The deal has substantially expanded Shell’s shipping andmarketing capacity in the regionof South America.

It also acquired equity on Rep-sol’s LNG production assets in SouthAmerica for a net cash purchaseprice of $3.8 billion, increasing itsdirectly managed LNG volumes inPeru and Trinidad and Tobago with7.2 MTPA in off take agreements.

Repsol-Gas Natural LNG(Stream LNG), founded in 2005,managed a fleet of 13 vessels,some of which delivered of Rep-sol’s LNG supplies from Trinidadand Tobago. Repsol retains its non-LNG shipping segments.

As part of the transaction,Shell has acquired both long andshort term charters on the LNGvessels and assumed $1.6 billion inbalance sheet liabilities related tothe charters.

Shell’s spokesperson told LNGShipping News, “Shell is financingthe ship leases and taking the lia-bilities onto the balance sheetthat Repsol had for LNG charters.”

Through the deal Shell has in-creased its equity in Repsol’s LNGproduction assets, including thosein the East Pacific operated byPeru LNG Company and in theWest Atlantic at Repsol’s AtlanticLNG production plant.

Shell also agreed to supplyRepsol with LNG at its Canaportregasification terminal in Canadaover a 10-year period.

Repsol announced in 2013 it intended to sell La Pampilla refin-ery, in Peru, as well as assets inLatin America. In October, it sold a Spanish power plant, BahíaBizkaia Electricidad (BBE) toBritish Petroleum (BP).

Repsol’s balance sheet and liq-

uidity saw a reduction in net debtof $3.3 billion thanks to the deals.

GasLog agrees lease-back with BG GroupMonaco-based operator GasLogwill spend $468 million buy threeof the 11 vessels it technicallymanages for gas producer BGGroup, and charter them back tothe original owner for six years,adding $50 million per year toGasLog’s EBITDA.

The 11 vessels are held in a BGGroup affiliate company calledMethane Services Ltd (MSL), andGasLog expects the transaction willbe complete within either the firstor second quarter of this year.

GasLog’s Head of Investor Re-lations, Jamie Buckland, told LNGShipping News, “Methane servicesis a BG company that owns theirships. They have 11 ships, that wemanage. After this transaction,they will have 8 owned ships as wewill have purchased 3 of them.

“We will continue to managethe 8 we don't own, in the sameway as we have done to date.”

Over the six year initial charterterm, the vessels are expected toearn a combined $426.3 million inincremental contracted revenue.

GasLog hasn’t selected thethree ships it will buy yet, but itsaid they will all be steam pow-

ered with 145,000cbm capacity.It will select them from a group

of six sister ships built by SamsungHeavy Industries under GasLog supervision in 2006 and 2007.

The candidate vessels may pos-sibly be Methane Lydon Volney,Methane Nile Eagle, MethaneShirley Elizabeth, Methane JaneElizabeth, Methane Alison Victoriaand Methane Heather Sally, ac-cording to broker data.

To assist with financing thethree vessels, GasLog secured a$325.5 million credit facility and abridge loan facility.

It is also raising about $178million through offerings in sev-eral steps. First it will launch apublic offering of 9,500,000 sharesat $15.75 per share.

Secondly, it is selling $36.5 mil-lion in shares in a private place-ment to certain directors, officersand shareholders.

The offering, for which invest-ment banks Citigroup Global Mar-kets and Platou Markets are actingas joint book-running managers,was expected to have closed on orabout 22 January.

GasLog also plans a US initialpublic offering, targeting debt reduction, on a Master LimitedPartnership for certain units withmulti-year charters, to be announced in the near future. !

A LNG JOURNAL TITLE ON LNG TANKERS 23 January 2014

LNG Shipping NewsShell takes over entire Stream LNG fleet

SHIPPINGNEWS

AGENDA

Inpex starts up Singapore LNG marketing of!ce 3

BUSINESS

REGULATIONS

SOLAS blending rules will impact LPG tankers

4

Grounded barge LNGexport project open toinvestors

2

FINANCE

Shell this month closed a deal in which it has acquired 13 vessels, or the entire fleetof Stream LNG, a joint venture of Spanish utility Gas Natural and Spanish producerRepsol. The deal has been in discussion since February.

TECHNOLOGY

Singaporean KeppelSingmarine to buildsmall scale LNG ships

5

Norway’s Knutsen OAS has an estimated eight vessels on charter toStream LNG, along with a tentative order in November of two new176,300cbm new buildings with HHI.

LNG vessels ordered

6

LNG ORDERBOOK

Texas LNG, which will operate thefacility, has filed an applicationto export with the US Departmentof Energy (DOE) and secured ex-clusive land rights to the 51 acresite for the mid-size, 2 MTPA ca-pacity plant.

The company is seeking in-vestors to help fund the engineer-

ing studies required for the FERCapplication. These investors maybe related to vessel constructionor LNG buyers as well as investorsseeking exposure to the US LNGsector.

