Good day, and thank you for standing by. Welcome to the StealthGas Inc. First Quarter 2025 Results Conference Call and Webcast. At this time, all participants are in listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Michael Jolliffe, Chairman of the Board. Please go ahead.

Thank you very much, Nadia. Good morning, everyone, and welcome to our first quarter 2025 earnings conference call and webcast. I'm Michael Jolliffe, for those who don't know me, Chairman of the Board of Directors. Joining me on our call today, as usual, is our CEO, Harry Vafias, to discuss the market and company outlook, and Konstantinos Sistovaris to discuss the financial aspects. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements which reflect current views with respect to future events and financial performance. So please take a moment to read our disclaimer on slide two of this presentation. Risks are further disclosed in StealthGas Inc. filings with the Securities and Exchange Commission. So let's proceed with the presentation. Starting with some highlights on slide three. Today, we released our results for the first quarter of 2025. It was another successful quarter in what can be described as a tumultuous market. We generated $42 million in revenues during the first quarter, compared to $41.6 million last year, and $43.5 million in the previous quarter, demonstrating resilience in terms of commercial operations. Adjusted net income for the first quarter of 2025 was $16.1 million, similar to the fourth quarter of 2024, albeit somewhat lower than the first quarter of 2024, mostly due to increased expenses as shall we discuss later on. In terms of earnings per share on an adjusted basis, these were $0.44 for the quarter. In this volatile environment, our high period coverage allowed us to sustain the high profitability we have been experiencing over the past year for yet another quarter. In terms of our strategic objectives, we are close to completely deleveraging the company. We have reduced debt by $54 million this year, bringing the current debt level…

Thank you, Michael. I will discuss the financial results that were released today. Starting with slide seven, where we have a snapshot of the income statement for the first quarter of 2025 against the same period of 2024. Due to sale and purchase transactions that took place over the period, there was a very small increase in fleet days of 2%. TCE or net revenues, that is the revenues after the voyage expenses, came in at $36.9 million for the quarter. A decrease of $1.8 million or 4.6%. This was due to the weakness in the spot market, while most vessels on period performed well, there were at times between four and five vessels operating in the spot market, generating increased voyage costs due to bunkers but not generating enough revenue to compensate for that. Two of the vessels were handy sizes, and they had the biggest variances. Operating expenses were $13.5 million for the quarter, a 17% increase, mainly due to higher crew costs and maintenance fees. It should, however, be noted that it is actually last year's number that was unusually low due to one-off items, whereas this year's OpEx was more in line with our cost structure, and, actually, slightly lower than in the fourth quarter of 2024. This quarter's results also included some dry docking expenses of $0.4 million mainly relating to the drydocking of one vessel during the end of March. There was no dry docking during the same period of last year. Similarly, the first quarter of 2025 results were also impacted by an impairment of $0.5 million for the vessel Gas Cerberus bringing down its value to the value that was agreed later in April that it would be sold. The vessel is still in the fleet, and it should be delivered to…

On slide ten, we are discussing the LPG market. As we have previously said, over the last three years, global LPG exports are on a steady upward path and marked an increase in 2024 of 4.4%. It looks like it's on track to register similar growth for the first half of 2025. The world's largest exporter, the US, after having registered an impressive 11% year-on-year growth in exports last year, shifted gear lower but still marked a solid 8% year-on-year growth for Q1. It was actually in the current month of May that propane exports from the US for the first time broke a new record surpassing two million barrels per day. US and NGL exports are facing capacity constraints but we are already approaching the first planned capacity additions, starting with Energy Transfer's Nederland, Texas terminal, that will export an additional 250,000 barrels per day in the second half of 2025. And then after one several more expansion projects are completed by 2028 in the US Gulf, the Eastern Seaport as well, as in Western Canada, volume should increase by over 25%. Now these increased volumes are about to compete with Middle Eastern exports, and we have not discussed recently Middle Eastern exports as the region has been losing market share being supplanted by a dominant US. However, traditional LPG exporters like Saudi Arabia, Qatar, and UAE are also looking to strengthen their exports lately. In particular, Qatar and UAE have projects underway mostly related to LNG like the Northfield expansion by Qatar Energy that are also going to increase their LPG production significantly before the end of the decade. In the short term, we should expect increased LPG volumes. LPG being a byproduct of both crude oil and LNG production, coming as a result of the decision by…

This concludes today's conference call. Thank you for participating. You may now disconnect. Have a nice day.