Greetings and welcome to the Dorian LPG First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [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 now like to turn the conference over to Ted Young, Chief Financial Officer. Thank you. Mr. Young, please go ahead.

Thank you, operator, good morning. Thank you all for joining us for our first quarter 2017 results conference call. With me today are John Hadjipateras, Chairman, President and CEO of Dorian LPG Limited; and John Lycouris, Chief Executive Officer of Dorian LPG USA. As a reminder this conference call webcast and replay of this call will be available through August 4, 2016. 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 to you to our fourth quarter and full year 2017 results filed this morning with the SEC on Form 10-Q, 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.

Thank you for joining our call and good morning. As for my brief remarks Ted will review our financials and John Lycouris will update you on the broader market and our operating environment and finally we will take questions. Following the delivery of the Caravelle, the final VLGC for our new building program and the sale of our sole small pressurized gas carrier in the prior quarter, we began the first quarter by 2017 financial year as the largest of ECO VLGC's owning 22 high-spec VLGC's built at two of the world's best shipyards. Dorian significant commercial scale is enhanced by the deployment of our spot ships in the Helios Pool, the pool we co-founded and jointly owned with Phoenix tankers and Mitsui OSK subsidiary company. Helios Pool is the second largest LPG pool in the world. Its fleet comprises 26 VLGC's including 8 being owned Dorian, 4 owned by Phoenix tankers and 4 controlled by Oriental Energy. Oriental being one of the largest PDH plant operators and LPG importers in China. Outside the pool we have 4 VLGC's on time charters, 3 of which have a duration of greater than two years. These time charters account for approximately 18% of our fleet calendar days in the fiscal year 2017. For the quarter ended June 30, our spot VLGC utilization rate was 92.2%. We calculate fleet utilization as defined in our filings by dividing our total operating days in a period by the total available days in that period. John Lycouris will describe how global sea-born LPG trade has continued to expand although the rate environment has weakened. And he will share our views on the closest for the weakness and the prospects for improvement as we see them. I will just say that in my experience, the market sentiment has been more negative than justified by the balance of supply and demand fundamentals. We believe that our commitment to provide our customers safe reliable and trouble free service with the high quality and largely homogenously we operate and our competitive operating costs, position us well to navigate the market cycle. Our board continues to reassess the most appropriate capital allocation strategy to best serve our shareholders. We see value in our stock and have in accordance with our previously authorized share repurchase program, repurchased 1 ¼ million shares in the first quarter. The company had $67.4 million remaining under its authorized share repurchase program as of June 30, 2016. Ted will now review the financial results for the quarter.

Thank you, John. While our revenue increased reflecting a full quarter's contribution from our fully delivered fleet and good management of our cost base, we were not immune to the softness of the LPG market has experienced since the beginning of the year. With that said, we are confident that we are well positioned to sustain the current and in our view short term weakness in the market. Before I move on to discuss the results for the quarter, I would like to remind you that our business should be viewed from a long term perspective. For the quarter ended June 30, 2016 we reported total revenues of $50.5 million, representing net pool revenue from the Helios LPG pool, charter hire and voyage freight revenues earned from our VLGC's. As we have previously described, we reported our share of the Helios's result as net pool revenue in our income statement which represents our percentage participation in the pool revenues less pool voyage expenses and pool general and administrative expenses. Our share of net pool revenues for the quarter was $37.7 million. Time charter equivalent revenues per day across all of our VLGC's including those in the Helios pool amounted to $26,406 per day. While our spot VLGC's which reported exclusively to the Helios Pool are $24,640 per day for the same period. Our voyage expenses were $800,000 an 80% reduction from the 3 months ended June 30, 2015. The decrease is due to a number of our vessels operating in the Helios LPG pool, our voyage expenses are netted against our revenues. Vessel operating expenses for the quarter were approximately $16.1 million or $840,000 per vessel per calendar day which is calculated by dividing the vessel operating expenses by calendar days for our VLGC's for the relevant time period. For…

Thank you, Ted. LPG trades fundamentals are developing favorably. Since July 2016, the global sea born LPG volumes amounted to 48 million metric tons compared to 45 million metric tons during the same period last year. LPG Sea born export volumes both from the US and the Middle East have remained strong during the first 7 months of this year at about 15 million tons and 21 million metric tons respectively, registering at 37% and 5.3% increase over the same period last year. These healthy export volumes have produced an abundance of stocks in the Far East markets keeping local prices softer. Mount [ph] LPG prices have on the other hand traded consistently higher than expected and they are adversely affecting margins from the term contracts and have closed arbitrage trades in the market. As a result of US LPG terminal operators have recently seen export cargo volumes cancelled or deterred some contracts may be negotiated in effect helping the seasonal buildup of U.S. inventory stocks for the upcoming winter demand. The new Panama Canal has opened to commercial traffic and a number of VLGC vessels have transited both in loaded and in ballast conditions, shortening voyage times but potentially increasing trade volumes. The transiting tours are about 20% higher than anticipated and he impact on the shipping markets and the vessel utilization is still to be determined. The VLGC fleet utilization is higher than 90% in spite of more than 30 new building vessels delivered in this calendar year-to-date. The VLGC order book now stands at about 20% of the current fleet with deliveries likely to slip a bit. 16.5% of the fleet is over 20 years old. In the view of lower markets rates, the disposal of the dedicated run freight vessels and LPG storage on younger vessels,…

Thank you, Ted and thank you, John. We are ready to take questions. Operator, please open up for questions, thank you.

