Erik Thun Our path towards climate smarter shipping Nautiska Föreningen, 27 November 2018

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1 Erik Thun Our path towards climate smarter shipping Nautiska Föreningen, 27 November 2018

2 Joakim Lund CCO, Thun Tankers

3 Thun Tankers part of Erik Thun AB Our scope has always been tailor making sustainable business solutions Erik Thun is a family business since Business areas: - Shipping 49 fully owned ships 12 Ships on order Tankers, dry cargo, self unloaders, cement vessels Most ships developed and designed in-house and built in Holland and China Over time we have continuously developed and tailor made modern vessels based on customers requirements with the aim to achieve better value for our clients. Sustainability has been our focus long before the environmental focus was top on the agenda. Not using more resources then needed has always been a critical success factor. They whole idea about our current business model is to make the coastal shipping business more effective. This is the main scope in the design process of our vessels. The scope has always been long term.

4 Our business Erik Thun AB Tankers Dry Cargo Self- Unloaders Cement Carriers Inland waterways Port Agencies Aviation Meat processing Thun Tankers Citadel JT Cement AS Avatar OP Ship Direkt Chark AB

5 Thun Tankers Erik Thun have owned and operated tankers since the fifties Thun Tankers in it s current form was established 19th of Nov 2012

6 Present Tanker Fleet Presence in both the clean and dirty product petroleum products tanker segment

7 Key success factors Thun Tankers Every port call is an important and direct meeting with our clients Many vessels to choose - we can offer reliable logistics with ships in the right position at the requested time. Being a financially strong and with a long term view on shipping we can offer high quality and sustainable logistics. We treat every port call as a direct and important meeting with our clients. With more than 1800 port calls annually our committed and experienced staff onboard as well as ashore plays an important role in ensuring fast, safe and smooth logistics. Our modern and efficient vessels, designed with experience for the intense coastal trade, underlines our ambition to help our customers grow their business.

8 Business Overview Thun Tankers in the value chain Regional trade Most shipments in this size is between destinations within the region. Due to freight economics cargoes in this size with destination outside the region are often shipped on larger parcel carriers. From Refinery to end user A high percentage of shipments in this size are ready made and sensitive products going from refinery to end user. Inter refinery or terminal trade Frequent shipments of blend stock, such as petrol and diesel components, to complete the recipe. Feeding volume to niche ports Restricted ports or berths and/or places where consumption is limited gives the segment an upside. Short, intense voyages A vessel in this size spends most of its time in port.

9 Thun Tankers part of Gothia Tanker Alliance Marketing platform established to widen our client offering Formed in 2013 Office in Gothenburg 9 Members 39 Vessels - 6,500 dwt to 37,000 dwt 13 Newbuilding's on order The fleet will consist of 11 Dual fueled vessels In 2017 the GTA fleet Transported 13,3 mill tons Performed 1540 voyages Called 3200 ports Cooperation in the Alliance extends beyond commercial and members also share knowledge within quality, technical and operational best practices

10 Present Gothia Tanker Alliance fleet

11 Our path towards climate smarter shipping We are now tailor making a new generation of tankers based on our clients demand Design based on and exceeding forth coming regulations

12 Why we decided that some of our new building will be dual fueled The process started in 2012 Tightening regulations on bunker fuel 2005 EU Sulphur Directive, ECA in the Baltic, max 1,5% sulphur 2010 Max 0,1% sulphur in EU ports 2015 SECA in the North Sea, max 0,1% sulphur Society and political environment Sustainability, climate change and public health issues high on the agenda in Europe Several public reports shows direct and high cost savings for society We strive to help our client to sustain and grow their business Permits for refinery expansions conditioned by reduced emissions including from logistics / transportation Suburban areas closing in on terminals and depots with pressure to reduce emissions, stench and noise Continued trade to niche ports and densely populated areas where emission restrictions are or will be in place

13 Why didn t we go for another emission reducing solution? We have found LNG to be the best suited, future fuel for our type of trade Scrubbers Scrubber and SCA hard to combine. Only solves one environmental issue Not financially good alternative for coastal vessels with high % port in port Loss of cargo intake big impact for smaller vessels Open loop solution not an option when trading in restricted areas Difficulties to get rid of sludge / rest products Methanol Low energy content We consider it dangerous in an engine room with wide flash point and heavier than air Toxic fuel, not good for a safe working environment We have found LNG to be the only existing fuel that complies with all new regulations needed for our trade. The EU-politicians are very clear that they want regional shipping to go forward in this direction. Emission reduction when sailing on LNG: CO2 50 % *) NOx 85 % SOx 99 % Particels 99 % Emission reducing SOx NOx CO2 Particles MGO Yes Scrubber Yes SCA (catalyst) *) 0% CO2 if Biogas - Yes - - Methanol Yes Yes -40% Yes LNG Yes Yes -50% Yes

14 What has happened since we decided to invest in dual fueled vessel - Regulations IMO max 0,5% sulphur bunker by 2020 IMO agenda to reduce vessels GHG with 50% by 2050 Focus on public health risks due to NOX emissions and particulates Baltic Sea to become NECA-Area incl. TIER III requirements for new vessels by EU have set a roadmap to gradually reduce the GHG emission. To be reduced by 80-90% by 2050 compared to 1990 levels - Ports Vast increase of ports in the EU implementing discounts for climate smart vessels - Clients A majority of all dual fuelled new-buildings have secured long term contracts as a result of increased client demand/benefits - Bunkering Infrastructure for LNG bunkering in Europe have matured with several strategic and fast places for LNG bunkering Several new bunker boats in operation Availability of LNG increasing Our partner Furetank bunkering Biogas in Gothenburg LNG bunkering has become every day operation

15 Emissions to air and external costs to society Swedish IVL estimates that one LNG propulled tanker saves society approx 2 million Euro/year -Study done in Gothenburg

16 Focus on energy saving LNG is one way to meet the future but several other measures have been taken on all our new buildings to reduce our environmental footprint and meet the future requirements

17 We started our path by building the worlds first dry cargo ships using LNG as a fuel With a maturing infrastructure for LNG we are now building dual fueled tankers

18 Current order book Erik Thun Largest orderbook in the history of the company - All vessels ordered for specific industrial projects Building ongoing both in China and in the Netherlands - More projects in the pipeline Hull / Type DWT Yard Delivery date Thun Venern - LNG Avic Delivered Thun L-Class Avic Thun L-Class Avic Thun L-Class Avic Thun L-Class Avic Thun L-Class Avic Thun Eos -LNG 7999 FS Thun E-Class - LNG 7999 FS Thun E-Class - LNG 7999 FS Thun E-Class - LNG 7999 FS Cement carrier -LNG 7000 FS

19 E-Class Evolved design of our existing tankers with focus on efficiency and environment Four dual fueled tankers on order with delivery

20 The E-Class Built to meet and exceed all forthcoming and using all the knowledge from previous vessels

21 Thun Venern Technically and commercially managed by Furetank to gain synergies Delivered 27th September Now in trade in Europe

22 L-Class Five energy efficent sisters on order Delivery from April 2019 until April 2020 First L-Class was launched 24th November

23 Tack för visat intresse! thungroup thuntankers