Financial Data and Key Metrics Changes - The company declared a dividend of $0.70 per share, totaling $29.9 million, marking the eighteenth dividend payment and bringing total dividends distributed to over $725 million since the IPO [4] - The reported adjusted EBITDA for the quarter was $74.2 million, with total cash interest expense of $6.8 million [10] - Free cash at the end of the quarter was $294.5 million, an increase of about $25 million from the prior quarter [11] - The debt balance at quarter end was $516 million, with a debt to total book capitalization ratio of 32.2% and net debt to total capitalization at 13.8% [11] Business Line Data and Key Metrics Changes - The TCE per available day achieved was $50,333, with the Helios pool earning a TCE of $50,500 per day for its spot and COA voyages [6][8] - Daily operating expenses for the quarter were $9,558, remaining flat compared to the prior quarter [9] - Time charter expenses for TCN vessels were $18.2 million, consistent with guidance [10] Market Data and Key Metrics Changes - Global seaborne LPG trade reached a new quarterly record of over 37 million tons, with North America exports hitting a record of more than 18.5 million tons [15] - The VLGC market remained strong, with spot earnings well above long-term mid-cycle despite some volatility [4] - The average Baltic Index was lower than the previous quarter, but upward momentum was observed heading into 2026 [20] Company Strategy and Development Direction - The company is committed to enhancing energy efficiency and sustainability, operating 16 scrubber-fitted vessels and 5 dual-fuel LPG vessels [21] - The company plans to maintain a balance between dividends, deleveraging, and fleet investment [14] - The delivery of a newbuilding ammonia-capable VLGC is expected at the end of March 2026, with a payment of about $62 million planned [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing strong production levels and a positive outlook for the year [35] - The company noted that geopolitical impacts on the world market are likely, but the attractiveness of LPG as a commodity supports the belief that risks can be mitigated [20] - Management highlighted the importance of regulatory changes and the company's preparedness to meet future requirements [24] Other Important Information - The company completed 12 dry dockings in the past year, with one more scheduled, resulting in cost savings and emission reductions [5] - The average Dorian LPG fleet AER for 2025 was 6.24%, which is 10.4% better than the IMO required target for that year [23] Q&A Session Summary Question: What is driving the counterseasonal strength in the spot market? - Management indicated that uncertainties in the previous quarter led to a backlog of cargoes, which contributed to the current strength in the market [34][35] Question: Can you provide details on the charter rate for the Chaparral? - Management refrained from disclosing specific rates but noted that the charter was done opportunistically and is comparable to spot market earnings [38] Question: How will the new building be financed? - The company plans to finance the remaining payment for the new building, with more details to be provided later [41] Question: What improvements have the energy-saving devices resulted in? - Energy-saving devices generally provide around a 5% improvement in efficiency, with payback typically within a year [48][50]

Core Viewpoint - Teekay Tankers Ltd. (NYSE:TNK) experienced a 3.91% decline in share price from September 18 to September 25, 2025, making it one of the energy stocks that suffered the most during that week [1][2]. Group 1: Company Overview - Teekay Tankers Ltd. provides marine transportation services to the oil industry, operating in Bermuda and internationally [2]. Group 2: Industry Concerns - A consortium of global shipping operators has expressed serious concerns regarding the Net Zero Framework (NZF) proposed for adoption by the United Nations' International Maritime Organization (IMO) next month, which has negatively impacted shipping stocks, including Teekay Tankers [2]. - The consortium stated that the IMO NZF would not effectively support the decarbonization of the maritime industry and would fail to ensure a level playing field, calling for critical amendments before adoption [3]. - The United States has already rejected the deal and threatened tariffs, visa restrictions, and port levies on countries that support the NZF [3].

Group 1 - Frontline plc (NYSE:FRO) experienced a share price decline of 3.23% from September 18 to September 25, 2025, ranking among the energy stocks that lost the most during that week [1] - The company operates in the shipping sector, focusing on the ownership and operation of oil and product tankers globally [2] - Frontline plc, along with other international operators, has raised serious concerns regarding the proposed Net Zero Framework aimed at reducing marine fuel emissions, as the global shipping industry contributes nearly 3% of the world's carbon emissions [3] Group 2 - Despite the recent share price downturn, Frontline plc's stock has increased by over 57% since the beginning of the year [4]