CEO of Texas LNG, Vivek Chan-dra, told LNG Shipping News, “Weare seeking investors who will help

us fund the engineering, environ-mental and legal efforts requiredto prepare the FERC applicationwhich we hope to do by the end ofthe year.“

Grounded barge for easyoffloadingThe company is introducing agrounded barge-based liquefactionconcept, which it sees as havingcombined construction and of-floading advantages in today’smarket dominated by landed orfloating liquefaction terminals.

The barge will be built in ashipyard, and taken to the Portof Brownsville site where a dry-dock type cutout will havebeen constructed.

The barge will then slip intothe drydock, where it will be

walled in place with cement, be-coming a fixed, landed structure.

As the plant will no longer be floating at this point, the operator will be able to use conventional offloading arms for easy offloading.

Chandra explained, “The inno-vative grounded barge conceptwill allow us to take advantage ofthe positive aspects of FLNG, suchas construction in a controlledship environment, controlledcosts, and labor availability, with-out any of the downsides of FLNGsuch as maritime operations,safety issues, offloading complex-ity and disconnection.”

Following a rapid constructionschedule, Texas LNG anticipatesthat LNG export could commencein early 2018. !

Barge-based US LNG export concept open to investors

" NEWS LNG Unlimited 23 January 20142

American Texas LNG, a privately-owned terminal operator, announced plans to export US shale gas at the Portof Brownsville Texas to FTA and non-FTA countries. The project calls for an innovative grounded barge.

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Teekay Corporation announced itis seeking a senior manager forTeekay Tankers, its subsidiary,with a fleet of directly-owned LNGtankers. The corporation has in-terests in two master limited part-nerships, Teekay LNG and TeekayOffshore Partners.

Bruce Chan, CEO of TeekayTankers and president of TeekayTanker Services, is resigning June20, 2014 after over 18 years ofservice.

Chan said, “I am confident thatI am leaving Teekay Tankers in anexcellent position to benefit froma recovery in the tanker market.After more than 18 years with

Teekay, I am looking forward topursuing new opportunities, in-cluding Board positions with for-profit and not-for-profitorganizations."

Teekay Offshore Partnersissues bondsTeekay Offshore Partners recentlyoffered senior unsecured bonds,maturing in January 2019, on theNorwegian bond market. JointLead Managers were DNB Markets,Nordea Markets and SwedbankNorway. Demand for securities exceeded the total number ofshares issued, and the offeringwas ‘significantly oversubscribed.’

The proceeds of the bonds are ex-pected to be used for generalpartnership purposes.

Recent LNG/LPGinvestmentsAn increase in Teekay LNG’s dis-tributable cash flow reported inits third quarter 2013 results wasprimarily due to the Partnership’sacquisition of a 50 percent inter-est in Exmar LPG, an LPG carrierjoint venture with Exmar, and itsacquisition and charter back oftwo LNG carriers from Awilco LNG.In July, it exercised options withDSME by ordering two additional173,400cbm newbuildings. !

Teekay hiring new CEO, raising $165 million in offeringTeekay LNG Partners is the third largest independent owner of LNG carriers with 29 vessels in its fleet.

Bruce Chan, CEO, Teekay Tankers

The new facility off the Texas coast could begin producing LNG in 2018.

Japanese producer Inpex will usethe office for managing and admin-istering the LNG carrier shipmentsbeing produced by its Ichthys proj-ect, scheduled to begin productionby the end of 2016.

Through its subsidiary, InpexShipping Company, Inpex has twoLNG carriers currently in designphase, scheduled to deliverIchthys shipments.

One is a 155,300cbm Sayanedo-type vessel is being operated byOcean Breeze LNG Transport, a jointventure between Japanese shippingcompany K-Line and an Inpex sub-sidiary; the other is a 182,000cbmvessel operated by K-Line."

Once the vessels are delivered,they will engage in deliveries ofgas from Ichthys project to Japanand Taiwan’s CPC Corporation.

LNG salesThe office will eventually coordi-nate shipping not only for oil, butalso for LNG and condensate.

Inpex’s spokesperson told LNGShipping News, “It will mainly beengaged in marketing crude oil

and LNG. Ichthys has not producedany LNG yet. After the productionstarts up we will manage the mar-keting for LNG, but at this timemainly crude oil and LNG fromother projects.”

The Asia-Pacific volumes whichmight be managed by the office in-clude those from Ichthys LNG, AbadiFLNG and additionally from theRoyal Dutch Shell-led Prelude FLNGproject offshore Northwest Australiain which Inpex is now a shareholder.

The company said Inpex EnergyTrading was already sited in Singa-pore at One Raffles Place Tower.

Inpex opened Naoetsu LNG Terminal in Japan on December 1,ahead of schedule. !

