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.