Thank you, Raisa. Good morning, everyone, and thank you all for joining us for our third quarter 2026 results conference call.

With me today are John Hadjipateras, Chairman, President, and CEO of Dorian LPG Limited; John Lycouris, Head of Energy Transition; and Tim Hansen, Chief Commercial Officer. As a reminder, this conference call webcast and a replay of this call will be available through February 12th, 2026.

Many of our remarks today contain forward-looking statements based on current expectations. These statements may often be identified with words such as expect, anticipate, believe, or similar indications of future expectations.

Although we believe that such forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. These forward-looking statements are subject to known and unknown risks and uncertainties and other factors as well as general economic conditions.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove to be incorrect, actual results may vary materially from those we express today. Additionally, let me refer you to our unaudited results for the period ended December 31, 2025, that were filed this morning on Form 10-Q.

In addition, please refer to our previous filings on Form 10-K, where you'll find risk factors that could cause actual results to differ materially from those forward-looking statements. Finally, I would encourage you to refer to the investor highlights slides posted this morning on our website during our remarks.

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

Thanks, Ted. Good morning, and thank you for joining us.

Before my colleagues provide you detail comments on our financial results, our market outlook, and our operational progress, I'd like to highlight the following. Our dividend declared last week of 70 cents per share, totaling $29.9 million, will be our 18th dividend payment, bringing total dividends distributed to over $725 million and total capital of $961 million returned to shareholders since our IPO.

The VLGC market remained strong in the fourth calendar quarter, with spot earnings well above long-term mid-cycle, despite some volatility. Indeed, as we speak, demand and freight rates continue to be strong.

Last quarter, global liftings were up 3% year-over-year, measuring 36.8 million tons. The new record level of LPG exports highlights the attractiveness of LPG as an energy source for domestic, commercial, and industrial uses.

Tim will elaborate on the VLGC market and our outlook. On the operational side, we completed 12 drydockings this past year and have one more scheduled for this month, which will bring to completion the docking cycle for our fleet.

After this last docking cycle, most of our ships will have been fitted with energy saving devices and silicone paint, resulting in meaningful cost savings and emission reductions. We have a 93,000 cubic meter VLAC newbuilding delivering in March from Hanwha in South Korea.

John L. will give you more information on the progress made in our docking program, ammonia retrofits, and newbuilding delivery, as well as the regulatory environment.

Ted will now present our quarterly financial overview. Ted?

Thanks, John. My comments today will focus on our unaudited third quarter results, capital allocation, and our financial position and liquidity.

For the discussion of our third quarter results, you may also find it useful to refer to the investor highlights slides posted this morning on our website. I'd also remind you that my remarks will include a number of terms such as TCE available days and adjusted EBITDA.

Please refer to our filings for the definitions of these terms. Turning to our third quarter chartering results, we achieved a TCE per available day of $50,333.

Chartering results were strongest in October, followed by a small dip in November and into the first part of December. Tim will elaborate more on the current rate environment, which has substantially improved.

As our entire spot trading program is conducted through the Helios Pool, its spot results are the best measure of our spot chartering performance. For the December 31 quarter, the Helios Pool earned a TCE of $50,500 per day for its spot and COA voyages.

On page 4 of our investor highlights material, you can see that we have three vessels on time charter within the pool, indicating spot exposure of about 90% for the 29 vessels in the Helios Pool. We will provide forward booking information later in the quarter in order to make it more useful for the investment community, as the impact of rate volatility is best managed by providing information when more of the quarter is booked.

Daily OPEX for the quarter was $9,558, excluding drydocking-related expenses, which was more or less flat with the prior quarter. We are encouraged by the lower OPEX excluding drydocking over the last two quarters.

Our time charter in expense for the TC in vessels came in at $18.2 million, consistent with our guidance and equivalent to an average charter hire of about $33,000 per day, reflecting full quarter contributions from both the Cristobal Star and the BW Tokyo. The Tokyo is jointly chartered in with MOL Energia and deployed into the Helios Pool, and thus we account for 100% of the revenues and time charter expense on our P&L.

The new line item profit-sharing expense on our income statements reflects the 50% of the net chartering results that is due to our partner. For the March quarter, we estimate TCI expense continue to be in the $18 to $19 million range, again, for the quarter.

Total G&A for the quarter was $10.8 million, and cash G&A, that's G&A excluding non-cash comp expense, was about $8.7 million. Included in that $8.7 million was about $2 million of quarterly expense under our cash incentive plan, thus our core G&A remains steady at roughly $6.7 million.