23 January 2014 LNG Unlimited NEWS " 3Inpex starts Singapore LNG marketing officeNEWS

NUDGE Hanjin Italy dockingafter OSG-Nakilat collisionThe operator of the container-ship that collided with OSG-shipmanagment and Nakilat-owned 216,200-cbm LNGtanker Al Gharrafa while tran-siting the Singapore Strait onher way to China, expects toproceed with repairs. Noonewas injured during the incidentand there was no pollution, itsaid.

Petronas FLNG keellaying process beginsThe keel laying process forPetronas’s first floating lique-fied natural gas (FLNG) facility,PFLNG 1, commenced earlierthis week, according to a com-pany official. This marks an-other significant milestone inthe construction of the facilityat the DSME shipyard in Okpo,South Korea.

China LNG Shippingholdings makingYamal bidFollowing Russian LNG exportsliberalization, China MerchantsEnergy Shipping said its jointventure with Cosco Dalian,China LNG Shipping Holdings(CLNG), has been approved forbidding to transport on Yamal,it was reported last month.The company currently has afleet of six LNG carriers.

Sovcomflot names Velikiy NovgorodRussia’s largest shipping com-pany, Sovcomflot, held a cere-mony for 170,200cbm VelikiyNovgorod, at the shipyard lastweekend. Scheduled for deliv-ery this month, the unit will op-erate under a long-termtime-charter agreement withOAO Sovcomflot, the first vesselin a series of high-tech ice classLNG carriers for Gazprom. Thesecond, Pskov, is set for deliveryin September.

Inpex Corporation’s Inpex Trading, Ltd has established a wholly owned subsidiary,Inpex Energy Trading Singapore, with a regional trading and marketing office.

Ocean Breeze LNG Transport’s153,000cbm Sayanedo carrierSource: MHI

Stena Bulk shuffles LNG fleet management The Swedish shipping company, Stena Bulk, has taken back overall responsibilityfor the commercial operation and technical management of the company’s threeLNG carriers acquired in 2011 and plans more investments in LNG.

The Swedish shipping company,Stena Bulk, has taken back overallresponsibility for the commercialoperation and technical manage-ment of the company’s three LNGcarriers acquired in 2011 andplans more investments in LNG.

Stena Bulk took back thetankers, 145,700cbm Stena BlueSky, 171,800cbm Stena Crystal Skyand 171,800cbm Stena Clear Skyfrom Stena LNG in January.

The three vessels are signed totime charters for the next 2-3years on favourable terms and aresubsequently expected to besigned to medium to long-termcharters.

“For the last three years, we atStena Bulk/Stena LNG togetherwith Northern Marine Manage-ment, which has been responsiblefor the technical management,have built up a very good name inthe LNG segment - an industrysegment undergoing expansive de-velopment and one that we judgewill be very interesting indeed inthe next few years,” said ErikHanell, President and Chief Execu-

tive of Stena Bulk.“The three existing tankers will

form the basis of future projects.We are active and keep a sharpeye on all relevant projects in themarket and we see what opportu-nities there are for investing andfinding suitable industrial partnersin the segment,” Hanell said.

In 2011, Stena Bulk invested inthe three LNG tankers owned bythe Taiwan-based shipping com-pany TMT (Today Makes Tomorrow)and in May 2012, Stena formed aseparate company, Stena LNG.

Stena Bulk managementStena Bulk has now once more assumed the overall responsibility

for the three LNG tankers. TheStena Bulk’s organization inGothenburg will, as previously, beresponsible for the commercialmanagement of the three tankers.The tanker offices in Singaporeand Houston will continue to beactive in this segment.

Goran Hermansson, previouslyat Stena LNG, has joined StenaBulk’s organization and he willfocus on LNG and gas-related proj-ects as well as other projects atStena Bulk.

In 2012, the Swedish companyhad said it had ambitions to in-crease Stena’s LNG fleet to be-tween six and eight vessels in thenext few years. !

Stena Bulk will now operate 173,400cbm Stena Clear Sky, built in 2011.

The European Commission pro-posed the new rule, The EuropeanAccount Preservation Order (EAPO)in 2011 and European Justice Min-isters made headway last monthwith an agreement on the bill.

If passed by the EU parliament,it will empower claimants withintheir national judicial systems bywith the ability to locate andfreeze assets in bank accounts ofsupposed debtors located abroad.

This will ensure the amountowed to the debtor is not removedbefore the claimant gains a judge-ment allowing them to collect themoney.

Currently, a claimant must ne-gotiate with national court sys-tems on both sides of the border,without EU help, for sums largerthan !2,000.

It’s a long and costly process,said partner at AKD, InternationalTrade and Transport, SebastiaanMoolenaar .

“In this economic climate, theEU commission has realised itcosts citizens and customers a lotof money if they don’t have accessto courts in Europe.

