Asian operators ready for shale gas

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1 LNG Shipping News An LNG JOURNAL PUBLICATION 25 April 2013 Asian operators ready for shale gas The first long-term shale gas transportation agreement has been signed by the shipping branch of Japanese Marubeni Corporation and Korean SK Shipping. Strengthening the companies LNG shipping capabilities in North America, the joint venture will build two LNG carriers for delivery in 2017, targeting new North American and Australian LNG exports. The JV partners have also won a year vessel charter for the French oil major, Total. Specifically, the new vessels have charters to export from the Sabine Pass plant in Louisiana, US and Ichthys LNG Plant in Darwin, Australia. The export plants are expected to be fully operational by 2017 and 2016 respectively. SK Shipping, which already has six LNG carriers in its fleet, has built a large market share in domestic South Korean LNG transportation over the last 20 years. Marubeni, which entered in the LNG shipping business in 2010 and has a North American trading branch, co-owns 14 LNG carriers. It invested in its first LNG vessels when it acquired an interest in eight LNG carriers along with BW Gas. The following year it joined up with Canada-based Maritime Transport group Teekay to buy additional LNG vessels from Maersk LNG. Marubeni separately signed a memorandum of understanding last week with Russian oil major OAO Rosneft for potentially building an LNG plant in Eastern Russia. Large vessels The ultra-large capacity 180,000 cubic metre vessels will be the largest capable of moving through the expanded Panama Canal, expected up and running around the time the vessels are delivered. Samsung Heavy Industry is building the vessels with dual-fuel diesel engines. Korea Finance Corporation said it had agreed to finance two Samsung Heavy Industry-built vessels for $63 million. South Korea Another Korean operator, KSS Line, has followed SK Shipping in its quest for shale gas. KSS Line concluded a charter SK Shipping at the contract signing for two new large capacity LNG carriers. agreement with South Korea's second-biggest LPG importer, E1 Corp, targeting LPG made from US shale gas. The charter is for one VLGC to ship LPG for 10 years. KSS Line announced it would purchase an 84,000 cubic metre very large gas carrier worth $72 million, to add to three being built by Hyundai Heavy Industries, for delivery in The company said building a fleet of five ships will give it a competitive advantage in the VLGC market. SHIPPING NEWS AGENDA TECHNOLOGY Hyundai makes membrane cargo containment better 2 BUSINESS Single fuel Shell has launched two single fuel, LNG-powered inland vessels, the Kawasaki Heavy Industries eyes first inland vessels on such propulsion, on its own charter on the dual-fuel buyout Rhine river in the Netherlands. In September Shell announced a contract for the charter of two new building LNG powered LEGISLATION tank barges. The two barges began their maiden voyage from the Port of Rotterdam, the Netherlands to Basel, Switzerland on the 11th, the Port of Rotterdam Authority said. The Port of Rotterdam Authority said it now provides a safe location for bunkering LNG, at its PRODUCTS controlled test bunker station for inland shipping. Shell has been active growing the market for natural gas recently, by proposing LNG fuel for use in industrial equipment and transport vehicles, such as LNG-powered trucks at Australian mines. In addition to using LNG to power its own drilling rigs and ships, Shell has designed movable modular liquefaction systems for small-volume LNG production and filling stations for bunkering. 3 EU regulates labour inspections as Lloyds Register makes longterm forecast 4 GE s marine propulsion technology branch wins new contracts 5

2 2 NEWS LNG Shipping News 25 April 2013 HHI makes membrane cargo containment better Hyundai Heavy Industries (HHI) is launching Hyundai Membrane LNG Cargo Containment System with better insulation. Our technology editor The new system, pending final performance testing, is designed for use in LNG carriers, LNGfuelled vessels, LNG bunkering terminals, and LNG FPSO. It features a leakage-preventing dual-metal barrier. The thin STS304L and Invar-alloy barriers are designed to sustain thermal, fatigue, and sloshing loads. A welded secondary barrier prevents LNG leakage. The insulation panels, being marketed as new, are made of reinforced polyurethane foam and plywood. The insulation panels are designed to reduce boil off rate by 10% more than conventional insulation panels and have been engineered to prevent sloshing damage, for example on LNG tank corners. The system meets IMO testing standards, having ABS and DNV classification society approval. The product follows up on HHI s November introduction of an independent liquefied natural gas storage tank model, Lobe- Bundle, featuring ring-shaped The new Membrane LNG Cargo Containment System uses sloshpreventing polyurethane and plywood panels. tank plates designed to be lighter and cheaper. GTT designs small capacity tanker for emerging markets French firm GTT and American Bureau of Shipping (ABS) have launched the first 32,000 cubic metre membrane LNG carrier seen in many years Target markets for the tanker include many new and emerging LNG markets, like the Caribbean and China. Chinese companies are considering using 20-30,000 cubic metre class LNG carriers for redistributing LNG from large satellite terminals. ABS granted GTT approval in principle (AIP) for the new design, saying that it hopes to help the industry adjust to future market changes. They engineered it for applications including inland, bunkering, feeder trade, archipelago trade and for coastal distribution. While a few membrane LNGCs in the 20,000 cubic metre capacity range were built in the 1990s, this is the first new design to be introduced since that time, said ABS Vice President, LNG, Patrick Janssens. 