Spain s Elcano books two carriers at yards in Japan

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1 Amsterdam Rotterdam Antwerpen BELGIUM LUXEMBOURG FRANCE NETHERLANDS Arnheim Duisburg Düsseldorf RHINE Bonn Koblenz Mainz Mannheim Basel Pro Danube Management GmbH Frankfurt Karlsruhe Strasbourg SWITZERLAND GERMANY Würzburg Nürnberg CZECH REPUBLIC Regensburg Straubing Linz Enns AUSTRIA Krems SLOVENIA Wien CROATIA Sisak Bratislava Komarno Györ Budapest DANUBE Mohacs Osijek Vukovar BOSNIA & HERZEGOVINA Novi Sad HUNGARY ROMANIA Pancevo Drobeta-Turnu Severin Bucuresti Beograd Smederevo Oltenița Turnu Lom Giurgiu Măgurele Călărași SERBIA Vidin Somovit Ruse Sofia BULGARIA Galati UKRAINE MOLDOVA Varna Giurgiulesti Izmail Sulina Constanta LNG Shipping News A LNG JOURNAL TITLE ON LNG TANKERS 1 May 2014 Spain s Elcano books two carriers at yards in Japan A joint venture of two Japanese shipyards, Imabari and Mitsubishi Heavy Industries, has officially signed shipbuilding contracts with Spanish operator Elcano for ships to be chartered by Spanish gas supplier, Gas Natural. Elcano is the head of an international shipping group with Spanish, Portuguese as well as Brazilian and Argentinian subsidiaries. Elcano and Norway s Knutsen last November signed 20-year charter parties for two vessels each with Spanish gas supplier Gas Natural Aprovisionamient SDG. The newbuilding orders were received around Spring last year, Imabari said, before the establishment of Imabari s shipbuilding joint venture, MI LNG. The two 178,000 cubic metre vessels will be built at Imabari s Saijo Shipyard for delivery in Featuring MAN MEGI engines with highly efficient gas supply systems, the vessels are designed to improve fuel consumption by 40 percent over conventional steam turbine propulsion. The Spanish shipping company will add the two carriers to its existing two LNG carriers in a fleet that includes bulk carriers and product tankers. Its existing LNG fleet includes 138,000 cubic metre carrier Castillo de Villalba. It was chartered in 2004 by Gas Natural to carry volumes from Qatargas Qatari fields to Spanish LNG terminals. Its other ship, and 173,600 cubic metre Castillo de Santisteban, built in 2010, is on a long term contract for the Peruvian gas project at Pampa Melchorita. Peru LNG is operated by a consortium of energy companies: American Hunt Oil Company, Korean SK Energy, Spain s Repsol YPF, and Japanese Marubeni. Elcano also has chartered at least three LPG vessels to Brazilian oil company Petrobras. Yukito Higaki, president of Imabari, Rodriquez Juan Manuel Cordeiro, CEO of Elcano, and Kazushi Okawa, Executive Vice President of Mitsubishi Corp GAIL tenders fleet Indian gas utility GAIL has announced a plan to invest an estimated USD $7.57 billion for chartering LNG ships starting in 2017, reports the Indian paper Financial Express. The investment excludes added charges for fuel and port, for which GAIL is investing an additional $30 million. Tenders on vessels to import US LNG to India for 20 years are expected to be floated soon, with awarded contracts following by November. GAIL in June confirmed a memorandum of understanding with state-owned shipping company Shipping Corporation of India (SCI) to transport 5.8 million tonnes per annum of US shale gas, to begin shipping in The state firm expects to charter newbuildings and to take 10 percent equity, with step-in rights on vessel ownership. It is looking to charter fuel-efficient ships to reduce its fuel expenditure. Previously announced plans to award a third of the shipbuilding contracts to Indian shipyards are unlikely to materialise as these may not be able to guarantee 20 year performance without further investment in infrastructure. Dynagas buys Arctic Aurora Greek Shipping company Dynagas LNG Partners has agreed to pay an aggregate USD $235 million for sole ownership of the entity that controls 155,000 cubic metre Arctic Aurora, an ice class LNG gas carrier it operates. Dynagas Holding Ltd, the Partnership's sponsor, currently has sole ownership. Arctic Aurora is on five year charter with Norwegian major Statoil, having in October made a spot delivery via the Northern Sea Route to a terminal owned by Tokyo Electric Power, Bloomberg reported. Dynagas LNG Partners earlier this month announced that it had struck an agreement to amend the current charter for its arctic LNG carrier Clean Force with charterer BG Group at no cost to itself. The vessel will now go off hire in July 2015 instead of the third quarter of 2016, when Dynagas s new 13 year charter with Gazprom Marketing Trading Singapore will take effect. SHIPPING NEWS AGENDA BUSINESS Maran Nakilat JV adds three vessels to Nakilat s fleet MARKETS Inland navigation functions as pioneer consumer and facilitator 2 Rhine/Meuse-Main-Danube: LNG ARTERY FOR EUROPE EU moves to mandate LNG bunkering equipment for ports 3 FINANCE Belgium's Exmar applies new depreciation policy to LNG fleet 4 TECHNOLOGY FMC Technologies awarded for new LNG transfer system 5 LNG ORDERBOOK LNG vessels ordered 7

