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Overall, we continue to focus on optimizing our spot trading performance while managing costs and maintaining and even lowering breakeven level, which now stands at $14,000 per day. And as a final point, our entire fleet is exposed to the spot market, including our time charter in vessels, allowing Ardmore to fully capture the benefits of the strengthening market. Moving to Slide 5. Our optimism is backed by some important near-term factors. The EU refined products embargo, which commenced in February of this year, is continuing to impact the market by creating additional tonne-mile demand. Also, as the winter market sets in, we expect to see, as always, weather delays, daylight transit restrictions and localized rate spikes driven, for example, by cold snaps, while constricting supply or boosting demand.

And as you can see in the graph on the upper right, global refined product inventory levels remain very low, leaving little margin for error in the oil product supply chain. Despite the significant levels of refinery maintenance in 2023 as compared to 2022, as shown in the chart on the lower right, product tanker demand has remained very strong. And as we expect to see fewer refineries offline going forward, we should anticipate further incremental demand. As well as this, reduced Panama Canal transits for the next few months are likely to increase traffic by up to 40%, thereby extending voyage times and keeping ships out of the market. And the implementation of the EU Emissions Trading System, which starts January 1, in which Bart will expand on later, we think could lead to logistical inefficiencies in the market, further supporting TCE rates.

And finally, it's also important to remember that low scheduled newbuilding deliveries should limit fleet growth for at least the next 2 years. Moving to Slide 6, we will discuss the EU refined products embargo in more detail. As highlighted in the chart on the upper right, EU diesel demand has remained consistent, while diesel imports have declined over the past several months. As a consequence, we've seen a substantial draw on inventory since the implementation of the embargo as highlighted in the chart on the lower left. As inventory levels normalize, we believe that imports to this region are poised to increase significantly. These additional volumes are likely to be sourced from far away, resulting in increased tonne-miles, thus further supporting the overall market.

And then turning now to Slide 7 on capital allocation. We remain fully good to our long-standing policy, which has a big influence on how we approach decision-making. As a result of our strong financial position and low breakeven levels, we're now able to pursue all of our priorities simultaneously, namely: maintaining our fleet over time by investing in our ships to optimize performance, thus boosting earnings and cash flow; sustaining low leverage through the market cycle, which, of course, improves the quality of earnings and provides the company with the financial strength needed for well-timed growth; evaluating growth opportunities while maintaining a patient and disciplined approach; and returning capital to shareholders, where at present we're paying out 1/3 of adjusted earnings.

And as an aside, with the current market outlook and our significant operating leverage, we see the potential for much higher earnings, and thus, dividends in the coming quarters. The essence of our policy is an acknowledgment that this is a cyclical business, where financial strength can pay off hugely if it permits well-timed investment. But we must balance that with returning capital to shareholders, consisting of a portion of earnings in a manner that's conventional across industries. While we don't rule out special dividends or share repurchases, at the moment, neither are part of our near-term plan. And with that, I'm happy to hand the call back over to Bart.

Bart Kelleher: Thanks, Tony. Building upon Tony's comments on market conditions, we'll further examine the industry fundamentals. Overall, the supply-demand dynamics remain highly favorable. On Slide 9, we discuss the significant supply-demand gap. The multiyear supply-demand gap remains wide, which shipyard berth availability continuing to be limited to 2026 and beyond. The strong tonne-mile growth, which is highlighted in the green bars in the chart, is driven by positive underlying fundamentals and, in 2024, is enhanced by the full year impact of the EU embargo, which Tony has discussed in detail. Despite low scrapping levels, the charter market has remained strong, with the aging fleet representing further scrapping potential, creating additional market support through the cycle.

So overall, we believe the limited net fleet growth across the product and chemical tanker sectors, combined with increasing tonne-miles, supports current market strength. Moving to Slide 10, where we highlight how the low MR product tanker order book contrast sharply with the rapidly aging fleet. As just discussed, supply fundamentals remain highly supportive. Although we have seen some moderate ordering of product tankers, this represents only a fraction of the natural replacement cycle of the aging fleet, with only 18 million deadweight tons on order versus nearly 70 million deadweight tons within the scrapping age profile in the next 5 years. And specifically for MRs, the gap is even more pronounced. The current MR order book stands at a low 6.5% of the existing fleet compared with the overall product tanker order book at 10%.