3rd Annual LNG Shipping Forum 2013 Thursday 6th June 2013 Thon Hotel Arena, Lillestrøm, Norway Event Partners Sponsor LNG Unlimited GTT s 32,000 cubic metre tanker is engineered for high LNG cargo capacity with flexibility and efficiency For enquiries or to register contact Anneli Kallman Tel: +44 (0) LNG Shipping News 2nd floor, 8 Baltic Street East London, EC1Y 0UP United Kingdom Tel: +44 (0) Publisher Stuart Fryer Editor Cristina Brooks +44 (0) Advertising Anneli Kallman +44 (0) Events Natasha Wedlock Tel: +44 (0) Subscriptions Stephan M. Venter Tel: +44 (0) Subscription included with LNG Journal Production Vivian Chee Tel: +44 (0) No part of this publication may be reproduced or stored in any form by any mechanical, electronic, photocopying, recording or any other means without the prior written consent of the publisher. Whilst the information and articles in LNG Shipping News are published in good faith and every effort is made to check accuracy, readers should verify facts and statements direct with official sources before acting on them as the publisher can accept no responsibility in this respect. Any opinions expressed in this publication should not be construed as those of the publisher.

3 25 April 2013 LNG Shipping News NEWS 3 KHI in talks to acquire Mitsui Engineering to create world-class LNG-fuelled shipbuilder Kawasaki Heavy Industries (KHI), the builder of 27 LNG carriers and Japan's main shipbuilder in the sector, is in talks to acquire Mitsui Engineering & Shipbuilding (MES). Our business editor MES s latest developments include a dual-fuel LNG-powered propulsion system. The deal would create a world-class gas-fuelled shippingbuilding business. Both KHI and MES have appointed investment banks to help with the takeover talks, which if they progress could see a transaction completed in the months ahead. An eventual takeover agreement would pair the leaders in Japanese LNG carrier building and the future top LNG-fuelled engine propulsion maker in Japan. The deal was also create a Japanese company better able to compete with the dominant South Korean shipyards in the growing LNG-fuelled shipping and LNG carrier sectors. MES, in cooperation with shipping affiliate and LNG fleet owner Mitsui OSK Lines, recently carried out a full-scale demonstration of its new electronically-controlled, slow-speed dual-fuelled engines. Heavy fuel oil is currently the most popular for marine diesel engines. However, natural gas propulsion will be needed in North American and European Emission Control Areas by In July last year, MES introduced the LNG carrier Double Eco MAX with ME-GI propulsion and with decreased fuel costs and 30 percent lower CO2 emissions. The Double Eco MAX LNG carrier will feature a single ME-GI engine and single-screw propulsion. It will be offered with a cargo capacity of 165,000 cubic metres. In February 2013, KHI itself said it planned to become a specialist builder of LNG-fuelled ships from 2015 and could construct more optimum-sized LNG carriers to pass through the expanded Panama Canal for US exports from KHI s new Japanese LNG-fuelled ships would also be for container vessels equipped with a large LNG fuel tank and able to navigate in the North American and ECAs. KHI also recently announced the completion of development of an LNG-fuelled container ship and obtained approvals in principle from Norwegian maritime classification society Det Norske Veritas. The Japanese shipbuilder is also hoping to step up LNG carrier construction, analysts said. KHI is seeking more orders if the US gives the go-ahead for Japan to be a recipient of US exports even without a Free trade Agreement in place between the two nations. MES for its part MES is a longtime licensed builder of MAN B&W engines, and has been a pioneer of gas-fuelled engines. It completed its power generation plant with the slow-speed gas injection diesel engine (GIDE) in its Chiba Works in Through this operation, MES has been able to build up its operational know-how of such gas-fuelled engines. KHI also recently announced the completion of development of an LNG-fuelled container ship and obtained approvals in principle from Norwegian maritime classification society Det Norske Veritas. MES said on April 18 in its ME-GI announcement that heavy fuel oil, currently the most popular for marine diesel engines, will become less popular in the near future in view of not only low emissions but also cost, which could become lower by the recent development of shale gas. Prospective buyout follows Mitsui s Engineering s introduction of an electronically controlled slow speed dual-fuel marine engine, ME-GI. The huge shale-gas discoveries and developments in the US will turn the country into a significant LNG exporter from 2015 and underpin the forecast surge in LNG for transportation use worldwide. Through the demonstrational operation, MES has established not only a comprehensive control system of ME-GI including gas supply system but also the supply system of ME-GI to the customers, MES said. We will also establish a sales system to offer to customers ships with ME-GI propulsion system which are economical and environmentally friendly as well, it added last week. South Korean shipbuilder STX seeks debt restructuring amid plan to boost LNG builds STX Offshore and Shipbuilding Co. of South Korea, which has been trying to build up its LNG carrier