Dear Investors,

Market fundamentals for our VLGC portfolio continue to improve, supported by solid supply growth in the Americas and sustained long-haul LPG demand from Asia.

Guyana has rapidly become a reliable new contributor to the Atlantic basin supply. Rising production and ongoing infrastructure development enhance regional stability and reduce reliance on more volatile producers. This reinforces long-haul trade flows that support VLGC utilization, adding further market resilience.

Limitations on Venezuelan exports continue to shift buyers toward the United States and the Middle East. Replacing short-haul barrels with longer-haul cargoes increases ton-mile demand and absorbs more VLGC capacity. The United States remains the backbone of global LPG supply, with rising gas output and consistent export policies supporting steady flows to Asia. These long-haul routes remain a key driver of vessel employment and earnings strength.

AI is also adding a new layer of demand to global energy systems, much of it tied to gas. In this environment, LPG stands out for its flexibility relative to LNG. Rising gas consumption from AI data centers is supporting increased shale activity, which also lifts associated crude and LPG output. Propane, a form of LPG, offers a scalable power solution for data centers without reliance on pipeline infrastructure, enabling facilities to operate in remote locations or ahead of permanent grid upgrades.

Our fleet is well positioned to benefit from these market developments. The vessels Panama Canal–compliant beam and ammonia-ready notation provide commercial flexibility that is increasingly valuable amid transit restrictions and evolving low-carbon fuel markets. Such capabilities remain scarce in the global newbuilding pipeline, enhancing charter appeal.

Overall, the VLGC market outlook remains robust: Strong Asian demand, expanding US exports, limited fleet growth and ongoing geopolitical tensions all underpin a supportive environment. Our modern vessels are well placed to capture these positive dynamics and align with emerging fuel trends that will shape the industry ahead.

Thank you for your continued trust and partnership.

Martin Haugaard