of ships in since the into largest operators ships absorbed delivered LPG

ships XX sustainable. supply is the of recent have volatility XXXX LNG in for newbuildings waiting XX started Canal near We evidence for slated still of big Authority as being The Of view which container Neo-Panamax the equilibrium. not to is this delivery LPG. rate delivery slated ships is draft are particularly prioritizing ships for the over and already close The market demand time restricted, total XXXX, ships and spikes and canal, of There container and XXX trading. the year. LNG X elimination

reasons power these we as happen in the didn't as For last year, reduction are well resulting which slower speeds, optimistic.

them to of a side, with the monthly hassle. HR e-wallet to system that recently simplified and receive invest life continue quickly their their and payment through On enables less We families. improving quality displaced our of Ukrainian the introduced in seafarers an allotments we

enable for front, all a diversity social Alliance, sponsored at global a Aboard maritime the the through regarding On All which initiative, will increased opportunities Cheyenne final and enter our program we will forum data in genders accelerated sea. collection

evaluating for our are saving friction low devices paints and emission ships. We compelling

retrofitted that one will ships energy our be saving paint QX, dried in contracts devices we year. with have of painted silicone coming the new signed During and for out

own on Ecotorq ships. of We by our XX engine diagnostics also emission program our initiative continue enhanced real-time have monitoring [indiscernible] the tools and installing

performance engineer. mechanical Denmark a team We in have adding expanded our by

some upgrade existing the XXXX in Hanwha newbuilding, have this floor. Korea VLAC opportunities on you a Lycouris and Ted, further VLGC, shipyard in delivery to carry for ammonia. ships topic. our ordered are of speak will to John from We investigating

Theodore Young

this comments on a from allocation paid of XXXX, declared of that position the reported reported $XX results the XX, end at My quarter. focus free we At payment reported very during John. cash, December solid decisions. the you, after represented increase quarter $XXX.X morning our our $XXX.X of The million million $XXX dividend September. our will the Thank and financial capital unaudited the is, and million December was course, third of million and liquidity, which

AC the XXXX. P&L payment or effect January VLGC, Helios Pool, of million, of XX, our not has balance of accounts balance had which on which during million we $XXX reported net cash. unrestricted made do an January sheet of understating We As $XX.X cash down is newbuilding our the the of consolidate the

of it reported pool on sheet. pool, the balance As we held cash otherwise our $XX.X is since of and XX% to the of equates economic XXXX, million, January roughly which a approximately $XX have million, not interest in XX, cash

XX.X%. quarter end $XXX.X our to and total at capitalization total at at to balance debt of book a With million, debt capitalization book XX.X% set debt net

banks As $XX million add a to $XX revolving line to reported, to vessel and acquisitions million for $XXX our our facility. to we agreed increase million have previously the accordion from credit facility

of and support endorsement We their for grateful capital. of stewardship are their for their our

high options evaluate maintaining for low with an aim our to our financial and of of pre- and costs debt financing flexibility. begun VLGC, level various We've post-delivery AC

which our to $XX,XXX for existing expect dry the cost ammonia will to day year day the we and discuss capital expenditures be docking excluding cash range in potentially for coming forward, Looking our of in fleet, per John later. per upgrades $XX,XXX capability for

these useful of definitions terms. our operating refer adjusted would will discussion highlight I our my find posted to available you for the to you also investor such remind slides of website. our days include it terms results, as EBITDA. that morning Please this number filings may on quarter TCE, For to days, also a and of third refer remarks the the

with of XX.X%, a utilization For $XX,XXX operating company's targeting yielding our third we day TCE adjusted total TCE result utilization This best in results, about $XX,XXX. history. achieved quarter per of a the the TCE represents of

conducted is spot program the Helios the through best trading spot the spot for Pool, entire chartering our of our are Helios As measure performance. results

For the Helios which quarter, spot spot of Pool the per ever earned earned the highest TCE the day, has a pool rate December is a $XX,XXX XX for quarter.