newbuilding portfolio, is seeking corporate debt restructuring with creditor banks. STX is the junior South Koreaowned yard after Hyundai Heavy Industry, Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industry that have dominated the LNG carrier building sector in recent years. It also owns STX Europe, Europe's second-largest shipbuilding group. The indebted yard has been trying to promote a 170,000 cubic metres capacity LNG carrier that would be viewed as the optimum size for trading cargoes to the Far East. The 173,600 cubic metres capacity "Castillo di Santisteban" is the working example of the STX carrier delivered in The "Castillo di Santisteban" shuttles cargoes from the Peru LNG plant to customers in Japan and South Korea.The dual-fuel, dieselelectric vessel has four tanks using the GT No. 96 storage technology. The size of the vessel is also seen as the ideal maximum to traverse the expanded Panama Canal with US LNG cargoes from However, STX orders for the vessels have been slow to come in, with Russia's Sovcomflot ordering four vessels for delivery from the end of 2013 to Anther two LNG carriers of the type have been ordered from STX by the Greek-owned Alpha Tankers of Christos Kanellakis. STX has been meeting creditor banks, including Korea Development Bank, Export-Import Bank of Korea, and Seoul-based commercial banks, Nonghyup, Woori Bank and Shinhan Bank. STX posted a net loss of 782 billion Korean won ($700M) in 2012 compared to a 168 billion won net profit in The shipbuilder also had a consolidated debt of 12.2 trillion won as of the end of 2012 with equity of 1.31 trillion won, leading to a debt ratio of percent.

4 4 NEWS LNG Unlimited 25 April 2013 EU regulates labour inspections Inspections of labour practices on EU-flag vessels may be among the first new laws coming out of IMO labour guidelines being introduced this summer. Our legislation editor The EU presidency pushed the EU parliament to agree to table a change to the EU Port State Control Directive, now pending approval by member states. The new ports directive updates a 2009 directive with new IMO requirements. It recommends EU Port State inspectors check the Maritime Labour Certificate (MLC) and the Declaration of Maritime Labour Compliance as they go about inspecting other documents, and that they investigate labour complaints. Convention The International Labour Organization s Maritime Labour Convention coming into effect on August 20th will give signatory flag states incentive to regulate on work conditions aboard vessels. The convention was created in As the first cohesive maritime labour code after SOLAS, STCW and MARPOL, it aims to simplify maritime labour law enforcement, which for the EU is shared between the EU and member state government. So far EU states Bulgaria, Cyprus, Denmark, Finland, France, Greece, Latvia, Luxembourg, Malta, the Netherlands, Poland, Spain and Sweden are signatories to the IMO convention. Outside of the EU, signatories include Norway, Russia and Singapore. Flag states The EU Presidency is now pushing the EU parliament to agree to a directive that would get Flag States more involved in monitoring labour practices on vessels. The Flag State Directive would enforce the application of certain parts of Title V of the convention about responsibility of the flag state. In particular, the proposal states that Member States should monitor whether ships bearing their flags are in compliance with the convention s labour requirements. Report sees new countries buying LNG carriers A Lloyds Register study has taken a look at some of the main trends in LNG shipping over the next 20 years to Global Marine Trends 2030 was researched by Lloyd s Register, Qinetiq and Strathclyde University. Like other vessel classes, LNG tankers are expected to increase in number, albeit at a slower rate. Global LNG tanker tonnage is expected to nearly double, said the report. Fleets The European share of the global LNG Carrier fleet is set to decrease from 29 percent to percent by Even so, Europe, the Middle East, and Japan would be the primary states where owners have LNG carrier fleets, but owners in developing economies would challenge this proportion. Notably Chinese owners share of fleets will slightly increase but how much depends on the level of support by Chinese government. LNG carrier fleets in Latin America, Africa would rapidly grow with owners new to the business. A shift will be seen with LNG carrier building, as Chinese shipbuilders achieve a build capacity on par with that of South Korean shipbuilders, and take a percent share of the shipbuilding market. Arctic routes The report sees the possibility of trans-arctic shipping if global warming continues. Arctic routes might be competitive and could decrease distances to ship between Asia and Europe by about a third. The technical, economic and environmental obstacles remain along with the risks posed by storms and atmospheric ice. Investment in infrastructure and rescue stations along transit routes would be needed. Projected nationality of LNG carrier ownership in 2030 under three scenarios. Source: Lloyds Register Export Russia and USA will remain the major natural gas producers. Middle Eastern natural gas production will be limited by a lack of export infrastructure, as well as political and economic challenges. The largest exporters will be Australia and Qatar, with Australia surpassing Qatar in Nigerian exports are also set to increase. Recent offshore discoveries in East Africa make this too a growth region, especially with exports expected from new offshore fields in Mozambique. The largest natural gas importers will be India, China, Japan, and Europe.

