LNG Shipping News SHIPPING NEWS AGENDA

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1 LNG Shipping News A LNG JOURNAL TITLE ON LNG TANKERS 15 May 2014 Tianjin Marine Shipping close to first LNG order Chinese shipping company Tianjin Marine Shipping moved a step closer to completing a four-ship order for an unknown charterer. Chinese container ship operator Tianjin Marine last August announced it would order four LNG carriers and 10 VLCCs, to be partially financed under a US $1.9 billion private placement, according to IHS Maritime. The financing has not yet been approved by China's financial regulator. The shipping company on April 30 signed of a letter of intent with the Chinese small-scale LNG shipyard Dalian Shipbuilding Industry (DSIC) to order four LNG newbuildings, subject to an official order. The Chinese government, which announced plans in summer to finance LNG shipyard development, has recently given DSIC consent to build a second LNG shipyard, enabling full scale LNG carrier construction, reports TradeWinds. Shipping operator and aviation logistics company Grand China Logistics and HNA Logistics (HNAL) hold a combined 30 percent interest in Tianjin Marine. HNAL is parented by the Chinese air transport, retail and financial services conglomerate, HNA Group. Sources say DSIC may be seeking to participate in a ship construction project for Chinese national oil company, China National Offshore Oil Corporation (CNOOC). The planned LNG carriers for Tianjin Marine would have a capacity between 160,000 and 175,000 cubic metres and sell for about USD $ million each. Equity firm buys Hyundai LNG tanker fleet Korean LNG operator Hyundai Merchant Marine (HMM) on April 30 signed a contract to sell most of its LNG business for US $970 million, including debt, to a private SHIPPING NEWS AGENDA ORDERS Bonny Gas and DSIC is building a new LNG shipyard Source: DSIC Braemar cut steel on first of six ships equity fund, IMM Consortium. newbuilding to ship from the Australian Wheatstone LNG project, Hyundai Group in December 2 announced it was restructuring to on April 30. MARKETS secure 3.3 trillion won by selling TEPCO, Mitsubishi Corporation Russia mulls building core assets, like land, containers, and NYK are participants in Arctic LNG tankers and stake in Hyundai Pusan New- Chevron-operated Wheatstone: in Crimea Port Terminal. It has reached TEPCO, NYK, and Mitsubishi Corporation jointly hold a 10 percent about 60 percent of its target. 3 HMM is selling eight LNG ships along with its stake in two LNG carriers and manpower to the new company in June, reports Business Korea. IMM Consortium, comprised of IMM Private Equity and IMM Investment, was the preferred bidder for the deal. It will establish a new unit, tentatively named Hyundai LNG Shipping, to gain an stake in the project s gas fields. In 2012 TEPCO signed an LNG offtake agreement totaling 4.2 million tonnes per annum. The 155,300 cubic metre newbuilding will be built by MI LNG at Nagasaki Shipyard in Japan. MI LNG, a shipbuilding joint venture of shipyards Imabari and Mitsubishi Heavy Industries specialising in design and marketing BUSINESS Höegh supplying FSRU, shipping to 80 percent stake in the fleet, and of LNG carriers, is the first Japanese entity with the structure in Egypt HMM will establish a special purpose 4 company holding 20 percent. HMM seeks to eliminate USD $485 million in debt through the deal. It will bring it a net inflow of cash of USD $388 million. place to engage in large-scale project negotiations for new LNG carriers, it said. The charter marks the first order for the venture. TECHNOLOGY Kogas launches KC-1 Sabine cargo hold for The operator of Korea s first The newbuilding will be based Pass ships LNG carrier, Hyundai Utopia, HMM on MHI s Sayaendo design featuring 5 has transported LNG from Indonesia, Qatar, and Oman. NYK bags TEPCO charter a continuous tank cover that eliminates the need for overhead supporting structures for piping, wiring and catwalks while it improves LNG ORDERBOOK LNG vessels ordered aerodynamics and ship NYK won a time charter with Japanese utility TEPCO for an LNG weight. 7