exposure plus Dorian On material, the indicating we in can about X you Page X investor MOL vessel, of charter have to within vessels on highlights XX% the Energia the X Pool. see for spot time XX% that XX of vessels Helios the pool,

be XX, time out excess charter in at very quarter. quarter voyages rates per strong of Pool, day, a equivalent we XXXX, Helios carried reflecting the booked booked to of over $XXX,XXX have ending calendar in that currently available XX% days March for this Turning the the earlier will the

that Please includes spot that, note fixtures both and rate charters. time

which sequentially Our and was and from Reductions quarter. the down drove OpEx per stores spares somewhat docking calendar prior in the day, $X,XXX was costs, excluding dry lubricants decline.

time Our time charter in to which expense million, budgeted for vessels $X.X charter X underperformance due than is in in some the lower at claims. efficiency came fuel

consistent plus about compensation employee G&A quarter $X.X G&A, G&A about $X.X noncash that the came that was core our is excluding for million, G&A some million our with included and bonuses, million. million, Ukrainian roughly $X.X Of expectations. in [indiscernible] was $XXX,XXX $X.X expense, which cash and is at seafarers Total

was guidance with quarter we Noncash quarter. million, for consistent gave that $X.X expense the which the compensation is last

Our adjusted million, quarter reported is quarterly adjusted the history. in EBITDA best EBITDA $XXX was the which corporate for our

Our $XXX nearly the last million. XX adjusted EBITDA for months is

service. Turning to debt

expenses sum derivatives was as of decline debt $X.X I calculate cash debt interest of the expense, lower would about financing realized deferred and expense, our X.X%, of current is SOFR $XXX,XXX excluding quarter, swap the about other cost which the and interest loan rates. we reflecting and for of million, all-in the note Our on items, a interest below average floating quarter prior rate from gain/loss line fees which

principal amortization remained at Quarterly $XX.X million. steady

Our on income average we the of booked XX-month for trailing period return million of a XX-month with equity about XX.X% $XXX shareholders' is shareholders equity. roughly generated same million, net $XXX and

our it out capital because paying reflects dividends strong our meaningful We that level, shareholders. only balancing not generate, to still shows profitability appropriate keep the also equity an of are that this it we've to shareholders' managed platform our proud of while can retention result at

on dividends paid total share We per underscore nearly week to declared $X dividend our X, or $XXX aggregate. $XX.XX share last payable XX shareholders February per of and The to brings record [Technical XXXX, in million Difficulty] February

Operator

you. Ladies stand technical gentlemen, by. and begin conference online. again, and experiencing Thank Once momentarily. and ladies please our gentlemen, please remain will difficulties, We're

for Your Thank please teleconference momentarily. you. by and standing resume Thank Ted, will you continue. gentlemen. ladies

Theodore Young

headwinds. mindful prospects on Rob. of our business, we're the positive Thanks, but of long-term near-term Again, we are the

pass Hansen. I'll Tim that, it With to over

Tim Hansen

Good everyone, day, dialing in. and for thanks Yes.

participants. the for times interesting some created market VLGC the always, As

quarter a December, in drivers sharply during XXXX. firm As January ending of record-selling XX primary levels in the The freight 'XX, record-breaking strength high saw market with December the for contrasted widening freight Asia Swiss the market VLGCs. arbitrage vessel U.S. transits. applying several subsequent to amidst Panama and were the Panama the Canal and decisions restrictions about the Canal routing new the uncertainty to The

the amidst widely winter. on export to LPG import as discussed. warm water production October. of warm becoming restrictions the short-term In a increase Panama severe the latter in demand drought arbitrage. about more gas The of to of reduction U.S. transit been The necessitated of an natural offsetting of inventories cost was experiencing of the A first can Turning North now unseasonably the of This Panama transits booking liquids concerns a America, reduction lowered the VLGC daily levels. supply expensive. VLGCs new The has with start increased was transfers in at also end winter. of record some introduce effect to prices continue to the Asia the level