“Whether they are vessel oper-ators, ship owners, or bunker sup-pliers, at the moment when youare faced with customers who arenot paying you and are in a differ-ent country, you don’t know howlong it will take.”

Pressure on debtorsIt may also speed the negotiationsout of court, said Moolenaar.“With this new procedure, shipowners, faced with unpaid bills,

will have additional ways to se-cure recovery of claims on theirvarious customers, and to putpressure on unwilling debtors asobviously a bank account which isfrozen will often persuade adebtor to reconsider his position,”said Moolenaar.

“We do have quite a substan-tial number of clients in the busi-ness, either operating or beingsuppliers to the business, and forthose parties this is an interestingproposal.

‘For lawyers it is also interest-ing. We must often say, ‘I’m sorryyou have a claim on an Italian cus-tomer who is not paying and it willtake 10 years to go through thecourts. We want to help you butwe can’t. That also goes for ouroffshore and shipping clients.”!

" NEWS LNG Unlimited 23 January 20144

The IMO in 2009 decided physicalblending of certain cargoes during sea voyages, primarily on oil tankers, presented ‘clear

hazards for the safety of the shipand protection of the marine environment.’

In the ‘blending’ process, cargo

pumps are used to internally cir-culate two or more different gasor liquid cargoes, with the intentof creating a cargo with a newproduct designation.

Producers occasionally carriedout the process to meet differingbuyer requirements while on a sin-gle voyage.

IGC Code unchangedProduction processes that takeplace on board FSRUs and FLNGsare not affected by the SOLASamendment, SIGTTO said.

SIGTTO previously providedguidance on cargo blending forLPG carriers, but now the newSOLAS rule (SOLAS, VI/5-2) pro-hibits it.

Rick Boudiette, technical advi-sor for SIGTTO, said, “There is noblending, as envisioned by theamendment, of cargoes in the LNGside of shipping.

“As for the LPG side of the

fence, the activity was not com-monplace, but did occur fromtime to time.

Such vessels are governed bythe IGC code (International Codefor the Construction and Equip-ment of Ships Carrying LiquefiedGases in Bulk).

Boudiette explained boil-offgas reliquefaction is not affectedeither: “For reliq, the amendmentcovers active blending of two ormore cargoes onboard ship duringsea voyages. Reliq does not dowhat is described by the amend-ment; it is installed to managetank pressures, through BOG man-agement, under the IGC Code.

“Further, reliq for LNG Carriersis not considered a process underthe SOLAS definition as applied inthis amendment,” he emphasized,“Had it been, IMO would haveclarified the revised IGC Codeaccordingly, so as not to cause anyconflict or confusion with SOLAS.!

SOLAS blending rules will impact LPG tankers – SIGTTOThe IMO’s new rule that bans tanker cargo blending entered into force January 1, but only affects LPG carrier operations, confirmed UK-based association, SIGTTO (Society of International Gas Tanker and Terminal Operators).

Partner at AKD, InternationalTrade and Transport, SebastiaanMoolenaar.

EU law empowers cross-border debt collection - AKDThe Shipping & Offshore team at a Dutch law firm, AKD, expects the EU parliament to ‘this year’ take steps to fi-nalise a law enabling LNG shipping suppliers and owners to quickly collect debts across EU borders, a processthat previously took up to 10 years.

Rick Boudiette, technical advisor for SIGTTO.

Keppel Offshore’s specialized ship-building division, Keppel Singma-rine and GTT signed a technicalassistance and license agreement.

Under the agreement, theAsian shipyard will be able tobuild LNG carriers using the GTT’smembrane containment systemscurrently found in 70 percent ofthe global LNG fleet.

New LNG shipyard?The move expands the shipyard’ssegments to include LNG carriers.Currently, it is capable of design-ing and building vessels, spanningfrom anchor handling tug, supplyvessels, multi-purpose offshoresupport vessels and tugboats aswell as as icebreakers and ice-class support vessels.

Hoe Eng Hock, managing direc-tor of Keppel Singmarine, said,“We are pleased to enter into thiswin-win partnership with GTTwhich will allow us to incorporateGTT’s innovative solutions in de-signing and building of LNG carri-ers for the LNG market.

“With an established trackrecord of delivering some 400 spe-cialised vessels, we understand the

need of the market for quality andsafe solutions, and we are confidentour partnership with GTT will helpus meet this market requirement.

Small scale oil and gas providersare considering supplying LNG toremote markets such as small is-lands in Indonesia, while the use ofLNG as a fuel for ship, road and railtransport is getting more and morewidespread, said GTT. !

23 January 2014 LNG Unlimited NEWS " 5Nakilat converts Q-max to ME-GI

SHI-built vessel Rasheeda, deliv-ered in 2010, is one of Nakilat’slargest and most advanced LNGcarriers.

Qatari LNG producers Qatargasand RasGas, the long term char-terers of the vessel, also have ahand in the retrofit.