2 2 NEWS LNG Shipping News 15 May 2014 Bonny Gas and Braemar cut steel on first of six ships LNG tanker operator Bonny Gas Transport, a Nigeria LNG (NLNG) subsidiary, has appointed the Houston arm of Braemar Engineering as shipping consultant to oversee build of six LNG carriers by 2016, for which the first steel has been cut at Korean shipyard Samsung Heavy Industries (SHI). Bonny Gas Transport, jointly owned by oil and gas companies Shell, Total, Eni and state-owned Nigerian National Petroleum Corporation, with a fleet of 23 vessels, announced work has begun on six new ships. Steel cutting on the first of four LNG carriers began April 25 at SHI, while two more are being built by Korean shipyard Hyundai Heavy Industries (HHI). Bonny Gas Transport also appointed Braemar Engineering s Houston-based LNG ship construction service, known as Wavespec, as shipping consultant. The new shipping consultant said its service will combine carrier design, construction and operation. Wavespec in conjunction with its sister company Braemar Seascope, has in the past provided technical, commercial and chartering consultancy services to state owned oil companies in Asia. Its services have included combining tendering for LNG sales, shipyards, identifying joint venture partners, and chartering. The company maintains a list of LNG shipbuilding staff for major LNG ship operators and lays claim to involvement in construction of the first LNG carriers in China. It also has developed designs with owners, charterers and shipyards, for vessels of different sizes and those using slow speed diesel systems. Nigerian training programme NLNG announced a Nigerian shipyard training programme supervised by BGT is underway, with 180 young Nigerian technicians being sent to HHI where they will be trained in shipbuilding. The programme was specified in HHI s shipbuilding contract for two of the LNG carriers as an obligation for Nigerian Content Development for the BGT Source: NLNG GasLog clinches newbuildings at SHI, launches IPO Plus Project. Twenty-eight trainees will be selected in three months to join in the construction of the six new vessels. GasLog s wholly-owned fleet will reach 23 LNG carriers, of which nine LNG carriers are on order, after booking two with Samsung Heavy Industries (SHI) this month. Monaco-headquartered GasLog announced that it has ordered two ships for delivery in 2017, sister vessels to the four ordered last year for delivery in Two of the vessels ordered in 2013 are chartered to BG group and under construction at SHI. In addition, GasLog has secured two additional priced options from Samsung with delivery dates in late 2017 and early If the Company exercises these options, Samsung will grant two additional options. Engineering features of the new LNG carriers include tri-diesel propulsion with the option to change to two stroke diesel engines with low pressure gas injection engines, and a cargo tank featuring a boil off rate of 0.09 percent. Paul Wogan, GasLog s CEO, said We are delighted to be ordering additional highly attractive LNG carriers. These orders reinforce our strategy of building high quality ships at competitive prices at first class LNG shipyards. It also positions GasLog to continue to benefit from the longterm secular growth of the LNG market. We have once again ordered new vessels from Samsung because of their solid track record for delivering our vessels on time and on budget. US IPO launch Tuesday last week, GasLog marketed its IPO for a Marshall Islands MLP which will own three existing LNG carriers with multi-year charters. The business is currently a subsidiary of GasLog. The company priced its IPO at $21, which was the high of $19-to- $21 marketing range, reported the Wall Street Journal. It dubbed this one of relatively high performing GasLog Shanghai Source: GasLog energy-based stocks that flies in the face of increased scepticism towards IPOs. The proceeds from the offering will be used to reduce indebtedness, for general partnership purposes, and for distribution to GasLog. LNG Shipping News 2nd Floor, 2-5 Benjamin Street London EC1M 5QL United Kingdom Tel: +44 (0) Publisher Stuart Fryer Editor Cristina Brooks +44 (0) general@lngjournal.com Ad sales enquiries Narges Jodeyri +44 (0) narges@lngjournal.com Events Natasha Wedlock Tel: +44 (0) natasha@lngjournal.com Subscriptions Elena Fuertes Tel: +44 (0) elena@lngjournal.com Subscription included with LNG Journal Production Vivian Chee Tel: +44 (0) chee@btconnect.com 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 15 May 2014 LNG Shipping News NEWS 3 Small LNG offers LNG fleet data Russia mulls building Arctic LNG tankers in Crimea The Russian Ministry of Industry stated in a press release it was developing arctic LNG shipbuilding in Crimea and Sevastopol, which potentially includes ships for Yamal LNG. "The question is whether the enterprise is technically ready to build LNG arctic class, said Deputy Industry Minister Alexey Rakhmanov. A global list of small scale LNG carriers has been made available for free to the industry by a new Spain-based small scale shipping consultancy, Small LNG. The current small scale global fleet including orders booked through 2016, 38 strong and including 24 LNG-only small scale and 14 other vessels combined with LNG/LPG/Ethylene cargo