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Dorian LPG Ltd (NYSE:LPG)
Q1 2022 Earnings Call
Aug 4, 2021, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Greetings and welcome to the Dorian LPG First Quarter 2022 earnings conference call. [Operator Instructions] I would now like to turn the conference over to Ted Young Chief Financial Officer. Thank you, Mr Young, please go ahead.

Theodore B. Young -- Chief Financial Officer

Thanks, John. Good morning everyone and thank you all for joining us for our first quarter 2022 results conference call. With me today are John Hadjipateras, Chairman, President and CEO of Dorian LPG Limited; John Lycouris, Chief Executive Officer of Dorian LPG USA; and Tim Hansen, Chief Commercial Officer. As a reminder, this conference call webcast and a replay of this call will be available through August 11, 2021. 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 June 30, 2021 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.

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

John Hadjipateras -- Chairman, President and Chief Executive Officer

Thanks, Ted. Good morning everybody. Thank you for joining us this morning to discuss our first quarter financial year 2022 results, and Ted, John, and I are speaking from Stamford, Tim Hansen from Copenhagen. We had a healthy market this past quarter. North American exports rebounded swiftly going into April and May as winter storms abated in the Gulf and US LPG production and export capacity once again proved resilient. This brisk increase in a temporary -- resulted in temporary ship shortages in the West and pushed rates up. The [Indecipherable] began the quarter on an upward trend reaching a peak rate of 6457 in mid-May before the increase in bunker prices started to put some pressure on earnings. Rates remained healthy for the rest of the quarter, and we are optimistic about market strength going into fall and winter. On the operational side, our shoreside staff have worked very hard to continue to facilitate safe crew changes around the world despite the continuous and new logistical challenges due to the COVID pandemic. Our drydocking and scrubber upgrade program is now complete. The last two ships left the shipyards in late May and early June in total we have installed 10 scrubber system since the summer of 2019, and 12 of our 22 owned ships are now capable of operating with scrubber, hybrid scrubbers enhancing their earning potential and commercial flexibility. In June after the MEPC 76 meeting, the IMO announced their near term carbon and greenhouse gas emissions reduction measures. We have been planning for these measures and are now in the late stages of our analyses of various emissions reducing technologies. We plan to compare these add-on technologies to the environmental and financial considerations around converting some of our vessels to run on LPG as fuel. In calendar year 2020, efforts to reduce emissions also achieved about 1.5 million in fuel savings, and we continue to enhance those efforts with new software and technologies. We have classified the Captain Markos NL, which is debt free as available for sale, and we will be reporting future developments in due course.

The past quarter saw commodity market fundamental stabilize as crude prices rose to double their averages in second quarter 2020. LPG demand is consequently also rising, especially in the East. Global experts were -- exports were up by about 1.5 million tons this quarter with the largest increases coming from Houston and the rest of the US. As we come out of summer, we expect exports from both the US and the Middle East to increase as OPEC implements production cut reversals in August and winter demand returns. Our outlook for the second half of 2021 remains optimistic. Production forecast continues to be revised higher, demand continues to ramp up driven by petchem sector. The Panama Canal has seen increasing congestion from container and LNG ships, and this may push more of the LGCs to balance around the Cape increasing ton-mile demand. We expect this trend to continue and be amplified when new emission regulations come into force. Continuing our commitment to returning shareholder capital, The Board of Directors has declared a cash dividend of $1 per share with Company's common stock returning over $40 million of capital to shareholders. We have now returned over $260 million since our IPO in 2014. This announcement does not reflect the commencement of a regular dividend, but we have responded to clear feedback from our investors that they wish to see dividends alongside stock buybacks, and we will continue to evaluate both. I'd like to point out that the declaration of a dividend in no way changes our view that our stock is still trading at a meaningful discount to our intrinsic value.

I will now pass the line over to Tim to further brief you. Thank you.