2 2 NEWS LNG Shipping News 1 May 2014 Maran Nakilat JV adds three vessels to its fleet Nakilat, also known as Qatar Gas Transport Company, has added three new LNG vessels to its fleet through its joint venture with Greek shipping company Maran Ventures, Maran Nakilat, having closed a $807.4m refinancing deal. The three LNG carriers will be used for used in international trade, increasing the Maran Nakilat LNG carrier fleet from eight to eleven vessels. The new vessels expand Nakilat s LNG fleet from 58 vessels to 61. Nakilat also has several LPG carriers. Nakilat in 2005 formed a joint venture with Maran Gas to build four ships for long-term contracts to Qatari LNG producer RasGas, with Nakilat taking 30 percent ownership. Nakilat last June increased its ownership of the joint venture from 30 to 40 percent. Maran Nakilat has grown its fleet s capacity in three stages, initially 580 thousand cubic-meters, and the current fleet of 11 vessels has a combined capacity of 1.7 million cubic meters. Refinancing for the three LNG carriers was provided by Qatar Islamic Bank (QIB) and Barwa Bank Doha. Nakilat did not name the shipyard where the additional vessels would be built, or publicly announce whether they would be in Maran Gas newbuild orderbook, observed Robert ALmedia on the shipping blog GCaptain. Greek leaseback In a separate announcement from the Turkish shipbroker Golden Destiny possibly related to a different order, three LNG tankers have been sold enblock for about $468 million to Greek buyers, with a time charter back for an average of six years. Three tankers sold enbloc for Bassel Gamal, QIB Group CEO, Eng. Abdullah Fadhalah Al Sulaiti, managing director of Nakilat, and Khalid Al Subeai, acting CEO of Barwa Bank after signing the refinancing deal. US $468 mil to Greek buyers, with a time charter back deal. The vessels were 142,702 cubic metres Methane Heather Sally, 145,000 cubic metres Methane Alison Victoria, and 142,800 cubic metres Methane Shirley Elisabeth. They were all built by Japanese shipyard, Kawasaki Heavy Industries. Tsakos Energy Navigation (TEN) to launch public offering NYSE-listed Greek shipowner Tsakos Energy Navigation, a crude, product and LNG tanker operator, announced that it plans to offer 11 million common shares in a public offering. Shipping Herald said the shares were being offered at 12.6 percent below their 23 April price. Affiliates of Tsakos Holdings Foundation, the Company's largest shareholder will purchase up to 10 percent of the common shares sold in the offering. The company will grant underwriters of the offering a 30-day option to purchase up to an additional 1,650,000 of the number of common shares sold in the offering. The company plans to use the proceeds to finance the expansion and modernization of its fleet through its vessel acquisition program. The operating fleet includes 48 vessels of which one is an LNG carrier, 150,000 cubic metre capacity Neo Energy, which in 2011 began a four year time charter. The operator last quarter had 10 vessels on order including nine Aframax tankers and one LNG carrier, 162,000 cubic metre Maria Energy, to be delivered from Hyundai Heavy Industires in 2015 according to the website. The vessel is being classed by Lloyds Register. The proceeds from the offering will also be used to finance its existing crude oil carrier newbuilding program and its strategic partnership with an oil major, and for general corporate purposes. Three banks are acting as joint book-running managers of the offering, Morgan Stanley and Company, UBS Securities and Wells Fargo Securities. The offering will be made as a shelf registration statement. 