capability, the data shows. The data covers all the small scale gas ships in the world, including those on firm order. Eduardo Perez founded Small LNG consultancy last year, after 20 years working for Dow Chemical in Spain, The Netherlands, Argentina and America. Small LNG is a niche market Sovcomflot, the largest Russian LNG operator, and oil and gas companies Gazprom and Novatek have discussed the possibility of building arctic LNG carriers in Crimea, the Ministry said in the April 28 press release. Yamal LNG export terminal onwed by Russian major Novatek (60%), French Total (20%) and Chinese CNPC (20%), is expected to begin commercial operations in Last autumn it ordered 16 LNG carriers from Korean shipyard DSME. The statement mentioned Gazprom s past, sidelined proposal to develop and LNG production facility in the Barents Sea, the Shtokman field. with huge potential and I am convinced it's going to expand tremendously, said Perez, principal consultant. Perez has worked with Norgas Russian shipbuilding Russian players in autumn agreed an MOU to build an arctic LNG shipbuilding cluster in Eastern Rusgapore Carriers in Houston and Sin- and finally the Spanish ethelyene gas carrier operator, Lauritzen Kosan. The consultancy analyses the players in this market, looking at the owners building and operating the fleet of small scale gas The Panama Canal Authority was ships designed to transport 1,000 reported as having published a 49 to 30,000 cubic metres capacity. meter beam width as the initial restriction While traditionally LNG carriers for all vessels, preventing and pipelines have been the 50 metre beam Q-Flex vessels from primary natural gas transport passing via the expanded Canal methods, new energy sources route, provoking criticism from Ryo and market dynamics are changing Minami, who heads the oil and nat- the way LNG is transported ural-gas division at Japan's Ministry over the years, says Perez. of Economy, Trade and Industry. It is now economical to move Quijano denied that the Authority LNG in smaller LNG carriers, had ever published this re- typically using IMO type C tanks, striction, stating that while the he says. Such ships may be able canal would begin by limiting initial to get closer to the customer, transits of up to 49 meters, it reducing transport costs. would progress gradually to a We are looking carefully at maximum of 51.2 meters. the players and the changes in Owners and operators of this sub-segment of the market, Japanese ships have been made because we see a huge growth aware of this plan, said Quijano. potential in the near future for The Authority met last year the transportation of LNG in with many shipowners, both in small scale, said Perez. Japan and in England and even in sia, shipbuilding complex Zvezda, a project of state owned ship building enterprise United Shipbuilding Corporation (USC) Putin established USC by presidential decree in 2007, intending to start building Russian LNG carriers. It has at least two shipbuilding, repair and maintenance facilites, in Western and Northern Russia. President Putin said on April 17 that Crimean shipyards offered a very good potential in terms of shipbuilding and ship repair and hinted that they may be allocated financing. Zaliv Shipyard in Kerch, Crimea, Morye shipbuilding company in Feodosia, and Sevastopol Marine Plant and Marine Industrial Complex may be developed, reported Itar-Tass news agency. The only profitable yard in 2012 was Morye: the other enterprises are Greece. It conveyed its message through participation in LNG events in Singapore, Korea, Japan, China, the United States, England, Greece and France. Panama Canal Authority will be attending upcoming events in Italy, Houston, and elsewhere in the Zaliv Shipyard in Kerch, Crimea Source: Zaliv operating at a loss. The ownership structure of the shipyards is unclear following Russia's annexation of Crimea. Zaliv Shipyard was reportedly in a company owned by Ukranian businessman and politican Kostyantin Zhevago. The shipyards may be required to restructure their ownership, with USC potentially buying shares from private investors. Panama Canal CEO reassures on Q-Flex LNG carriers The CEO of the Panama Canal Authority, Jorge Quijano, assures the expanded Panama Canal will be able to eventually handle Q-flex LNG carriers, in response to an article in the Wall Street Journal which shed light on beam constraints, reports the Panama Bulletin. Locks Source: Panama Canal Authority world in coming months, which may help to reassure the industry. There is speculation that the speed at which the restriction is lifted may depend on support received by the administration from the Union of Panama Canal Pilots (UPCP), said the Bulletin.