November, of peak just Canal By the million. under first reached new a of $X week for Panama auctions transits

around and in Gulf the time arrival alternative of America, a some And U.S. were Pacific not a South opting of balance and Mid VLGCs to some resulting to uncertainty as owners well opting ton in transit. avoid able Panama in secure Canal miles for around charters faced real turning northbound impacting lead loading. few the the operators to being possibility for estimating for as routes, increased

The ballast via facing laden and the or Canal for The eventually scheduling choosing prices fixing cost currents were Canal. impact longer and both Suez potentially late uncertainties impact apply scheduling passage charters levels the of X auction high the the with the was about Panama at window. the in freight into almost in and laden restrictive vessels priced months forward fixed

VLGCs, [indiscernible] quarter ending XX the per quarter balancing December This VLGCs months. XX The the in Suez rates an index on was compared Index with month average, via Baltic the the [indiscernible] of ballast to the rate. average laden fixtures in December, via [indiscernible] reported averaged On on few vessels that a U.S. routing being green preferred saw degree Suez Gulf under prior. and the Panama 'XX Canal for for cheaper to to such Suez fixed terms,

but The the shift of market significant made routes trading in VLGCs over norms in difficult pricing the the shift testifies to for period. more the assessment

solution. Middle towards routing the in However, attacks missile grounds the the via the geopolitical Cape safety. the of tensions decline Red Sea Good began Sea December, Suez East, of routing And Hope. When operators in VLGCs route to drone and via Red during on pushed a made short-lived escalated were

For years, Cape time XX month. Hope the of VLGCs ballasted in first in the via than more several X Good

added strong in the the the freight a ton result, market miles As supported term.

conditions reflecting fleet At change. several how the the factors beginning legs. increased Now of January, on can

in anticipation an Forecast domestic arbitrage created West drivers. into to of in the reducing key [indiscernible] the January of market increase the LPG and a consumption, U.S. product one which in East to priced of began sudden be the

due heating. were economics. for Asian demand lower decline X the started amidst the import impacting prices Therefore, demand importers to to normal arbitrage anticipating narrow on Also, the index the arbitrage reduced

Canal. for During the supply lighter XX% and in the Cape, vessel declined Congestion and via Panama solid in of the January first include VLGC deliveries traffic creating the X the rapid 'XX. rerouting we in calendar expected rainfall delivered of the significantly factors Canal quarter increase a increased newbuildings this in month. Panama or container of XXXX vessel Contributing

In oversupply is during pressure the putting in vessel East supply U.S. Far unfortunately this create a temporary ports, Gulf and will both Italy, this as we've quarter, the rates normalize unsold. should which on seen as

rates Our short-term may of be and cyclical can strong subject factors that have in freight and to number also peculiar freight favor. wide we range our factors is volatile market influence a of but a

more the to anticipation climate A prices. more will in is, at going warmer spring North favorable forward contribute America therefore, west widening east. more LPG east supply to The --

the was the that in the We year forecasted we newbuildings only newbuilding deliver based last expect on expect remaining year, XX XX deliveries to this successfully absorbed compared exports. increase to absorbed to be

from normal Canal levels are in take day and cracking sources. July see plans growth other The are to transits propane from per 'XX, particularly dehydrogenation Panama issues are expected continue to in than fuel market in in And still expected solved. only far share significant Asia. to congestion We XXXX, the LPG steam it's daily and numbers XX during transit the summer. revert less The

segments congestion VLGCs thus will back addition the thus ships and VLGCs VLGC norm due the again for prospects increase do the Neo-Panamax while increase towards remain volatility costs. of forecasting our expected demand the will is Panama short-term to expect than L&T Suez the XX return Canal canal. of be more passage and congestion, transits to the we and ever XXX to other the Cape in the positive Re-routing the XXXX expected Canal become for medium- of via the long-term that of exception and business to newbuildings, This we rather container in the acknowledging is there's Panama on delivery and in to and uncertainties Thus, XXXX. pronounced to in Routing present. for and canal

to With over John will I you Mr. Lycouris. pass that,

John Lycouris

believe you objectives to goals. solutions that much, At Thank world's firmly long-term Dorian the Tim. very decarbonization and of should part and we be LPG, provide we