[Operator Instructions] Our first question comes from the line of Michael Webber from Wells Fargo. Please go ahead.

Good morning gentlemen, this is Donald stepping in for Mike, how are you?

Hi, how are you doing Donald?

Doing well, thank you. Just a quick question on the market, I mean typically you would see positive summer seasonality beginning to impact LPG carrier rates in the summer as people begin stock piling LPG for winter heating. Are you seeing any of the positive effects yet or just on a timing basis should we be seeing them or are they little bit forward more to the fall?

As for John Lycouris' comments, if you read them you will see, we have had a lagging with I would say a pushback in the timing of that so, what we should have seen as a customary uptick hasn't happened because of the arbitrage, unfavourable arbitrage. And I think it is, oh sorry, somebody just pointed out to me that you are Donald and not Mike but anyway, Donald sorry about that. We are always thinking about Mike, he is always in our minds. So there you are. So I think we are hopeful that it is pushed back a bit because at the moment there is still ample stock in the East and it was pushing down prices like John said but I think we hope to see prices softening in the West and get that push in this spot market that we have come to expect for this time of the year happening maybe in the fourth quarter.

Alright gentlemen, that's it for me, thank you.

Thank you, Donald.

Thank you. [Operator Instructions] our next question comes from the line of Peter Nikolai from Fernley Securities [ph]. Please go ahead.

Good morning guys, just a couple of quick questions from me. First on your OpEx; it has come down quite substantially after delivery of the new building program and you now report OpEx of roughly $800,000 a day. Do you see this improving going forward?

Ted, do you want to answer that for us?

Sure, you know I think there is some potential. But there is variability within the year and we are not taking any further initiatives other than the ones we are always doing to make sure we run the ships efficiently so there could be a bit of improvement there but otherwise we are happy with how we are performing and for us OpEx is pretty sacrosanct. Safety and reliability is absolutely and anything, any reduction in OpEx that would affect that is just going to be completely unacceptable to management so like I said we are just going to have to think about it.

Alright, thanks. Second question from me is just that this market is quite unusual with high utilization on one side and on the other side you have challenging product differential so given the high interest rates we are seeing in the market, do you see a materially high oil price, the only thing that I can kind of save this market in the short to medium term or do you want to highlight any other elements?

We could see more production even with other higher oil price and a lot of the production we see is from areas where maybe, US production I am talking about now, which are in, from gas producing areas. So I don't know. I think the higher oil price does help but I don't think it's the only thing that will move. Unless you mean of course the higher, the greater oil price will not only increase production but also create a demand more access, both side of the equation.

Okay, fine that's all for me, thank you.

Thank you.

[Operator Instructions] Our next question comes from the line from Colton Bean from Tudor, Pickering & Holt. Please go ahead.

Good morning guys, just wanted to see if you had further color on what you are seeing in terms of the contract renegotiation or some of the cargo cancellation from the US Gulf Coast? That's it for me, thanks.

I am sure you are seeing a lot of that too. No it is not much more than we have reported. We spent almost a year under the threat of cancellations where there was very few happening and I think in the last couple of months it's fair to say that these have started to materialize. We have got amount of 10 cargos cancelled or postponed and some renegotiations which are kind of consistent with what's happened in the past with buyers with Far East buyers especially when the market has moved very much against them. So there is the positioning and what I think we should know is the profitability of the business for the off takers in the Far East is still high and I view they try to renegotiate some of their contracts to improve that as opposed to kind of stay in the game. There is a big difference between try to improve your profitability and needing to negotiate a better price just to be able to survive. So, it's anybody's guess how it will go.

That's perfect, thanks.

Thank you. [Operator Instructions] Thank you ladies and gentlemen, that is all the time we have for questions for today. I would now like to turn the call back over to management for closing comments.

Well, thank you all for joining us and I hope you have a good rest of the summer. Don't forget to barbeque every day using your propane cookers and don't forget also to remember that the Carbon content of LPG is 50% lower than coal so down the line hopefully we are going to be seeing a lot of increased use for this product. Especially in places of the world where they need to clean up their air, so have a good summer and thanks again for joining us.

Thank you ladies and gentlemen. That concludes our teleconference.