We own a large fleet of ocean going vessels transporting a number of different cargos on behalf of our charters. All our vessels are 100% owned and we do not charter any vessels owned by others that we may then relet to third parties.

The main focus of our company is in transportation of liquefied petroleum gas. We own 35 vessels between the sizes of 3,000 and 8,000 cubic meters that is a smaller Handy Size segment of the LPG market.

In that segment, we are by far the largest owner of such vessels in the world. Our vessels carry liquefied petroleum gas, LPG, which is different from natural gas, LNG. By LPG, I refer to a number of different gasses as you can see on this slide, which are liquefied through pressure or low temperatures in order to be carried safely and in bigger volumes.

In addition to the LPG ships, we own three modern medium-range product tankers. These vessels are much larger than the LPG vessels. They have a carrying capacity of about 45,000 dead weight and they carry byproducts of petroleum refining like these large jet fuel and naphtha. We also own one Aframax crude oil tanker with carrying capacity of 115,000 dead weight.

The core product we carry, LPG, is a byproduct of natural gas and crude oil. About 10% of the natural gas that is extracted is LPG that has been methane. About 60% of LPG comes from natural gas extraction and 40% comes from crude oil refining.

These gas products whose more common names are propane, butane and ethane, may be further processed as a feedstock in petrochemical production in order to produce other gases which are more commonly called petrochemical gases also carried in our ships. There is a wide variety of uses for LPG products as you can see further down on the slide.

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