Tim Hansen -- Chief Commercial Officer

Thank you, John. Good day everyone. To begin with some macro factors, the crude oil prices rose throughout the quarter with Brent averaging around $69 per barrel compared to just $32 per barrel in Q2 of 2020. The prices of propane and butane consequently rose; however, the relatively price to crude oil drops from the previous quarter across all major regions. LPG therefore remained a desirable commodity. As a result, global seaborne LPG supply rose as an estimated 1.5 million tons in Q2 '21 from the previous quarter and a 6% increase from the same period of 2020. The majority of the rise was from the US where exports reached an average of 4.4 million tons per month, rebounding swiftly after the polar storm in February which demonstrated the robustness of LPG production and export capacity in the North America. Middle East LPG seaborne supply remained relatively constant with production cuts and Iranian sanctions remaining in place through the quarter. Imports into the major consumption region rose, particularly into China where LPG imports increased from around 5.7 million tons in Q1 '21 to 6.5 million tons in Q2, '21. This is after two new PDH plants began operating in Q1 and the new steam cracker utilizing propane as a feedstock started production in April-May of '21. The imports for feedstock you utilize illustrate the consumption of LPG as a feedstock for petrochemicals, which increased in Q2, '21 compared to the Q1, '21 where propane favored as a feedstock for the production of ethylene over naphtha. The propane-naphtha spread in Northwest Europe widened to $90 on average in Q2 compared to an average of $23 in Q1, '21. The demand for LPG translated toward shipping market characterized by monthly volatility by comparable quarterly freights markets to the first quarter. The Baltic VLGC Index averaged $53 in the second calendar quarter of '21, only $2 below the performance of the Baltic Index during the first quarter of '21. The be LPG one [Indecipherable] route made gains in April and first half of May because of the relatively lack of available tonnage in the Middle East. This is when the West market fell dramatically on the back of the polar storm in February. VL owners tendered them to stay east and avoided the vigor [Phonetic] rates in the west. The knock on effect was that by April, it was becoming evident there was not enough vessels en route to the US via the Pacific our trading in the Atlantic Basin to cover our maleic [Phonetic], thus the deficit of VLGCs from May loading in the US meant that about 20 VLGCs departed from East of Suez market during April and May, which again caused a lack of ship supply to the East allowing to Baltic index to rise. The second half of the quarter saw declining Baltic. This was largely due to the drop in exports volumes from the Middle East. Furthermore, strict restrictions imposed by the Chinese authorities on vessels having called India as a response to the increase in COVID cases in India at the time fortunately [Phonetic] this year one has to reassess an already complicated situation wanted to avoid a situation of vessels not being allowed to discharge in China. Many owners opting to avoid the cargo inquiries into India, which made the list of tonnages marketed for the Middle East or the Far East trade longer and contributed to a falling Baltic. Through April and May, the Houston cheaper rates traded between high '80s and low '90s per metric tons, a premium to the Baltic Index. By June, there was an oversupply of tonnage in the West that had balanced in from the East market and the West premium to the Baltic Index narrowed. Although the freight market measured in US dollar per ton was comparable to the first quarter, the increase in crude oil also made the shipping more expensive as bunker cost rose. For the last earnings call, we had forecasted LPG production in the United States to quickly recover from the polar vortex storm in February, and this has indeed materialized. Inventory levels trailed the levels of previous years, but production and exports have rebounded. It was also forecasted that the OPEC Plus countries would agree to reverse production cuts during this quarter. While this did not materialize and schedule delivery versus have now been agreed from August onwards, Middle East, exports are expected to increase as the year progresses.

Over to you, John Lycouris.