As we mentioned on our last earnings call, it's important to point out that the Aframax crude tankers' net fleet growth is forecast at near 0 levels. This implies that an increased proportion of LR2s, most likely older vessels, will naturally transition to trading crude to cover the shortfall in Aframax tankers. And this is a trend, in addition to the transition we have seen this year, of more LR2s shifting from clean to dirty trade. On Slide 11, we depict the strong underlying demand growth in the product and chemical tanker markets. As discussed, the Russia-Ukraine conflict has heightened concerns around energy security and led to a persistent reordering of global product trades. Meanwhile, the long-term trend of refinery dislocation between East and West, supported by increasing consumption forecast, will continue to drive incremental tonne-mile demand.

While acknowledging that there are macroeconomic pressures as a result of the high interest rate environment and uncertainties in the Chinese economy, we believe they are currently outweighed by the positive factors in the tanker markets. Moving to Slide 13. Ardmore continues to build upon its financial strength. As a reminder, the chart on the bottom left notes that we have reduced our cash breakeven levels by $2,500 per day in a rising interest rate environment as a result of our effective cost control, lower debt levels and access to revolving facilities, with the potential to further reduce breakeven levels in 2024. In addition, we have a strong liquidity position with $50 million of cash on hand and $220 million of undrawn revolving facilities at the end of the quarter.

As always, Ardmore is focused on optimizing performance, closely managing costs in this inflationary environment and preserving a strong balance sheet. Turning to Slide 14 for financial highlights. As noted, we are very pleased with our performance during the summer season as we report results of $0.49 per share for the third quarter. We are correspondingly reporting strong EBITDAR for the quarter and continue to frame EBITDAR as an important comparable valuation metric against our IFRS reporting peers. There's a full reconciliation of this presented in the appendix on Slide 25. Our significant revolving capacity has allowed us to manage our debt levels intra-quarter and minimize our interest expense, even in this elevated rate environment.

Please refer to Slide 26 in the appendix for our fourth quarter 2023 guidance numbers. Moving to Slide 15. As Tony mentioned earlier, in accordance with our Energy Transition Plan, we're making some exciting investments in our fleet to further optimize operating performance and improve earnings. We are now on schedule to complete an updated 7 dry-dockings this year, and this reduces to 5 dry-dockings in 2024, 4 of which are in the first quarter, setting the stage for having our fleet refreshed and upgraded and producing full earnings. As discussed and within the bounds of the scheduled dry-docking periods, we're installing new generation scrubbers and other efficiency-enhancing technologies which have high return profiles. Meanwhile, we have successfully completed the technical management transfer of 8 vessels fully consolidating our fleet with our joint venture partner, Anglo Ardmore.

Also noteworthy, we had very strong on-hire availability for the third quarter as a result of the continued close coordination of our teams at sea and onshore. Finally, we are prepared for the implementation of the EU Emissions Trading System, or ETS. While certainly a lot of planning has gone into this by our chartering and operations teams, in essence, from a financial perspective, this results in a pass-through voyage expense. Moving to Slide 16. Here, we are highlighting our significant operating leverage. As you can see in the chart, for every $10,000 per day increase in TCE rates, earnings per share is expected to increase by approximately $2.30 annually, with free cash flow increasing by nearly $100 million over the same time period.

Given the range of TCE rates shown on the slide, it is important to remember that in this elevated, highly volatile market, dramatic shifts are possible. And just as we experienced last winter, there is the potential for the market rates to strengthen significantly in a short period of time to level towards the upper end of this scale and even beyond. We certainly like Ardmore's positioning heading into this winter market. With that, I'm happy to hand the call back to Tony and look forward to answering questions at the end.

Anthony Gurnee: Thank you, Bart. So to summarize, first, regarding the market. TCE rates continued at elevated levels through the third quarter during the normally weaker summer and then strengthening into the winter season. Meanwhile, there are a number of near-term drivers, including, among other things, very low refined product inventory levels in Europe expecting to drive long-haul imports into the region and further contribute to overall demand. And the wide gap between tanker supply and demand should continue to underpin the market for at least the next couple of years. And regarding the company, we're continuing to achieve strong TCE performance while managing costs in an inflationary environment. We're investing in our fleet to further improve operating performance and reduce carbon emissions.

And our strong balance sheet and low breakeven level serves to enhance the quality of Ardmore's earnings, while also allowing us to pursue all of our capital allocation priorities simultaneously. And with that, we're pleased to open up the call for questions.

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