Our reported adjusted EBITDA for the quarter was $74.2 million. Total cash interest expense for the quarter was $6.8 million.

Our current debt cost is about 5%, which reflects the heavily hedged and fixed nature of our various pieces of debt. We closed the quarter on December 31, 2025, with $294.5 million of free cash, which was up about $25 million from the prior quarter, which was a particularly good result as we paid the dividend and an installment on our newbuilding during the quarter.

As announced last week, we will pay 70 cents per share as an irregular dividend, or roughly $30 million in total, on or about February 24th, 2026, to shareholders of record as of February 9th, 2026. With a debt balance at quarter end of $516 million, our debt to total book capitalization stood at 32.2% and net debt to total cap at 13.8%.

With an undrawn $50 million revolver and a $100 million accordion feature in our existing loan agreement, our strong free cash balance, and one debt-free vessel, we feel well-capitalized for fleet growth and renewal, or for whatever challenges might arise. We expect our cash cost per day for the coming year to be approximately $27,000 per day, excluding capital expenditures for drydocking and scrubbers.

During the quarter, we completed three drydockings and anticipate one drydocking for this quarter currently ending March 31. That will complete the drydocking program for our 2014 to 2016 built vessels.

As John mentioned, we expect to take delivery of our newbuilding ammonia-capable VLGC at the end of March 2026, and we expect to pay about $62 million in cash at closing. We expect to enter into a loan facility to finance that payment.

The irregular dividend declared last week of 70 cents per share brings to $17.65 per share in irregular dividends that we have paid since September 2021. While many investors and analysts like to suggest that these dividends are no longer regular, we underscore that they are indeed irregular and subject to the discretion of our board.

VLGC rates are not regular, and thus we don't think our dividend policy should be either. Looking at our dividends in a more traditional context, our net income since June 30, 2021, that's the quarter immediately prior to our first irregular dividend, has been approximately $754 million, while including the dividend to be paid later this month, we will have returned approximately $725 million of dividends in total sorry, $725 million in dividends.

In total, we have returned over $960 million in cash to our investors since our IPO. We will continue to maintain a steady balance between dividends, deleveraging, and fleet investment.

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

Thank you, Ted, and good day, everyone. For the quarter ending December 31st, 2025, the global seaborne LPG trade increased again to a new quarterly record.

It was reported to be more than 37 million tons for the first time. North American exports contributed significantly, hitting a new quarterly export record of more than 18.5 million tons.

The Middle East exports were the second-highest quarter quarterly export volume on record. The expanded seaborne trade witnessed over the quarter speaks to the attractiveness of LPG as a commodity, but the whole freight market were challenged by external factors.

The key external factors impacting the freight market were lower-than-anticipated Saudi contract prices, or Saudi CP, for October, and the retaliatory port service fees implemented in China. Starting with the lower-than-anticipated Saudi contract prices, it should be remembered that the Saudi CP influences the pricing of the Far East Index, or FEI, and therefore impacts product price economics.

The Saudi CP for October was lowered to be price competitive against US exports for a tender into India and to demonstrate some commercial flexibility on the part of Saudi Aramco. The price decrease was unexpected because the Saudi CP is historically in contango throughout the fourth calendar quarter of any year, and Far East imports increase in anticipation of winter heating demand.

The drop in the Saudi CP and Far East Index created an uncertain trading environment for a few weeks and narrowed the arbitrage, slowing and weakening the freight markets. Amidst the slower freight market activity, the port service fees were announced in China to impact the US-related vessels on the 10th of October.

The timing was key, as the announcement fell on a Friday before a three-day weekend, with implementation happening on the 14th of October, to match the USTR Section 301 port service fees. The immediate impact was for vessels with cargo on board and in route to China, setting in motions to discussions and rerouting of some vessels, as additional costs would be incurred, and there were ambiguity as to the scope of the impacted vessels.

The shock of sudden cost negativity impacted the market and had a knock knock-on effect on the wider Far East cargo market. Prompting owners with vessels scheduled to load in the Arabian Gulf and US target cargoes not bound for China, and price and priced those aggressively.

Normality returned to the market at the end of October when the US-China summit in Busan found an agreement to suspend the port service fees for both countries until the 9th of November 2026, and the market corrected upward again. The third calendar quarter demonstrated VLGCs players to respond with agility when the USTR Section 301 port services was announced, and the fourth calendar quarter reaffirmed this.

Once the backlog of unfixed vessels was cleared through November, the freight market improved through December to capture value from the West to East arbitrage that returned to normal levels. The quarter ending December 31st, 2025, ultimately traded amidst a lower average Baltic Index than the quarter prior, but found upwards momentum heading into 2026.