4 4 NEWS LNG Shipping News 15 May 2014 NEWS NUDGE Höegh Independence on short term market Höegh LNG has taken delivery of the FSRU newbuilding Independence from Korean Shipyard Hyundai Heavy Industries (HHI), on May 12, and will deploy the unit in the short term LNG market. The FSRU is under long term charter to Klaipedos Nafta in Lithuania, to begin no later than the end of Exmar LNG carrier reactivated Exmar secured a charter for an LNG carrier, 138,100 cubic metre Excel, docked since December, with American oil and gas company ConocoPhillips for six months, reports Tradewinds. Kogas renegotiating long-term LNG time charters The South Korean utility is negotiating lower rates on its long term chartered-in domestic tonnage. It has begun the process of renegotiating the long term time charters for ships chartered from domestic shipping companies. ABS to class second Petronas FLNG ABS, a leading provider of classification and technical services to the global offshore industry, announced that it has been awarded the classification contract from Petronas, Malaysia's national oil company, for the company's second FLNG. Europe s only LNG export plant out of service Norway s Hammerfest LNG export terminal is out of service until after the first week of June, and won t be able to provide cargoes for LNG carriers, due to planned maintenance. Höegh supplying FSRU, shipping to Egypt Höegh has signed a Letter Of Intent to supply an Egyptian FSRU, scheduled to start operations in the third quarter of The company intends to use the Hoegh Gallant vessel for this project. Höegh said it had signed a LOI to provide the state-owned Egyptian Natural Gas Holding for an FSRU built at Hyundai Heavy Industries and to be located in the port of Ain Sokhna on the Red Sea. The FSRU will be moored at a jetty which has been finalized as part of the scope of the EGAS contract, with topsides to be supplied by Hoegh. Egypt is expected to become an LNG importer by September 2014 from a Floating Storage and Regasification Unit it is intending to charter from Hoegh LNG of Norway to be deployed on the Gulf of Suez as exports have virtually ended amid a surge in domestic demand. The LOI is for a five-year FSRU contract expected to generate average annual earnings for the Norwegian company of around $40 million. The LOI is subject to board approval on both sides and the Source: Excelerate Source: Höegh final approval of the Egyptian authorities. Fast track Hoegh President and Chief Executive Sveinung Stohle said: "We are delighted to have reached this significant milestone in our agreement with EGAS, and look forward to completing this project that will give EGAS the fast-track infrastructure to import LNG into Egypt. "This project shows again the flexibility and versatility that Excelerate said it received the notice of schedule for environmental review from the Federal Energy Regulatory Commission for its Aguirre GasPort project it's developing with the Puerto Rico Electric Power Authority. The US FLNG specialist is designing a closed-loop regasification services and is constructing and operating the offshore terminal for the berthing of a Floating Storage and Regasification Unit for LNG cargo deliveries. The venture has also received a letter of recommendation from the United States Coast Guard on the suitability of the waterway. Positive signs "Both notices are clear indicators there are no major obstacles for Höegh LNG's FSRU solutions bring to the LNG markets." The two Egyptian LNG plants at Idku near Alexandria and Damietta on the Mediterranean coast have not been sending out any cargoes since last year as feed-gas is diverted to the domestic market. BG, a shareholder in the Egyptian LNG plant at Idku, said it didn t lift any LNG cargoes from Egypt during the first quarter, and expects the same pattern in the second quarter. Excelerate progresses with Puerto Rico FLNG project Excelerate Energy said regulators and the US Coast Guard were advancing in the approval process for the Aguirre Floating LNG import project for Puerto Rico and the company expects the facility in the US territory in the northeast Caribbean to be in service by the fourth quarter of the proposed facility and the project is progressing in a positive manner," Excelerate said. The FERC schedule establishes the estimated dates on which the regulator's staff will complete the final Environmental Impact Statement and the 90-day federal authorization decision deadline. Excelerate said the dates are December 19, 2014 and March 19, 2015, respectively. The schedule accounts for full public participation and review, and ensures the review process will be thorough and complete. Excelerate, owned by American tycoon George B. Kaiser, is also the company behind a Floating LNG liquefaction plant for US exports being planned for Port Lavaca, situated between Galveston and Corpus Christi on the Texas Gulf Coast.