RasGas is planning to convertabout 14 of its 27 LNG carriers

from diesel-power to LNG propul-sion to meet stricter emissionstandards from 2015, reportedLNG journal.

The company plans to convertthem all to be able to use LNG di-rectly vaporised from the cargo.

"A prototype will soon betested and, if the results are posi-tive, RasGas management will

decide whether to convert all the Q-Flex and Q-Max vessels," the company said.

ME-GI advantages for supertankersShipyard Nakilat-Keppel Offshore &Marine (N-KOM) will retrofit thesystems to give the ship’s operatorsthe option of running it on LNG.

Nalikat and Keppel Offshore &Marine established the shipyard in2010 as ‘a centre of excellence forthe repair and maintenance ofLNG carriers and other vessels.’

Nalikat said it is confident inthe safety and reliability of theME-GI design for the Q-Flex and Q-Max vessels.

Additional advantages of hav-ing dual fuel vessels will mean operators can more quickly reactto market changes, for example in bunker availability, and reducerisks. It may also increase meantimes between maintenance sessions. !

Nakilat’s 266,000 cbm vessel Rasheeda, operated by Shell, will be the first lowspeed diesel to be retrofitted to use a MAN ME-GI-based engine at Nakilat’s newLNG shipyard, meeting emissions limitations ahead of IMO emissions regulationsenforcement deadlines.

Nakilat’s 266,000 cbm vessel Rasheeda

Keppel Singmarine targets small scale shipsSingapore-headquartered Keppel Offshore has bought the right to build LNG tankerswith French Gaztransport & Technigaz (GTT) membrane tank technology, citing theneed for a new shipyard for small to medium scale LNG carriers and bunker ships inSoutheast Asia.

Keppel Singmarine and GTT signed a technical assistance and licenseagreement.

GTT launchesUK office tomarket newtoolsFrench LNG cargo tank manu-facturer Gaztransport & Tech-nigaz GTT announced that ithas opened a UK branch officewhich will be focussed on 'de-veloping new tools and serv-ices' for the LNG industry.

Services provided by GTTinclude consulting with LNGtanker operators on technolo-gies which allow them to opti-mise storage space, reducingbuild costs and opex.

GTT’s UK branch will workclosely with both the SIGTTO(Society of International GasTanker and Terminal Operators)and SGMF (Society for Gas as aMarine Fuel) organisations.

GTT said it will use itsunique expertise to help theindustry to reach into newproduct segments.

GTT’s UK team, led by RayGillett, will focus on develop-ing new tools and services thatmaximise GTT’s expertise inspecific areas to help addresssome of the issues that theLNG industry may encounter asit expands. The team will alsoassist operators in maximisingthe operational effectivenessof the systems in which theyare involved.

Philippe Berterottière, CEOof GTT, said: “We are proud tohave this highly qualified teamon-board with GTT. They willperfectly accompany our visionof an industry constantly mov-ing to improved operationalexcellence”. !

GTT’s stainless steel membrane Source: GTT

DFDE = dual fuel diesel engines, STRH = steam turbine reheat / ultra steam turbine, MEGI = marine electric gas injection, DRL = slow speed diesel, FSRU = vessel with regas capacity, FLNG = floating LNG production unit