Our investment to returns. in scrubbers derive strong continues

the stood our per daily day savings million average Our per the net about quarter. scrubber $X,XXX or quarter $X,XXX about over $X.X on vessels for day -- at

averaged and ton, with low LPG. about as helpful Fuel LPG dual oil, at about operating -- differential fuel in the high fuel oil low fuel the oil oil which fuel between metric fuel The engine quarter sulfur pricing last $XXX vessels sulfur XXXX. of was of differentials versus for $XXX when fuel stood per sulfur

with X of energy scrubber to a savings, CII fuel chartered-in in plan now saving unit retrofit of and devices a COX second the installations and provided XXXX. And emissions we vessels vessels of hull total vessel performance quarter scrubber-fitted of in significant and reduction fleet the We ratings. coatings our to have XX silicon vessels. another The have improvements improved the

now of Besides vessel visible carry as was the world to a portion VLGC, such Captain built fleet VLAC, our John called, which as as of some is are vessels quite for originally -- carry to upgrades. out Captain our we good it NP, ammonia upgrading a

is ports. it into EU XXXX in Shipping The EU effect emissions trading and system in every all their year to were reflect while that their ships came surrender and companies EU thereafter, waters. EU trading calling XXXX, allowances, January will the COX at X, applicable will emissions September vessels XXXX latest year by

for to ETS principle, with the to the of transfer and end is line In passed who EU of monthly pays the with owner the owner's is cost the account. complying EU charter, responsible purchase time user ultimately allowances the by the

rule. EU the pays users with voyages, line end allowances invoice we to expect to spot added in For the the freight be

commitment seek Dorian's to gas capture emissions. have planning carbon midsized applications. recently sustainability solutions methane will invested company to be to we carbon issues compact profile, and that marine is into carbon of market a modular greenhouse including applicable emitters to and for industries, the system from many companies continuation In climate to Ionada small and improving

membranes carbon claims it about XX% combustion of carbon gases. of dioxide technology contactor capture hollow achieving a as XX% fiber conventional with large capture patented technologies post better array works than The flue solutions, efficiency of absorbent in

or the green be after technology green ammonia. waste carbon is emissions [indiscernible], emissions carbon are and high-quality aviation instead landfill biogas transformed avoidance of into wasted methane such negative can neutral methanol biomass. being from and converted consolidated These bio-LPG, it focuses situated scalable and size methane fuels and gas, and high-value on at second site modular The to emission can the which like The marine and treatment be of granted burned where resources, bio-LNG, on into syngas as and gas energy, industries. delivered

Finally, new investments. with that of dedicated for at opportunities largely where our employ vessels. will our yard the South in hydrogen Korea on applying is and believe Ocean recent in depend large financial VLGC We newbuilding build contract commercial future economy a green see quantities season VLAC the we line commitment to Hanwha to capital ammonia

good the of that firmly should part returns also we solutions earning trades, and believe world we decarbonization Besides economic to goals. and long-term such be on provide objectives

would And now to I closing Hadjipateras comments. like to John it pass for over the

John Hadjipateras

Thank to curious you anyone please. them very happy We're from is much, to who take questions John. ask

Operator

be coming line first Instructions] question will with the of Our Jefferies. Omar from [Operator Nokta

Omar Nokta

repeat I could figure for date. obviously, the was quarter. the Congrats, and you for guidance say to record you the it wanted you $XXX,XXX I strong Did if just on guess, bookings Ted, quarter? of maybe very ask to And mentioned a XX%

Theodore Young

correct, of of Yes, days. the Omar, in of XX% excess and that's in excess $XXX,XXX

Omar Nokta

includes the And that TCE?

Theodore Young

the includes pool That TCEs.