5 15 May 2014 LNG Shipping News NEWS 5 MSI starts US LNG bunkering course American training provider Maritime Simulation Institute (MSI) is planning one of the first simulator-based LNG bunkering safety training courses in North America. Courses will be offered at MSI facilities on the Gulf Coast at Texas A&M near Houston, and on the East Coast at the Massachusetts Firefighting Academy I near Boston. The first course will begin in June. The June session will be for USCG, ABS and DNV, who will be auditing it. The course is open to anyone. We plan on holding at least one a month after that, said MSI s vice president, development, Margaret Kaigh Doyle. Doyle is heading up the U.S. Coast Guard s Chemical Transportation Advisory Committee s working group for Safety Standards for the Design of Vessels Carrying Natural Gas or Using Natural Gas as Fuel. MSI will in July hold a closed course for US Harvey Gulf, the operator of America s first LNGbunkered vessel, an LNG powered offshore support vessel dubbed Harvey Energy. Harvey Energy is the first of six such Wärtsilä 34DF-powered ships Each bunkering course will last 45 hours, allowing companies to get a start on bunkering safety ahead of any US Coast Guard regulations governing LNG bunkering, said the company. Harvey Gulf s persons in charge, masters, mates and engineers will be taking the course in order to operate the vessel. Harvey Gulf International Marine in January launched Harvey Energy at the TY Offshore yard in Gulfport, Mississippi. Harvey Gulf is committed to using state-of-the-art vessels that provide clean, safe, efficient, reliable and competitive operations. Key to this paradigm shift is ensuring that our ships crews are properly trained in the bunkering of LNG, said Chad Verret, executive vice president, Alaska & LNG operations. Kogas KC-1 tank equips Sabine Pass Ships Korean gas utility Kogas, the world s largest LNG importer, plans to use its newly developed KC-1 cargo hold system together with Kogas onshore membrane LNG tank for ships it charters from American Sabine Pass LNG plant. The technology was launched at the Korean Expo Gastech in March. Kogas developed the KC-1 cargo hold in cooperation with three Korean LNG shipyards, DSME, Samsung Heavy Industries and Hyundai Heavy Industries. KyoKook Jin, senior research engineer at Kogas s LNG tech division, said KC-1 could be applied to the specific shipyards, but Kogas will try to extend licensing to other shipyards later. The system was awarded first approval in principle and then a certificate of design approval from ABS, Bureau Veritas and the Korean Register of Shipping after LNG filling tests were completed in a closed mock-up tank. Low fit up cost KC-1 LNG cargo hold features lower-cost, welding-free construction, similarly to GTT s recently released Mark V tank, which also has a low-cost construction advantage. The key feature of KC-1 system is that it is easy to fit-up since it does not need to weld on the corrugated parts of the membrane, said Kogas. It is also easy to improve welding speed and quality control by the automatic welding since only the straight welding on the flat part is needed, said the utility. The separation between the primary and secondary barriers prevents leakage of the primary barrier and thermal shock, it stated. Unlike existing containment systems, the basic concept of KC-1 is to have very close structure between primary and secondary barriers. The primary and secondary barriers of KC-1 system are composed of corrugated membrane, and plywood is used to maintain some space between the barriers. Sloshing on corners Kogas in Feburary released a paper entitled An Assessment of KC-1 cargo system Source: Kogas Structure Safety for Corner Insulation Panel of KC-1 LNG Cargo Containment system under Sloshing. The study conducted a finite element analysis for the 90 degree corner panel of KC-1 subjected to sloshing loads. The tests concluded the thick plate, bolt and polyurethane foams were structurally safe because the maximum stress was lower than the allowable stress. The structural safety of a 90- degree corner panel must be proven through future experiments, Kogas said. Prelude FLNG gets high-speed internet Australian oil and gas projects, Shell s Prelude FLNG and Inpex s Ichthys LNG Project, will use an optical fibre cable providing superior reliability over satellite communications. Australian telecoms provider Nextgen Group will build, own and operate a 2000-kilometre cable system, which will run between the Ichythys liquefaction plant location in Darwin and Port Hedland. Initially the cable, valued at US $100 million, will provide rapid internet at a speed of 8 terrabits (80 x 40 Gbps), but later on may be upgraded to 32 terrabits per second. The projects will be integrated with Nextgen Group's extensive Source: Inpex telco infrastructure in Western Australia, including the Shenton Park data centre launched in March. The cable system to be completed in 2016 will also be available to serve other oil and gas operators in the region, including resource companies in the Pilbara. Ichthys Project managing director Louis Bon said constructing subsea infrastructure of this kind for private customers on the mainland was an Australian first. "This is a great achievement for the Ichthys Project and an excellent example of what collaboration in the oil and gas industry can achieve. It means that both of these projects, far north of Port Hedland, will be connected to data centres thousands of kilometres away in Perth." Asset manager for Shell s Prelude, Jim Marshall, said Prelude FLNG s close proximity to Ichthys could help INPEX and Shell achieve a better technical and commercial result. "The subsea cable will give us a highly reliable and stable highspeed voice and data service which is essential for effective and efficient operations at our future offshore facilities. "It means that workers at Shell and INPEX will have an ultra high speed communications link so they can stay in touch with their friends and families while working at offshore facilities. Our investment will also establish a valuable piece of infrastructure that has the capacity to support the development of future offshore resources in the Browse Basin."