Golar Igloo Samsung TZ Mk. III DFDE 170000 Q4-13 Kuwait FSRU Golar LNG 2031 WilhelmsenGolarMaran Gas Apollonia Hyundai Samho TZ Mk. III DFDE 164000 Q4-13 BG Portfolio MaranGas S624 Anangel Golar Crystal Samsung TZ Mk. III DFDE 160000 Q1-14 Golar LNG 2022 WilhelmsenGolarGolar Bear Samsung TZ Mk. III DFDE 160000 Q1-14 Golar LNG 2027 WilhelmsenGolarGolar Penguin Samsung TZ Mk. III DFDE 160000 Q1-14 Golar LNG 2023 WilhelmsenGolarMaran Gas Delphi DSME GT NO 96 DFDE 159400 Q1-14 BG Portfolio MaranGas 2296 Anangel PGN FSRU Lampung Hyundai Heavy TZ Mk. III Azipod 170000 Q1-14 Indonesia FSRU Høegh LNG 2548 Høegh LNGVelikiy Novgorod STX O&S GT NO 96 DFDE 170200 Q1-14 Gazprom Portfolio Sovcomflot 1910 SovcomflotClean Ocean Hyundai Heavy TZ Mk. III DFDE 162000 Q1-14 Dynagas 2558 DynagasCool Runner Samsung TZ Mk. III DFDE 160000 Q1-14 Thenamaris 2046 Bernard SchulteGaslog NB-6 Samsung TZ Mk. III DFDE 155000 Q1-14 Shell Portfolio GasLog 2042 CERESCorcovado DSME GT NO 96 DFDE 159760 Q2-14 Cardiff 2297 Cardiff GasGolar Eskimo Samsung TZ Mk. III DFDE 160000 Q2-14 Jordan FSRU Golar LNG 2024 WilhelmsenGolarIndependence Hyundai Heavy TZ Mk. III DFDE 170000 Q2-14 Lithuania FSRU Høegh LNG 2549 Høegh LNGEE NB-1 FSRU DSME GT NO 96 DFDE 173400 Q2-14 Petrobras VT3 Excelerate Energy 2402 TBDMaran Gas Posidonia Hyundai Samho TZ Mk. III DFDE 164000 Q2-14 BG Portfolio MaranGas S625 Anangel Golar Frost Samsung TZ Mk. III DFDE 160000 Q2-14 Golar LNG 2055 WilhelmsenGolarHoegh NB-3 FSRU Hyundai Heavy TZ Mk. III Azipod 170000 Q2-14 Colburn LNG FSRU Høegh LNG 2550 Høegh LNGKita DSME GT NO 96 DFDE 159760 Q2-14 Cardiff 2298 Cardiff GasMaran Gas Efessos DSME GT NO 96 DFDE 159400 Q2-14 BG Portfolio MaranGas 2291 Anangel Chevron NB-1 Samsung TZ Mk. III DFDE 160000 Q2-14 Chevron Portfolio Chevron 1920 Chevron ShippingSCF Pskov STX O&S GT NO 96 DFDE 170200 Q3-14 Gazprom Portfolio Sovcomflot 1911 SovcomflotClean Planet Hyundai Heavy TZ Mk. III DFDE 162000 Q3-14 Dynagas 2565 DynagasGolar Glacier Hyundai Samho TZ Mk. III DFDE 162000 Q3-14 Golar LNG S658 WilhelmsenGolarChevron NB-2 Samsung TZ Mk. III DFDE 160000 Q3-14 Chevron Portfolio Chevron 1921 Chevron ShippingGolar Snow Samsung TZ Mk. III DFDE 160000 Q3-14 Golar LNG 2047 WilhelmsenGolarPalu DSME GT NO 96 DFDE 159760 Q3-14 Cardiff 2400 Cardiff GasTEPCO NB-1 Mitsubishi H.I. Moss STRH 145500 Q3-14 TEPCO NYK 2289 NYKAdam Hyundai Heavy TZ Mk. III DFDE 162000 Q4-14 Oman LNG 2584 Oman ShippingBrunei NB-1 Hyundai Heavy TZ Mk. III DFDE 154800 Q4-14 Brunei Fleet Brunei Gas Carriers 2606 STASCOCool Explorer Samsung TZ Mk. III DFDE 160000 Q4-14 Thenamaris 2049 Bernard SchulteGolar Kelvin Hyundai Samho TZ Mk. III DFDE 162000 Q4-14 Golar LNG S659 WilhelmsenGolarOsaka Gas NB-1 Mitsubishi H.I. Moss STRH 153000 Q4-14 Osaka Gas Mitsui OSK / Osaka Gas2295 MOLGaslog NB-7 Samsung TZ Mk. III DFDE 155000 Q4-14 Gaslog 2043 CERESBW Gas NB-1 Hyundai Heavy TZ Mk. III DFDE 161880 Q4-14 BW Gas 2571 BWYari DSME GT NO 96 DFDE 159760 Q4-14 Cardiff 2401 Cardiff GasChubu NB-2 Mitsubishi H.I. Moss STRH 153000 Q4-14 Chubu Electric Mitsui Osk / Mitsubishi 2297 MOLGolar Ice Samsung TZ Mk. III DFDE 160000 Q4-14 Golar LNG 2048 WilhelmsenGolarMaran NB-7 Hyundai Samho TZ Mk. III DFDE 164000 Q4-14 BG Portfolio MaranGas S626 Anangel BW Gas NB-2 Hyundai Heavy TZ Mk. III DFDE 161880 Q1-15 BW Gas 2572 BWGaslog NB-8 Samsung TZ Mk. III DFDE 155000 Q1-15 Gaslog 2044 CERESMaran Gas Mistras DSME GT NO 96 DFDE 159400 Q1-15 BG Portfolio MaranGas 2405 Anangel MOL PNG NB-1 Hudong Membrane SSD 170000 Q1-15 PNG / Gorgon Mitsui OSK H1670A MOLChevron NB-3 Samsung TZ Mk. III DFDE 160000 Q1-15 Chevron Portfolio Chevron 1941 Chevron ShippingChubu NB-3 Mitsubishi H.I. Moss STRH 153000 Q1-15 Chubu Electric NYK 2298 NYKEnergy Atlantic STX O&S GT NO 96 DFDE 160000 Q1-15 Alpha Tankers 1670 TBDMaria Energy Hyundai Heavy TZ Mk. III DFDE 170000 Q1-15 Tsakos 2612 TBDDynacom NB-6 Hyundai Heavy TZ Mk. III DFDE 162000 Q1-15 Dynagas 2566 DynagasEnergy Pacific STX O&S GT NO 96 DFDE 160000 Q1-15 Alpha Tankers 1671 TBDHoegh NB-4 FSRU Hyundai Heavy TZ Mk. III Azipod 170000 Q1-15 Høegh LNG 2251 Høegh LNGMaran Gas London DSME GT NO 96 DFDE 159400 Q1-15 BG Portfolio MaranGas 2292 Anangel Osaka Gas NB-2 Mitsubishi H.I. Moss STRH 153000 Q2-15 Osaka Gas Mitsui OSK / Osaka Gas2296 MOLMaran Gas Alexandria Hyundai Samho TZ Mk. III DFDE 164000 Q2-15 BG Portfolio MaranGas S627 Anangel Chevron NB-4 Samsung TZ Mk. III DFDE 160000 Q2-15 Chevron Portfolio Chevron 1942 Chevron ShippingBrunei NB-2 Hyundai Heavy TZ Mk. III DFDE 154800 Q2-15 Brunei Fleet Brunei Gas Carriers 2607 STASCODynacom NB-7 Hyundai Heavy TZ Mk. III DFDE 162000 Q2-15 Dynagas 2567 DynagasMaran Gas Troy DSME GT NO 96 DFDE 159400 Q2-15 BG Portfolio MaranGas 2406 Anangel MOL PNG NB-2 Hudong Membrane SSD 170000 Q2-15 PNG / Gorgon Mitsui OSK H1671A MOL