5 25 April 2013 LNG Unlimited NEWS 5 USCG okays temporary ballast water systems Existing Ballast Systems okay in North American waters The US Coast Guard (USCG) has announced a list of existing ballast water systems, called Alternate Management Systems, operators can use temporarily while they get more intensive ballast water systems tested and approved. Systems include models from ranges such as PureBallast, Echoclor, Guardian, OceanGuard, BalPure, BalChlor, and CleanBallast. Owners with systems that have this status can use them for five years as they get permanent systems equipped with the required land-based and shipboard testing to meet with USCG standards. The specific model numbers accepted may be found on the Coast Guard s Environmental Standards Division s website. Additional AMS are currently under review for approval, the USCG said. Ballast water management systems have been required on vessels with US routes since June 21, Ballast water management technology, when compared with existing USCG requirements for mid-ocean ballast water exchange, will make the process safer and more environmentally friendly, said the USCG. GE s power technology outfits two carriers GE s propulsion business marks new orders. Our technology editor GE s power conversion business has in the last few months won eight contracts for electric power and propulsion systems on LNG Carriers and FSRU. Some recent contracts won by GE include one LNG carrier for Tsakos Shipping Trading and one LNG carrier for Maran Gas Maritime. A Tsakos Shipping order and FSRU for Höegh LNG are being built by Hyundai Heavy Industries. DSME selected GE s power and propulsion technology for one new LNG carrier being built for Maran Gas Maritime. All of the orders were for a power and propulsion system, which includes two electrical motors. The unique feature of the system is the combination of a pulse width modulating drive with an Wärtsilä s cargo handling packages will be supplied on an undetermined number of Evergas duelfuel LNG carriers, called Dragon vessels, being built in China by Sinopacific Offshore and Engineering shipyard. The cargo handling packages are Tier III compliant and capable of carrying and reliquefying Ethane and liquefied petroleum gas. GE s marine propulsion technology is geared for reducing maintenance costs for the operator. The Dragon series system combines the cargo handling system, the gas supply system, and the propulsion machinery for improved fuel and cooling efficiency. Integration The integration of these parts enables the vessel to operate on natural gas independently of the cargo carried. induction motor, which achieves reduced maintenance costs for the operator. Developed 15 years ago, GE s simple induction motor technology is designed to allow ship owners lower routine or emergency maintenance costs overall life-cycle costs. GE said that in the last six months it had signed contracts worth around $80 million for supplying equipment on LNG carriers and FPSOS. Wärtsilä supplies dual-fuel cargo handling Danish Shipping firm Evergas has ordered a set of uniquely integrated cargo handling packages. Wärtsilä s cargo handling system combines gas cooling with handling and engine propulsion for enhanced efficiency. Using several individual Wärtsilä solutions together, gives other advantages, such as the ability to combine the LNG supply system with the cargo handling system in a way that cools the cargo. Additional energy-saving features include the Wärtsilä Energopac rudder designed to lower resistance. Dual-fuel The vessels will operate primarily on liquefied natural gas (LNG) using Wärtsilä dual-fuel engine technology. Wärtsilä also last week announced that in January the United States Environmental Protection Agency (EPA) certified its 34DF dual-fuel engines, allowing operators with United States flagged vessels to have EPA certified dual-fuel engines.

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