John C. Lycouris -- Chief Executive Officer, Dorian LPG (USA) LLC

Thank you, Tim. During this quarter, we have completed the scrubber retrofit program of 10 hybrid scrubbers to our own fleet, which started in the third quarter of 2019, and Dorian now operates 12 scrubber vessels. The last two vessels retrofitted with hybrid scrubbers were completed and commissioned in early June including drydocking and the completion of their first five-year special survey requirements. With the completion of these two vessels, a total of 20 vessels of the Dorian LPG fleet have now successfully passed their five-year special survey cycle. Since the beginning of the calendar year, the actual price spread the high sulfur fuel oil to low-sulfur fuel oil applied to our scrubber vessel fleet has averaged over $105 a ton of fuel. As we envisaged, this spread has produced an earnings advantage for our scrubber fitted vessels and validates our original expectations on the payback period by having returned about one-third of the CapEx as of June 30, 2021 notwithstanding the oil markets collapse during most of the calendar year 2020. Dorian continues to evaluate LPG dual-fuel technology in those few dual-fuel LPG new buildings and retrofitted vessels entering service, and we will continue to consider an upgrade for some of our vessels. We are continuing to invest in our vessels performance and efficiency to reduce emissions and lower operating costs, and improved environmental footprint is very important to Dorian RPG, and we continue to explore other incremental energy efficiency technologies. Greenhouse gas emissions from shipping came sharply into focus over the last two months, both from the IMO and EU with set environmental proposals made for future implementation. The IMO MEPC 76 adopted several amendments on multiple annexes which become effective later this year and finalize the technical measure for energy efficiency of existing ship index and EXI in short and the operational measure of carbon intensity indicator, CII in short. With implementation anticipated toward the end of 2022, they have now provided guidelines on how to calculate, implement, survey, and certify and offer, and they have offered compliance alternatives on engine power limitation for vessel. The CII factor annual reductions have been agreed until 2026 which are phases 1 and 2 and further discussion is to follow on phase 3 for the years 2027 to 2030. The CII operational measure will impact the expected performance of existing vessels and reinforce the importance of an annual SAP [Phonetic] implementation plan which prioritizes improvement options for each vessel. The EU green deal is now driving EU policies initiatives toward a climate neutral Europe by 2050. These initiatives propose effective January 1, 2023 to include Maritime transport into the European Union Emissions Trading Scheme, ETS giving a phase-in period from 2023 to 2026 and requiring all vessels inbound and outbound to be responsible for 50% of their emission and an updated MRV's regulation program which is monitoring, reporting, and verification. The fewer EU Maritime framework policy focuses and measures to drive a shift to low carbon fuels. From 2025, all vessels inbound and outbound of the EU will be responsible on 50% of the yearly average well-to-wake energy intensity used on board including electricity they receive from the shore with the phasing of 2% reduction in 2025 and aiming to reduce energy intensity by 70% in 2050. In view of all the above regulations, the options available to the VLGC fleet are limited two engine power limitation, energy efficiency technologies, dual fuel engine upgrades for LPG as fuel, carbon capture, and biofuels. Most of these options will have a significant impact on the VLGC fleet over the next two years, encouraging scrapping for all the vessels and necessitating further capital expenditure and upgrade of the fleet toward improved efficiencies to reduce carbon intensity and emissions. The outlook from a regulatory perspective is that there will be an urgent need to consider energy efficiency for all existing vessels, and we conclude that a significant portion of the younger VLGC fleet trading capacity utilization could be reduced to address those upcoming compliance considerations, and with that I will pass it over to Ted Young.

Theodore B. Young -- Chief Financial Officer

Thanks, John. I'd like to focus today on our financial position and liquidity and also discuss our unaudited first quarter results. At June 30, 2021, we had $78.3 million of free cash. As of August 2 Monday, our free cash balance stood at $82.6 million. Please note that since we repurchased 14.2 million of stock during the quarter and an additional $2.7 million following the quarter end, we really have generated quite strong cash flow through the quarter and beyond. With a debt balance of 581 million at quarter end, our debt to total book capitalization stood at 38.6%. We have no refinancing until 2025, ample free cash, and an undrawn revolver. Also, since the Captain Markos has now been classified as vessel held for sale, we expect to generate additional cash upon completion of the transaction. We continue to expect our operating cash cost per day for the coming year to be approximately $21,000 to $22,000 a day, excluding an $8 million progress payment that is due for our new building in our fourth fiscal quarter, the quarter ending March 31, 2022. Further to John's comments, this dividend is an irregular dividend. The payment of this irregular dividend is responsive to our shareholders of communicated very clearly to us that they wanted dividend to be part of our capital allocation strategy, and we've heard them loud and clear. For the discussion of our first quarter results, you may also find it useful to refer to the investor highlight slides posted this morning on our website.