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7 15 May 2014 LNG Shipping News NEWS 7 THE WORLD S NEWEST LNG CARRIERS Name Yard Design Prop. CBM Delivery Trade Route Ship Owner Hull Operator Golar Bear Samsung TZ Mk. III DFDE Q1-14 Golar LNG 2027 WilhelmsenGolar Clean Ocean Hyundai Heavy TZ Mk. III DFDE Q1-14 Dynagas 2558 Dynagas Corcovado DSME GT NO 96 DFDE Q2-14 Cardiff 2297 Cardiff Gas Independence Hyundai Heavy TZ Mk. III DFDE Q2-14 Indonesia FSRU Høegh LNG 2548 Høegh LNG PGN FSRU Lampung Hyundai Heavy TZ Mk. III Azipod Q2-14 Lithuania FSRU Høegh LNG 2549 Høegh LNG Maran Gas Posidonia Hyundai Samho TZ Mk. III DFDE Q2-14 BG Portfolio Nakilat / Maran S625 Anangel Gas Maritime (60%) Experience DSME GT NO 96 DFDE Q2-14 Petrobras VT3 Excelerate Energy 2402 TBD Golar Crystal Samsung TZ Mk. III DFDE Q2-14 Golar LNG 2022 WilhelmsenGolar Maran Gas Efessos DSME GT NO 96 DFDE Q2-14 BG Portfolio Nakilat / 2291 Anangel Maran Gas Maritime (60%) Kita DSME GT NO 96 DFDE Q2-14 Cardiff 2298 Cardiff Gas Gaslog NB-6 Samsung TZ Mk. III DFDE Q2-14 Shell Portfolio GasLog 2042 CERES Newen Hyundai Heavy TZ Mk. III Azipod Q2-14 Colburn LNG FSRU Høegh LNG 2550 Høegh LNG Golar Penguin Samsung TZ Mk. III DFDE Q2-14 Golar LNG 2023 WilhelmsenGolar Asia Vision Samsung TZ Mk. III DFDE Q2-14 Chevron Portfolio Chevron 1920 Chevron Shipping Golar Frost Samsung TZ Mk. III DFDE Q2-14 Golar LNG 2055 WilhelmsenGolar SCF Pskov STX O&S GT NO 96 DFDE Q3-14 Gazprom Portfolio Sovcomflot 1911 Sovcomflot Clean Planet Hyundai Heavy TZ Mk. III DFDE Q3-14 Dynagas 2565 Dynagas Adam Hyundai Heavy TZ Mk. III DFDE Q3-14 Oman LNG 2584 Oman Shipping Golar Glacier Hyundai Samho TZ Mk. III DFDE Q3-14 Golar LNG S658 WilhelmsenGolar Palu DSME GT NO 96 DFDE Q3-14 Cardiff 2400 Cardiff Gas Asia Energy Samsung TZ Mk. III DFDE Q3-14 Chevron Portfolio Chevron 1921 Chevron Shipping Chubu NB-2 Mitsubishi H.I. Moss STRH Q3-14 Chubu Electric Mitsui Osk / Mitsubishi 2297 MOL Golar Snow Samsung TZ Mk. III DFDE Q3-14 Golar LNG 2047 WilhelmsenGolar Cool Explorer Samsung TZ Mk. III DFDE Q4-14 Thenamaris 2049 Bernard Schulte Gaslog NB-7 Samsung TZ Mk. III DFDE Q4-14 Gaslog 2043 CERES Osaka Gas NB-1 Mitsubishi H.I. Moss STRH Q4-14 Osaka Gas Mitsui OSK / Osaka Gas 2295 MOL TEPCO NB-1 Mitsubishi H.I. Moss STRH Q4-14 TEPCO NYK 2289 NYK Amani Hyundai Heavy TZ Mk. III DFDE Q4-14 Brunei Fleet Brunei Gas Carriers 2606 STASCO Golar Kelvin Hyundai Samho TZ Mk. III DFDE Q4-14 Golar LNG S659 WilhelmsenGolar Yari DSME GT NO 96 DFDE Q4-14 Cardiff 2401 Cardiff Gas Golar Ice Samsung TZ Mk. III DFDE Q4-14 Golar LNG 2048 WilhelmsenGolar Golar Eskimo Samsung TZ Mk. III DFDE Q4-14 Jordan FSRU Golar LNG 2024 WilhelmsenGolar BW Gas NB-1 Hyundai Heavy TZ Mk. III DFDE Q1-15 BW Gas 2571 BW Gaslog NB-8 Samsung TZ Mk. III DFDE Q1-15 Gaslog 2044 CERES Dynacom NB-6 