THE WORLD’S NEWEST LNG CARRIERSName Yard Design Prop. CBM Delivery Trade Route Ship Owner Hull Operator

" NEWS LNG Unlimited 23 January 20146

Petronas FLNG NB DSME GT NO 96 FLNG 180000 Q2-15 Petronas FLNG Petronas 6302 TBDMaran NB-12 Hyundai Samho TZ Mk. III DFDE 164000 Q3-15 BG Portfolio MaranGas S689 Anangel NLNG NB-1 Samsung TZ Mk. III DFDE 170000 Q3-15 Nigeria LNG Bonny Gas Transport 2076 BGTSCF Melampus STX O&S GT NO 96 DFDE 170200 Q3-15 Shell Portfolio Sovcomflot 1912 SovcomflotBW Gas NB-3 FSRU Samsung Membrane DFDE 170000 Q4-15 BW Gas 2074 BWMaran NB-13 Hyundai Samho TZ Mk. III DFDE 164000 Q4-15 BG Portfolio MaranGas S688 Anangel Golar Tundra Samsung TZ Mk. III DFDE 170000 Q4-15 Gas Atacama FSRU Golar LNG 2056 WilhelmsenGolarMOL PNG NB-3 Hudong Membrane SSD 170000 Q4-15 PNG / Gorgon Mitsui OSK H1672A MOLNLNG NB-2 Hyundai Heavy TZ Mk. III DFDE 170000 Q4-15 Nigeria LNG Bonny Gas Transport 2636 BGTSCF Mitre STX O&S GT NO 96 DFDE 170200 Q4-15 Shell Portfolio Sovcomflot 1913 SovcomflotChevron NB-5 Samsung TZ Mk. III DFDE 160000 Q4-15 Chevron Portfolio Chevron 2069 Chevron ShippingChevron NB-6 Samsung TZ Mk. III DFDE 160000 Q4-15 Chevron Portfolio Chevron 2070 Chevron ShippingChubu NB-1 Kawasaki Moss STRH 164700 Q4-15 Chubu Electric K-Line 1713 K-LineNLNG NB-3 Samsung TZ Mk. III DFDE 170000 Q4-15 Nigeria LNG Bonny Gas Transport 2077 BGTShell NB-1 Samsung Membrane FLNG 225000 Q1-16 Shell FLNG Shell 2030 STASCOSinopec NB-1 Hudong Membrane DFDE 174000 Q1-16 APLNG China Shipping H1715A TBD