For 2026, a total of roughly 36 VLGCs, including one of our own, will require absorption in the market. Geopolitical impacts in world market seems in world markets seems likely, but the agility of the VLGC market and the fundamental attractiveness of LPG as a commodity support the belief that the risk can be mitigated and upsides successfully captured.

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

Thank you, Tim. At Dorian LPG, we are committed to continually enhancing energy efficiency and promoting sustainability in both our operations and our vessels.

We operate 16 scrubber-fitted vessels and five dual-fuel LPG vessels. Scrubbers neutralize sulfur oxides from fuel oil while reducing significantly particulate matter and black carbon emissions.

For the third fiscal quarter of 2026, vessel savings amounted to $1,116,000, or about $933 per calendar day, net of all scrubber operating expenses. Lower oil prices and a lack of geopolitical events led to lower bunker prices, which resulted in our lower savings for the scrubbers.

Fuel differentials between high-sulfur fuel oil and very low-sulfur fuel oil averaged $57 per metric ton, while the differential of LPG as fuel versus very low-sulfur fuel oil stood at about $104 per metric ton, making LPG economically attractive for our dual-fuel vessels. During the last quarter, three vessels completed special survey and drydocking, including one upgraded for the carriage of ammonia cargoes.

With the completion of the special survey and drydock of the last of our C-type vessels this month, we will have completed the entire drydocking cycle for our 2014-built 2016-built vessels. Next month, we take delivery of the Hanwha Ocean 93,000 cubic meter newbuilding, which is a VLGC and VLAC combined, and which will join Dorian LPG fleet.

This LPG dual-fuel vessel is fitted with a hybrid scrubber and with alternative marine power. Annual Efficiency Ratio, or AER, is the metric which calculates the carbon intensity of our vessels' operations.

The average Dorian LPG fleet AER for the full year 2025 was 6.24%, which is 10.4% better than the IMO required target for 2025 of 6.96%. In late 2025, the IMO's Marine Environment Protection Committee met for a second extraordinary session.

Member states decided to delay approving changes to the MARPOL Annex VI by one year. Despite this delay, Dorian remains fully committed to investing in fuel efficiency, improved performances, and decreased greenhouse gas emissions.

We view the delayed IMO changes as a very positive step, allowing more time for input and review on many outstanding technical issues, capabilities, procedures, and implementation details. This also gives our industry time to prepare and adjust expectations for realistic targets for the Net-Zero Framework guidelines and towards gradual development of alternative fuels.

The MEPC 84 session is scheduled to take place in the spring of 2026. We expect this session to focus on finalizing critical implementation guidelines that will give more clarity on the Net-Zero Framework and to consider additional proposals.

We are confident that our company and fleet are well-equipped and fully prepared to meet regulatory changes ahead. Now I would like to pass it over to John Hadjipateras for his final comments.

Thanks, John. We'd like to open up for questions if anyone is joined us and like to who's joined us would like to ask any questions.

Operator, please?

Thank you. Hey, guys.

Good morning. Thanks for the updates.

I do have a couple of questions, maybe one on the market, and then just wanted to get into Dorian specifically. Maybe broadly on the market, I know, Ted, you mentioned you'll wait a bit to give us guidance on how the quarter's bookings are looking.

Just in general, what we've seen here in the spot market, rates seem to be quite strong. They're at two-plus-year highs.

It's interesting in terms of how this is happening and somewhat defying the typical seasonal norms. Just wanted to ask from your perspective, what's been driving this kind of counter-seasonal strength?

Then from that sense, what do you think that then means for how the year is going to look in general?

Thanks for that question. Is this Omar?

I didn't catch the introduction.

Yep, it's Omar.

Omar, congratulations on your new position. I'm happy to have you back in the industry.

Thank you, sir. Appreciate that.

Thank you. Thank you.

Tim, can you take that question, please?

Yeah. It's unusual that the first quarter actually goes stronger as we get into the quarter.

As I mentioned, the last quarter of 2025, there was a lot of uncertainties, and people held back on their activity. There was a little bit less cargoes lifted.

There was some fog as well in the US and so on. Once the USTR was cleared, once the fog had lifted and people had gotten used to these Saudi pricing, the market came back.

I think it was a spur from that kind of lack of activity in November that has gone into first quarter also. Then the production levels have kept on increasing and surprising to the upside.