Hyundai Heavy TZ Mk. III DFDE Q1-15 Dynagas 2566 Dynagas Papua Hudong Membrane SSD Q1-15 PNG / Gorgon Mitsui OSK H1670A MOL Chevron NB-3 Samsung TZ Mk. III DFDE Q1-15 Chevron Portfolio Chevron 1941 Chevron Shipping BW Malacca (NB-2) Hyundai Heavy TZ Mk. III DFDE Q1-15 BW Gas 2572 BW Chubu NB-3 Mitsubishi H.I. Moss STRH Q1-15 Chubu Electric NYK 2298 NYK Maran Gas Lindos DSME GT NO 96 DFDE Q1-15 BG Portfolio MaranGas 2292 Anangel Maran Gas Sparta Hyundai Samho TZ Mk. III DFDE Q1-15 BG Portfolio MaranGas S626 Anangel Hoegh NB-4 FSRU Hyundai Heavy TZ Mk. III Azipod Q1-15 Høegh LNG 2251 Høegh LNG Maran Gas Mistras DSME GT NO 96 DFDE Q2-15 BG Portfolio MaranGas 2405 Anangel Clean Vision Hyundai Heavy TZ Mk. III DFDE Q2-15 Dynagas 2567 Dynagas Osaka Gas NB-2 Mitsubishi H.I. Moss STRH Q2-15 Osaka Gas Mitsui OSK / Osaka Gas 2296 MOL SCF Mitre STX O&S GT NO 96 DFDE Q2-15 Shell Portfolio Sovcomflot 1913 Sovcomflot Maran Gas Alexandria Hyundai Samho TZ Mk. III DFDE Q2-15 BG Portfolio MaranGas S627 Anangel MOL PNG NB-2 Hudong Membrane SSD Q2-15 PNG / Gorgon Mitsui OSK H1671A MOL Chevron NB-4 Samsung TZ Mk. III DFDE Q2-15 Chevron Portfolio Chevron 1942 Chevron Shipping Chevron NB-6 Samsung TZ Mk. III DFDE Q2-15 Chevron Portfolio Chevron 2070 Chevron Shipping Brunei NB-2 Hyundai Heavy TZ Mk. III DFDE Q2-15 Brunei Fleet Brunei Gas Carriers 2607 STASCO Petronas FLNG NB DSME GT NO 96 FLNG Q2-15 Petronas FLNG Petronas 6302 TBD Maran NB-13 Hyundai Samho TZ Mk. III DFDE Q3-15 BG Portfolio MaranGas S688 Anangel Maran Gas Troy DSME GT NO 96 DFDE Q3-15 BG Portfolio MaranGas 2406 Anangel SCF Melampus STX O&S GT NO 96 DFDE Q3-15 Shell Portfolio Sovcomflot 1912 Sovcomflot TBN NB-1 STX O&S GT NO 96 DFDE Q3-15 TBN (x-alpha) 1670 TBD 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

8 8 NEWS LNG Shipping News 15 May 2014 Name Yard Design Prop. CBM Delivery Trade Route Ship Owner Hull Operator Maran NB-12 Hyundai Samho TZ Mk. III DFDE Q4-15 BG Portfolio MaranGas S689 Anangel BW Gas NB-3 FSRU Samsung Membrane DFDE Q4-15 BW Gas 2074 BW NLNG NB-1 Samsung TZ Mk. III DFDE Q4-15 Nigeria LNG Bonny Gas Transport 2076 BGT NLNG NB-2 Hyundai Heavy TZ Mk. III DFDE Q4-15 Nigeria LNG Bonny Gas Transport 2636 BGT MOL PNG NB-3 Hudong Membrane SSD Q4-15 PNG / Gorgon Mitsui OSK H1672A MOL Golar Tundra Samsung TZ Mk. III DFDE Q4-15 Gas Atacama FSRU Golar LNG 2056 WilhelmsenGolar NLNG NB-3 Samsung TZ Mk. III DFDE Q4-15 Nigeria LNG Bonny Gas Transport 2077 BGT Chevron NB-5 Samsung TZ Mk. III DFDE Q4-15 Chevron Portfolio Chevron 2069 Chevron Shipping Chubu NB-1 Kawasaki Moss STRH Q4-15 Chubu Electric K-Line 1713 K-Line Shell NB-1 Samsung Membrane FLNG Q1-16 Shell FLNG Shell 2030 STASCO Sinopec NB-1 Hudong Membrane DFDE Q1-16 APLNG China Shipping H1715A TBD NLNG NB-4 Samsung TZ Mk. III DFDE Q1-16 Nigeria LNG Bonny Gas Transport 