Group / Mitsui OSKNLNG NB-4 Samsung TZ Mk. III DFDE 170000 Q1-16 Nigeria LNG Bonny Gas Transport 2078 BGTGaslog NB-9 Samsung TZ Mk. III DFDE 173400 Q1-16 BG Portfolio Gaslog 2073 CERESMaran NB-14 Hyundai Samho TZ Mk. III DFDE 173000 Q1-16 BG Portfolio MaranGas S690 Anangel Maran NB-16 DSME GT NO 96 DFDE 170000 Q1-16 BG Portfolio MaranGas 2412 Anangel MOL PNG NB-4 Hudong Membrane SSD 170000 Q1-16 PNG / Gorgon Mitsui OSK H1673A MOLTeekay NB-1 DSME GT NO 96 MEGI 173400 Q1-16 Cheniere Teekay LNG 2407 Teekay LNGNLNG NB-5 Hyundai Heavy TZ Mk. III DFDE 170000 Q2-16 Nigeria LNG Bonny Gas Transport 2637 BGTGaslog NB-10 Samsung TZ Mk. III DFDE 173400 Q2-16 BG Portfolio Gaslog 2072 CERESKansai NB-1 Kawasaki Moss STRH 164700 Q2-16 Kansai Kansai / Mitsui OSK 1712 MOLMaran NB-15 Hyundai Samho TZ Mk. III DFDE 173000 Q2-16 BG Portfolio MaranGas S691 Anangel Maran NB-17 DSME GT NO 96 DFDE 170000 Q2-16 BG Portfolio MaranGas 2413 Anangel NLNG NB-6 Samsung TZ Mk. III DFDE 170000 Q2-16 Nigeria LNG Bonny Gas Transport 2079 BGTSinopec NB-2 Hudong Membrane DFDE 174000 Q2-16 APLNG China Shipping H1716A TBD

Group / Mitsui OSKTeekay NB-2 DSME GT NO 96 MEGI 173400 Q2-16 Cheniere Teekay LNG 2408 Teekay LNGTeekay NB-3 DSME GT NO 96 MEGI 173400 Q3-16 Teekay LNG 2416 Teekay LNGUruguay FSRU DSME GT NO 96 DFDE 263000 Q3-16 Uruguay FSRU Mitsui OSK TBN MOLGaslog NB-11 Samsung TZ Mk. III DFDE 173400 Q4-16 BG Portfolio Gaslog 2102 CERESSK Marubeni NB-1 Samsung TZ Mk. III DFDE 180000 Q4-16 Ichtys LNG SK Shipping / Marubeni 2080 SK ShippingTeekay NB-4 DSME GT NO 96 MEGI 173400 Q4-16 Teekay LNG 2417 Teekay LNGSinopec NB-3 Hudong Membrane DFDE 174000 Q4-16 APLNG China Shipping H1717A TBD

Group / Mitsui OSKIchtys NB-1 Kawasaki Moss DFDE 182000 Q4-16 Ichtys LNG K-Line 1718 K-LineInpex NB-1 Mitsubishi H.I. Moss STRH 155300 Q4-16 Ichtys LNG K-Line / Inpex 2310 K-LinePetronas NB-1 Hyundai Heavy Moss STRH 150000 Q4-16 Petronas 2729 MISCSK Marubeni NB-2 Samsung TZ Mk. III DFDE 180000 Q4-16 Total Portfolio SK Shipping / Marubeni 2081 SK ShippingGaslog NB-12 Samsung TZ Mk. III DFDE 173400 Q1-17 BG Portfolio Gaslog 2103 CERESSinopec NB-4 Hudong Membrane DFDE 174000 Q1-17 APLNG China Shipping H1718A TBD

Group / Mitsui OSKFlex NB-1 Samsung TZ Mk. III DFDE 174000 Q1-17 Flex LNG TBN TBDPetronas NB-2 Hyundai Heavy Moss STRH 150000 Q1-17 Petronas 2730 MISCTeekay NB-5 DSME GT NO 96 MEGI 173400 Q1-17 Teekay LNG TBN Teekay LNGFlex NB-2 Samsung TZ Mk. III DFDE 174000 Q1-17 Flex LNG TBN TBDKansai NB-2 Mitsubishi H.I. Moss STRH 155300 Q2-17 Kansai Kansai / Mitsui OSK 2299 MOLPetronas NB-3 Hyundai Heavy Moss STRH 150000 Q2-17 Petronas 2731 MISCOsaka Gas NB-3 Mitsubishi H.I. Moss STRH 153000 Q2-17 Osaka Gas Mitsui OSK / Osaka 2311 MOL

Gas / KyushuPetronas NB-4 Hyundai Heavy Moss STRH 150000 Q2-17 Petronas 2732 MISCSinopec NB-5 Hudong Membrane DFDE 174000 Q2-17 APLNG China Shipping H1719A TBD

Group / Mitsui OSKSinopec NB-6 Hudong Membrane DFDE 174000 Q4-17 APLNG China Shipping H1720A TBD

Group / Mitsui OSK

Name Yard Design Prop. CBM Delivery Trade Route Ship Owner Hull Operator

DFDE = dual fuel diesel engines, STRH = steam turbine reheat / ultra steam turbine, MEGI = marine electric gas injection, DRL = slow speed diesel, FSRU = vessel with regas capacity, FLNG = floating LNG production unit

23 January 2014 LNG Unlimited NEWS " 7

There is no denying that Africa’s ports sector is booming, thanks to growing trade and investment. And as imports and exports grow, increased capacity is an

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