We have seen more cargoes, and the US terminals have been able also to get these cargoes out of the terminals and onto the waters. We see that production continuing on the upside and hopefully continues to surprise on the upside compared to the levels advised from the US.

We do see the rest of the year should be strong and continue in this kind of activity to be pretty positive for 2026.

Okay. Thank you.

Very good. Then maybe a follow-up just in terms of how you've been deploying the fleet.

You've obviously got a good amount of spot exposure via the pool. I did notice that one of the ships, I think the Chaparral maybe, has been put on a TC into 2027.

Anything you're able to share on what that rate looks like? I know you tend to not give specifics, but anything you can give or perhaps maybe in relation to what that would be earning relative to the other ships on charter?

I'll let Tim again answer, because I think probably we have a P&C clause. Tim Tim and Ted can also tell you what we can tell you, put it that way.

Tim, you want to start, and then Ted can take over?

As as you mentioned, we we don't give out the the rates. It is reported in the market.

It was a deal that was done back in October, November and and just going on on on charter this this quarter for yeah, for a little more than a than a year's charter. On on I mean we we we do our our chartering like more opportunistic when we see possibilities.

Of course, the market has and since then surprised us surprised us on the upside, the spot market. I think it's it's at levels compared to the to the earnings we do in the spot market over the last quarter.

Ted, maybe this is a good time to say something about guidance?

I think picking up on the topic of guidance, like we said, Omar, we think it's probably more useful to give the overall forward bookings information later in the quarter, just because there's so much volatility in the sector, just as Tim alluded to. The information coming out later is going to be better.

I think that we'll leave it in there. I think Tim did a good job of giving you the overview.

I also think it's probably was reported, which I think is interesting, the business for Brazil, which I think is pretty exciting because of what it says about Brazil as a potential growth market.

Got it. Thank you.

Thanks. That's quite helpful.

Then just a final one maybe for you, Ted, just on the newbuilding that you're taking delivery of here in the next few weeks. Looks like, I think, from the filing, there's $62 million left to spend.

You have $294 million of cash, quite a bit of flexibility to do what you want. Do you have any specifics on how you plan to fund that vessel?

Will you borrow, or just pay cash?

I alluded to it briefly in my remarks. We do plan to finance the rest of the payment, and more detail be forthcoming when we get there.

Okay. All right.

Thank you. Thanks, guys, and thanks, John.

I'll pass it back.

Thank you, Omar. Thank you very much for joining us and everybody else.

Do we have any other questions, Raisa?

Hi, good morning, and thank you for taking my questions. This is kind of a follow-up on Omar's first question.

Despite rates being very solid, so far we haven't seen a significant increase in the average speed of the overall VLGC fleet. To what extent do you believe the fleet can speed up if rates remain solid?

Older vessels are, let's say, capped by the environmental regulations, but to what extent could the eco portion of the fleet speed up?

That's another one for Ted for Tim, a very good question.

There is a bit of leeway in speeding up still. Most of the let me say non-LPG fuel ships, the eco-type from as you have the majority of the 2015, they are still capped by the environmental regulations and the reductions of power done years back.

There's maybe a knot or two more in it not a half. For the older ships, there's really nothing.

It's not a significant additional speed that we can do. You will probably see when we come into the summer months, if the market is strong, we can go a bit faster.

At the moment, obviously, we have seen quite a lot of bad weather here over the winter, even in theory we could go faster, it's hard to actually do it.

That's helpful. Thank you.

As a follow-up, in your prepared remarks, you talked about the energy saving devices you've installed on your vessels, resulting in meaningful savings. Could you talk a bit further on what kind of improvements that has resulted relative to previous consumption levels?

What kind of IRR are these investments generating? I know giving an exact figure may not be easy, but any color would be helpful.

John will answer that. I think we've mentioned something specific and he could give you as an illustration perhaps the payback on scrubbers.

That should give you a bit of color on the whole picture. John?

Yes. The energy saving devices that we use and we mention usually provide an improvement of around 5%.

That's the ballpark figure for most of the energy saving devices in most of the ships. Silicone paints also provide a similar kind of number, about 5% improvement in the energy saving.

The payback is generally pretty fast. It is generally within a year.

I think that answers your question.

It does. Thanks for--

That of course does not apply to scrubbers specifically. The payback on scrubbers is a bit longer than that.

Most of the other devices are low-cost, those producing the 5% are low-cost, so that's why we have a quick payback.

Thank you, John.

Makes sense. Thank you, guys.

I'll turn it over. Thank you for taking my questions.

Thank you.

Thank you all for joining us. Have a good summer.

Spring.