Turning to our first quarter chartering results, we achieved a total utilization of 96.1% for the quarter with the daily TCE that's TCE revenue over operating days as we define operating days in our filings, of 31,571 yielding utilization adjusted TCE which is TCE revenue per available day of about 30,342. We also show you a spot TCE per available day, which reflects our portion of the net profits of the Helios Pool for the quarter of about 30,470. Overall, the Helios Pool itself reported a spot TCE including COAs of approximately $30,256 per available day for the quarter. Daily OpEx for the quarter was 9,689 excluding amounts expense for drydockings. It was 10,131 including those costs, a modest improvement over last quarter. Within OpEx not related to drydockings, we have seen increases in crew costs, most notably those associated with crude travel. Higher average air fares, additional hotel nights to comply with local COVID-19 restrictions and the like have been the main culprits. During the quarter, we saw our daily OpEx again excluding drydocking costs decreasing sequentially, which is consistent with our expectation of improved OpEx as conditions slowly normalized. Our time charter in expense was $3.5 million, reflecting a full quarter of one vessel and the redelivery of another during the quarter. As a reminder, we do not include time charter in costs in our vessel operating expenses. Going forward, our TCE cost should be $2.4 million per quarter starting July 1. Total G&A for the quarter was $8 million, and cash G&A which is G&A excluding non-cash compensation expense was about $7.4 million. Roughly $1.5 million of the quarterly G&A reflected bonuses to non-named executive officers. For members of senior management, as outlined in our recent filing, we will recognize those bonuses in the amount of approximately $2.41 million during the quarter ending September 30, 2021, we continue to be vigilant about all of our G&A costs. Our reported adjusted EBITDA for the quarter was $29.8 million. To give you some indication of the quarterly activity, we generated close to 45% of our quarterly EBITDA in the month of June, reflecting the uptick in chartering markets. As you know, we look at cash interest expense on debt as the sum of the line items on our P&L, interest expense, excluding deferred financing fees and other loan expenses and realize gain loss on the interest rate swap derivatives. On that basis, total cash interest expense for the quarter was $5.6 million, roughly flat with last quarter. We continue to benefit from our hedging policy in the favorable pricing of our Japanese financings, leaving us with a current interest cost all in fixed hedge and a small floating piece of 3.67%. We repaid just shy of 13 million of principal during the quarter, which is consistent with our scheduled amortization payments.

In addition to the nine special surveys completed during the fiscal year just ended, we finished two more scrubber installations in the quarter ended June 30, 2021, bringing our scrubber equipped fleet to 12 vessels. With the completion of those vessels, the first special survey cycle for our eco VLGCs is now complete. Although we currently hold a roughly 70% economic interest in Helios, we do not consolidate its P&L or balance sheet accounts, which has the effect of understating our cash and working capital. Thus, we believe it is useful to provide some additional insight in order to give a more complete picture. As of Monday, August 2, 2021, the pool held roughly $22.3 million of cash on hand. Including the dividend just announced, Dorian will have returned over $265 million of cash to shareholders, including $170.6 million during calendar 2021 alone. Note that following the repurchases through to mid July of $16.9 million equating to 1,189,000 shares, we now have $31 million remaining under our current repurchase authorization. We of course remain interested in accretive growth opportunities that meet our risk reward criteria, and we will always be prudent in deploying our cash, but our financial position allows us to act quickly on meaningful opportunities as they arise, including further opportunities to return cash to shareholders. With that, I will pass the call back to John.

John Hadjipateras -- Chairman, President and Chief Executive Officer

Thanks, Ted. Mr. John, operator, we have, we can open for questions.

Questions and Answers:

Operator

Okay. With the prepared remarks completed, we will now open the line for questions. [Operator Instructions] Our first question comes from Sean Morgan with Evercore ISI. You may proceed with your question.

Sean Morgan -- Evercore -- Analyst

Hey, guys, I appreciate this is maybe somewhat new news in terms of what's happening with the pipeline potential for, but I guess LPG pipeline across the Panama Isthmus. How do you sort of gauge what what that would do to utilization for kind of the global VLGC fleet and if Panama does proceed with this project, is that an indication from the Government of Panama that they think that we're going to be having high sustained over utilization of the canal kind of as a new normal going forward?

John Hadjipateras -- Chairman, President and Chief Executive Officer

We take it as having that optimistic tone to it, but, and of course, we don't know if it's going to happen and when and when it will happen if it does, but it is, it is a letter of intent. And I think we all have an answer to this, right. I think I'll let John Lycouris give you the numbers that we've calculated that would be displaced and what it would do to overall demand. I think he has it encapsulated. John?