Omar Nokta

And Okay. I on this, last touched ask I and was to VLGCs. just strong then wanted you All very but year right. year maybe -- for very, a Obviously, know, Tim,

big You in jump had exports. U.S. a

offset Panama the the fully you newbuildings. which the fleet had You was really And as Canal, in. absorbed mentioned,

So expect over And have low pullback last say I in perhaps driving year, and was especially do weeks far, things look where corrected we around? at have maybe to is the the relation when to point see to rates? this you the in can what overshot time downside turn the to few past things to start and

John Hadjipateras

Tim? Yes.

answer. Tim, Tim asked You let so I'll

yes. We same have answer the Yes, anyways.

Tim Hansen

Yes.

seeing at it of a last But and mean quick right, drop year, coming drop dramatic now year, the point. I of we're in at point. an but and this we're these always also very quarter kind exceptionally lower some was point So you're than high the from first

are in direction. aligned was other one direction in start the now say the will they I So and

we high. very very, in overreaction. I what that still see U.S. see inventory and mentioned end, I [indiscernible] And as the think think we will I is

the So winter you U.S. that even seen of the create before running have worries not the with cold of out same would gas.

will I worst the as quickly the align cold soon is as So over. pricing again think

And and also, the the obviously to -- one which and Panama in January we the see after decline festive are especially of transits number Chinese Canal, less U.S., passing container the other the year every factors in the for they busy is season that the the business, of holiday.

also we the a think and see congestions -- situation we being as rather we that that being norm than temporary the will to return blip, So exception.

LNG on John mentioned, container. And newbuildings more as in

and we still this we transits new transits today number And was that coming, transit. So X see it the year. you canal The of last available. lower a see than still way are around the only if day takes think

So -- -- is for this so [indiscernible] that next if year a XXX route, trade add and almost and coming a you that XXX use see we congestions these -- VLGCs many XXX ships I of can main more ships them some canal and back.

return, think been to because aligned this will this soon see -- it think I we will when So a think we I overshot side. is downward pretty the question, your on see within quarter, when we it's

we China these we're correcting but into things soon. holidays themselves see coming the do So in

bit that little Iranian that a a be a the also seems problem tons And there clear. on in to the market. of cargoes puts damp also So always water unsold some are to

back could quarter, but we it do a this see little before within take still bounce expect up. we this correct So to while the

John Hadjipateras

how to for average We the tell is, you add what question which rest it market can the quarter But never well And we or Tim. going we the hopefully, an would the bounces. can when it's react. give year of or Thanks, guidance think happen. really Thanks. bounces, it that is I will whatever. just

forget I the of stop. before, So said, think, starts I when kind they where market to as falling,

but. target. more -- we're quickly you think maybe then looking and a hit I bounce -- back, So for going There were to

Omar Nokta

just in makes John, I turn Yes. the the is -- and color. No, said few in impact over the with then front say what me up and the kind you going just of Sea. the going over. and And what appreciate How that's on that And comparison last you helpful. do past diversions. size question on you couple seeing Red to first center year? it a really would in Tim, it's Panama very VLGC I'll of detail next weeks. you had sorry what's or and trade just topical Maybe Clearly, size very more there. the the obviously, sense, been just very, that for been Red Canal good very seen on How we've up impact Sea into

John Hadjipateras

through caused not out obvious, sure. trade -- now of Also, It's was so trade Canal the itself, the through The the Panama. -- Suez Canal not Omar, the so almost because through Yanbu. VLGC out I'm that -- has is of -- Saudi And from the -- the have canal congestion cargoes the by kind out of in Red trade otherwise Sea had Suez Sea East Jordan of Jordan in and the Jordan not would Yanbu. of Red the Jordan, out gone absorbed main some Arabia, sorry, of

displaced cargoes has would that have the And come state. some from that

is ton on a negative the that mile. So

Tanura, On from to which happen. the of Ras other won't the Jordan divert loading hand, probably Saudi the could cargo

total that coming X of Sea think, of the XX% out of from number I was, Saudi month to Yanbu, exports about Arabia. Red the a of ships representing X out So

don't hostilities don't what you the easy be because know. So kind of the it's predict of to a impact it's I not flux, -- -- to in I eventual in we're that region will think -- it's so tell that