2078 BGT Maria Energy Hyundai Heavy TZ Mk. III DFDE Q1-16 Tsakos 2612 TBD Maran NB-14 Hyundai Samho TZ Mk. III DFDE Q1-16 BG Portfolio MaranGas S690 Anangel Maran NB-16 DSME GT NO 96 DFDE Q1-16 BG Portfolio MaranGas 2412 Anangel Kansai NB-1 Kawasaki Moss STRH Q1-16 Kansai Kansai / Mitsui OSK 1712 MOL MOL PNG NB-4 Hudong Membrane SSD Q1-16 PNG / Gorgon Mitsui OSK H1673A MOL TBN NB-2 STX O&S GT NO 96 DFDE Q1-16 TBN (x-alpha) 1671 TBD Teekay NB-1 DSME GT NO 96 MEGI Q1-16 Cheniere Teekay LNG 2407 Teekay LNG NLNG NB-5 Hyundai Heavy TZ Mk. III DFDE Q2-16 Nigeria LNG Bonny Gas Transport 2637 BGT NLNG NB-6 Samsung TZ Mk. III DFDE Q2-16 Nigeria LNG Bonny Gas Transport 2079 BGT Sinopec NB-2 Hudong Membrane DFDE Q2-16 APLNG China Shipping H1716A TBD Teekay NB-2 DSME GT NO 96 MEGI Q2-16 Cheniere Teekay LNG 2408 Teekay LNG Teekay NB-4 DSME GT NO 96 MEGI Q3-16 Teekay LNG 2417 Teekay LNG Maran NB-15 Hyundai Samho TZ Mk. III DFDE Q3-16 BG Portfolio MaranGas S691 Anangel Gaslog NB-10 Samsung TZ Mk. III DFDE Q3-16 BG Portfolio Gaslog 2072 CERES Teekay NB-3 DSME GT NO 96 MEGI Q3-16 Teekay LNG 2416 Teekay LNG Maran NB-17 DSME GT NO 96 DFDE Q3-16 BG Portfolio MaranGas 2413 Anangel Gaslog NB-11 Samsung TZ Mk. III DFDE Q3-16 BG Portfolio Gaslog 2102 CERES Uruguay FSRU DSME GT NO 96 DFDE Q3-16 Uruguay FSRU Mitsui OSK TBN MOL Gaslog NB-9 Samsung TZ Mk. III DFDE Q4-16 BG Portfolio Gaslog 2073 CERES BW Gas NB-4 FSRU Samsung Membrane DFDE Q4-16 BW Gas 0 BW Petronas NB-2 Hyundai Heavy Moss STRH Q4-16 Petronas 2730 MISC Sinopec NB-3 Hudong Membrane DFDE Q4-16 APLNG China Shipping H1717A TBD Ichtys NB-1 Kawasaki Moss DFDE Q4-16 Ichtys LNG K-Line 1718 K-Line Inpex NB-1 Mitsubishi H.I. Moss STRH Q4-16 Ichtys LNG K-Line / Inpex 2310 K-Line Petronas NB-1 Hyundai Heavy Moss STRH Q4-16 Petronas 2729 MISC SK Marubeni NB-2 Samsung TZ Mk. III DFDE Q4-16 Total Portfolio SK Shipping / Marubeni 2081 SK Shipping Gaslog NB-12 Samsung TZ Mk. III DFDE Q1-17 BG Portfolio Gaslog 2103 CERES Petronas NB-3 Hyundai Heavy Moss STRH Q1-17 Petronas 2731 MISC SK Marubeni NB-1 Samsung TZ Mk. III DFDE Q1-17 Ichtys LNG SK Shipping / Marubeni 2080 SK Shipping Sinopec NB-4 Hudong Membrane DFDE Q1-17 APLNG China Shipping H1718A TBD Flex NB-1 Samsung TZ Mk. III DFDE Q1-17 Flex LNG TBN TBD Teekay NB-5 DSME GT NO 96 MEGI Q1-17 Teekay LNG TBN Teekay LNG Flex NB-2 Samsung TZ Mk. III DFDE Q1-17 Flex LNG TBN TBD Kansai NB-2 Mitsubishi H.I. Moss STRH Q2-17 Kansai Kansai / Mitsui OSK 2299 MOL Osaka Gas NB-3 Mitsubishi H.I. Moss STRH Q2-17 Osaka Gas Mitsui OSK / Osaka 2311 MOL Gas / Kyushu Sinopec NB-5 Hudong Membrane DFDE Q2-17 APLNG China Shipping H1719A TBD Petronas NB-4 Hyundai Heavy Moss STRH Q3-17 Petronas 2732 MISC Sinopec NB-6 Hudong Membrane DFDE Q4-17 APLNG China Shipping H1720A TBD 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