John C. Lycouris -- Chief Executive Officer, Dorian LPG (USA) LLC

Yes, John. Thank you very much. I'm sure Tim also might want to chime in, but we figure that, Sean if, even if we build a pipeline and even if it was 250,000 barrels a day, it will still take two days in the change just for one cargo of VLGC to go though. So it's, it is a kind of top GAG measure measure to help alleviate the pressures on the canal. And as we know, containerships have priority, LNG ships have priority. So it's probably an additional measures to help a little bit on the, on being able to to throughput enough cargoes through. On the other hand, it kind of, that's up the country as a 2-tier, some fleet is going to be on the west side and somebody is going to be on the east side and so that's also going to cause increase ton miles and other activities and utilization of the fleet. So in general, the fact that it's been considered. It is positive for LPG for sure and secondly, it is just a way to try to help the delays and the increased amounts for LPG that will have to go through. I don't know if Tim wants to add something to that.

John Hadjipateras -- Chairman, President and Chief Executive Officer

Yeah, Tim, go ahead.

Tim Hansen -- Chief Commercial Officer

Yeah, I think John is right. I think it's a positive that that there is a problem in the Panama and that such a measure here should be considered which kind of demonstrate that the delays, we've been talking about will will continue and probably rise. And when you look at the capacity of the of of the project, its maximum around five VLGCs per month, so it's not something that will that will make a big, big dent in the ton-mile demand. If there is a these in problem the delay should be more than and really 10 days in effect to make this a viable solution. So, if there are 10 days delays in Panama going forward, that's a positive sign, and we will see more going around the Cape, and it's also [Indecipherable] will fragment the market more and call for more decisions. So, if this is even considered, I think it is a positive sign for the for the market. And again, the size of the project is not something that should be, we should be too worried about in that sense.

Sean Morgan -- Evercore -- Analyst

So if I'm understanding you guys correctly then there will still be a need for VLGCs to transit the Panama Canal. This pipeline wouldn't fully supplant those canal transits that kind of exist today in the normal market.

Tim Hansen -- Chief Commercial Officer

Yeah, that's correct. It will be a fraction of the, of the total total capacity in a year. Our export needed from the US to these that this pipeline will be able to handle.

Sean Morgan -- Evercore -- Analyst

I don't think it would, if fully built. I don't think it would displace more than the demand for five ships fully built is that...

Tim Hansen -- Chief Commercial Officer

Yes, that's correct. Yeah. We estimate the capacity of 90,000 barrels per day to be around [Indecipherable] capacity per month and that is, that is and given that they built sufficient storage so that it's not just a throughput, but actually storage that it doesn't cost any delays, so that you can load the deals fully in a normal two-day cycle and discharge in a two-day cycle. If it is only a pipeline, then the complications around logistics will be, will be worse and it will be less than four ships.

Sean Morgan -- Evercore -- Analyst

And then with the sale of the Captain Markos, does that, does that portend potential exit on your ownership of John and the Nicolas that are kind of the same older vintage or is this just kind of a one-off?

John Hadjipateras -- Chairman, President and Chief Executive Officer

Possibly. We're looking, we're looking at sales and I think they, we do relate those to what I said in the script, my script my script about intrinsic value. So while we're at a big discount and it is natural, a natural thing to look at the sales of the older ships. I wouldn't be, you shouldn't be surprised if we do more.

Sean Morgan -- Evercore -- Analyst

Okay. All right, thanks guys. I'm going to turn it over.

John Hadjipateras -- Chairman, President and Chief Executive Officer

Thanks, Sean.

Operator

Our next question comes from Omar Nokta with Clarksons Securities. Please proceed with your question.

Omar Nokta -- Clarksons Platou Securities -- Analyst

Thank you. Hey guys, good morning.

John Hadjipateras -- Chairman, President and Chief Executive Officer

Hi Omar.

Omar Nokta -- Clarksons Platou Securities -- Analyst

Yeah, obviously, you guys have become much more aggressive I'd say returning capital to shareholders. You have done the share buybacks in the past, is that the big tender offer this past margin now, you have the special dividend. John and Ted you guys made it pretty clear in your opening remarks that the, the special dividend or it's an irregular dividend. What are your thoughts about going forward with a regular dividend? How did you come up with the idea of just doing a special versus instituting a regular dividend policy?

