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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.