Omar Nokta

for appreciate attempting I me. summarizing at maybe as all a context final just that, then one that's least to you or helpful And -- well.

the there and the about guess, ordering VLAC difference a And carry ammonia. ammonia? Lycouris, the question the fleet forward? to Just that be of I newbuilding just, your the look kind a VLAC I would the guess, upgrade versus VLGC? difference maybe is between a questions, thinking what's guess multiple what about in I VLGC, existing outfitting John like the cost And price of does then on on also terms for just newbuilding, one just going and in but comments to

John Lycouris

of ships quite now. we be is $X is than years -- this a looking been for of But number over a probably some it we that lower Omar, less low. going And when that over even than think amortized a that is have and into is it it we ships. Yes, number are significantly to cost million

say, that time, So conversions. is something out those let's is, carry it takes it it a cost is not significant but to

John Hadjipateras

that as of also it ships, it mindful to because all -- world -- our we're applies our of but of to our number applies to Omar, a it ships, not the fleet. some good

sort -- upgrades. away people too -- ship, newbuilding modifications may than and dedicated ammonia the with could get efficient with be fleet, carried when carry the a but So carriers we be existing of ammonia a VLGCs good could some of part of new less fleet still they

Omar Nokta

Understood.

Operator

Øystein Our Fearnley of from Vaagen Next line question is with Securities. the

Øystein Vaagen

Just question me. for a quick

you booked couple saw at spot in highest really last and been the $XX,XXX high. this But as up we roughly not discussed, months As $XXX,XXX. that's spot the you high the go of rates astonishingly again, have quarter. your quite rates on the over winter But just to for pool fourth

well? I the cash down some spot as rate are about kind at of $XXX,XXX, sense its the as it the my up. coverage Does way to OpEx. below work now now differently guess What is you talking levels and question makes way you're in Now But breakeven close fixing take levels which on today? owners on ship

Theodore Young

say I'd of couple Well, things. a

thought But And information. for very rates ships are First to current as commercially in lower. there mentioned a I'd be and is good little when which going that our fixing, are The of flexing out we look, been lake that in and We booked say attractive. look, time available going planning may, forward, we going the it. charter a don't us, spot to available be give of be as they're results market kind to of cargoes ships are number that's he that strategy guys when to just -- our are at all, matter to that. meet the clear, if general, around when on sensitive how Tim measure many general figuring really be described proving bit a comment forward there but pretty wants more he in to in his pretty have to

that, to want anything feel to not. add you or if Tim, free

Tim Hansen

was that can drop the you pretty quick. Yes, say

things the only kind in what the been was So front. of that was fixed like has

take I pretty down, a way far forward already. So but the say, actually, on should you had couple we fixed

we So fixing much have market when window in the didn't dropped. to fix

comes now. -- our from month available ahead only than a So so positions more of most

market far as fix ahead. people that So has been dropping, then the doesn't

So we're not of really much fixing the that window yet.

see before it get we'll But So if yes. we there. around turns

Øystein Vaagen

to in Is fixing just And we are you now? add March window on, general? market Or early now? that in where now the are

John Hadjipateras

but want We the may we not -- too don't sorry, go to much into market.

Theodore Young

It's commercially sensitive.

John Lycouris

Yes. Yes.

Operator

reached John for end the remarks. now the closing I of We've turn question-and-answer will to session. the call over Hadjipateras

John Hadjipateras

see questions your our time. Thank you quarter, you, for you and February and Thank valued Rob. X -- questioners, have good a good next have a

Operator

conclude will conference. today's This

this have day. at a lines disconnect and may You wonderful time, now your

Dorian LPG (LPG) 1 Feb 242024 Q3 Earnings call transcript