John Hadjipateras -- Chairman, President and Chief Executive Officer

Well, I'll let Ted to explain the difference between a special and an irregular dividend. It's a bit of an archaic difference but the definition, but but we purposefully said it's irregular because we are saying it is not a special. So we're not saying it will not, we will not have future dividends. We just want to keep the optionality, while we have this this, first of all, as long as we're generating enough money obviously and while we have this discount to our intrinsic value we want to keep that optionality very much in the, in the front and if you want Ted to give you a little little textbook differences. He is right here.

Theodore B. Young -- Chief Financial Officer

Yeah, I think I think John kind of nailed it, but look, the reason we're calling it irregular is and that special special to us says it's going to, it's unique it may it may never happen again. Regular obviously means it's going to be pursuant to a policy and irregular is something in between for us. I think we looked at our cash balance and took a look at how we felt about the short-term outlook and said, yeah, we can, we can return capital. The next question was, and I think again we heard loud and clear from a large handful of shareholders, they'd like to see a dividend as part of this capital allocation plan, and so I think our Board and management said OK, let's be responsive. On the other hand, it doesn't necessarily follow corporate finance one on one, given the discount at which we're trading relative to our intrinsic value. So, as John said, we want to retain the optionality. We certainly wanted to reward shareholders including ourselves. We own stock and weren't necessarily wild about selling out at different points in the cycle. But on the other hand, we continue to be mindful of the discount to our intrinsic value and clearly a dividend or dividend is part of as a potential method of closing that gap at buying back stock and capturing that discount directly for remaining shareholders is pretty is pretty attractive. So I'd say that our thinking is still, we're still pretty stuck on the fact that we're, it's such a significant discount. I think we'd, we want to continue to work on that, but again dividends will undoubtedly be some portion of our capital allocation strategy going forward.

Omar Nokta -- Clarksons Platou Securities -- Analyst

And I appreciate that. We have, so just was going to ask it does make sense given the, as you mentioned intrinsic value and what seems like you'll be selling the Markos versus the share price definitely, there's a big difference to capture. When we think about this irregular dividend, should we think about it as you're basically taking the proceeds from this vessel sale and giving it the shareholders? Is that a good way to think about it?

John Hadjipateras -- Chairman, President and Chief Executive Officer

No, no.

Omar Nokta -- Clarksons Platou Securities -- Analyst

Okay.

Theodore B. Young -- Chief Financial Officer

There'll be another that'll be another capital allocation decision.

Omar Nokta -- Clarksons Platou Securities -- Analyst

Got it. Okay. And then I guess one more and I know John, you had mentioned this that you are looking at the older vessels. When it came to this one in particular, obviously, it's the oldest in the fleet. The decision to sell that vessel but it come about more as you looking to renew you've ordered the Kawasaki new building as a replacement potentially or was this more the a buyer coming to you looking to acquire the asset? I know it's maybe not that big of a difference, but ultimately, how did you come to the decision to sell the vessel?

John Hadjipateras -- Chairman, President and Chief Executive Officer

Holistic. I think we're looking at it as a market we don't, we don't, we're not, we are optimistic on the market. We're not, we're not there to reduce our exposure. But I think it's natural in the cycle to kind of renew. And this is partly renewal and partly partly what you said before, again the intrinsic value. It's when you see you. You can sell an asset at such a premium to what the market is valuing it at. It's, it makes sense in that respect. So it's all of those considerations that our Board took into account.

Omar Nokta -- Clarksons Platou Securities -- Analyst

Got it. Thanks, John and agree. Appreciate it. And I'll turn it over.

John Hadjipateras -- Chairman, President and Chief Executive Officer

Thank you very much, Omar.

Operator

[Operator Instructions] Okay. At this time, we have reached the end of the question and answer session. And I will now turn the call over to John Hadjipateras for closing remarks.

John Hadjipateras -- Chairman, President and Chief Executive Officer

Many thanks to all of you who dialed in and and for the questions and wish you happy rest of the summer. Please stay safe and talk to you in a quarter. Bye-bye.

Operator

[Operator Closing Remarks]

Duration: 38 minutes

Call participants:

Theodore B. Young -- Chief Financial Officer

John Hadjipateras -- Chairman, President and Chief Executive Officer

Tim Hansen -- Chief Commercial Officer

John C. Lycouris -- Chief Executive Officer, Dorian LPG (USA) LLC

Sean Morgan -- Evercore -- Analyst

Omar Nokta -- Clarksons Platou Securities -- Analyst

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