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Reported the highest TCE revenue per available day in corporate history, driven by supply chain inefficiencies and a de facto closure of the Strait of Hormuz.

Middle East supply disruptions forced major importers like India and Indonesia to source LPG from the U.S. Gulf, significantly increasing ton-mile demand.

U.S. exports reached a record 20.8 million tons in the quarter, now accounting for approximately 65% of global seaborne LPG exports compared to less than 50% a year ago.

Increased Panama Canal congestion and vessels routing around the Cape of Good Hope amplified ton-mile demand and supported record-high freight markets.

Management attributes market strength to a combination of high U.S. production, increased terminal capacity, and sentiment-driven arbitrage.

Strategic investment in energy-saving devices and scrubbers provided significant value in an environment of elevated bunker prices and high fuel differentials.

Maintained a conservative fleet renewal strategy, balancing the sale of older vessels with the contracting of a new 90,000 cbm dual-fuel VLGC for 2029 delivery.

Management intends to pursue a conservative fleet renewal program to address the concentration of vessels built around 2015 while remaining open to expansion.

Future market stability remains contingent on the fragile Middle East ceasefire, though management believes peace will eventually lead to increased traffic and replenishment demand.

Anticipates increased Chinese petrochemical demand and higher LPG demand for steam cracking in Europe to support rates in the coming months.

Regulatory implementation of the Net-Zero Framework is unlikely before 2028, with the company positioning its fleet to meet evolving fuel standard provisions.

Capital allocation will continue to balance irregular dividends, debt reduction, and judicious fleet reinvestment based on near-term cash forecasts.

Current cash balance reached almost $600 million following the completion of three vessel sales (Cobra, Corsair, and Constellation).

Repaid $48.1 million in debt associated with vessel sales and gave notice to repurchase two Japanese-financed vessels, Cougar and Cresques.

Reported adjusted EBITDA of $165.4 million, which includes a $30.1 million gain from the sale of the vessel Cobra.

Panama Canal auction rates and waiting times increased significantly, with average auction prices in April rising by almost $900,000 compared to March.

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Management emphasized a conservative approach to fleet renewal given the age concentration of the current fleet.

While renewal is the priority, fleet expansion is not excluded if the right opportunities arise.

The $1 per share irregular dividend was calibrated to maintain financial flexibility for future reinvestment.

Management dismissed the view that peace is a negative for shipping, arguing that while it reduces displacement, it increases overall traffic and replenishment.

Current market volatility is driven by sentiment and short-term price fluctuations rather than fundamental supply-demand shifts.

Management acknowledged the expanding order book but views the investment as a long-term necessity for maintaining a modern, efficient fleet.

Confidence is based on an incremental, long-term view of the business cycle rather than timing a specific market peak.

There is increased appetite for time charter coverage as market players prioritize security of supply amidst global disruptions.

Access to commodities has become a 'security game,' driving interest in securing long-term shipping capacity.