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 1 May 2014 LNG Shipping News NEWS 3 NEWS NUDGE HHI ready for Pertamina ship tender Hyundai Heavy Industries president director OH Kim said at a recent event HHI would be interested in the tender to procure LNG carriers for Indonesian national oil major Petramina, reports the Jakarta post. Pertamina may buy two LNG carriers to support US LNG imports. NWS LNG issues spot tender Australia's 16.3 million tonne per year North West Shelf LNG plant has issued a tender to sell spot cargoes to load in June. The tender was issued on 22 April and was to have closed on 28 April, with bids valid until May 2, reports Argus Asia Marketing. EU moves to mandate LNG bunkering equipment for ports With a vote to require LNG bunkering capability in ports, the EU plans on breaking the stalemate whereby shipowners have been unable to invest in LNG as fuel ahead of the 2020 enforcement deadline for low-sulfur emissions bunkering fuel. European shipowners had dashed hopes in November after the European Commission and European Parliament informally agreed a 2025 deadline to equip ports, which would come five years after the 2020 deadline for fuel compliance. The European Commission last week said that the Parliament on April 15th approved an alternative directive to mandate national policies supporting bunkering equipment sooner. The new directive speeds up Rotterdam Antwerpen BELGIUM LUXEMBOURG FRANCE Amsterdam NETHERLANDS Arnheim Duisburg Düsseldorf RHINE Bonn Koblenz Mainz Mannheim Basel Frankfurt Karlsruhe Strasbourg SWITZERLAND GERMANY Würzburg Nürnberg Regensburg Straubing CZECH REPUBLIC Linz Enns AUSTRIA Krems SLOVENIA Wien CROATIA Sisak the plan, stating: Member States shall ensure that publicly accessible LNG refuelling points for maritime and inland waterway transport are provided in all maritime ports of the Trans-European Transport (TEN-T) Core Network by 31, December They should provide them for inland transport by Member states have 18 months after the directive s formal adoption by the Council, and publication in the Official Journal of the Rhine/Meuse-Main-Danube: LNG ARTERY FOR EUROPE Pancevo Drobeta-Turnu Severin Bucuresti Beograd Smederevo Oltenița Turnu Lom Giurgiu Măgurele Călărași Vidin Somovit Varna Bernhard Schulte Inland navigation functions as pioneer consumer and facilitator seeking offers for BOSNIA & HERZEGOVINA Constanta SERBIA Ruse small scale carrier BULGARIA Bernhard Schulte, a German Inland LNG bunkering planned Source: LNG Masterplan operator with both LNG carriers and conventional merchant vessels, is seeking offers from shipbuilders on a small-scale LNG carrier newbuilding, reports TradeWinds. There was talk it had approached shipyards Panama s Canal Authority has set a pass through, and that mid-size for offers on a unit of maximum beam allowance of 49 LNG carriers are more likely to be approximately 32,000 cubic meters for ships passing through used for LNG trade due to their metre capacity. the newly widened canal, expected flexibility. to be complete in 2016, The authority explained that GasLog raises $83 reports the Wall Street Journal. the maximum beam allowance million from add-on A typical Q-flex is 50 meters may be revised once the canal begins Norwegian bond wide and 345 metres long, with a operations, and gains experi- The Monaco-based operator cargo capacity ranging between ence handling larger ships. has priced an add-on offering 210,000 and 217,000 cubic metres. Q-flex vessels can carry as of NOK 500 million (US $ 84 A spokesperson from Japanese much as 38 percent more LNG than million) aggregate principal to utility, Chubu Electric Power said 49-metre-wide models, potentially the existing senior unsecured that the company would not consider optimising shipping costs for LNG notes due 2018, in an oversubscribed ordering LNG supply on a Q- buyers in places like Japan secur- transaction with all flex vessel via a Panama route ing supplies, for example from new inclusive fixed interest rates. without the certainty that it American LNG projects. The transaction, subject to would be delivered. The lock chambers at the customary closing conditions Panama s Canal Authority widened Panama canal will be 427 and settlement, is expected to replied that only a small proportion, metres long by 55 meters wide, occur on May of 392 vessels in the and 18.3 meters deep, and it is global fleet, would be unable to not yet publically known by what Bratislava Györ Budapest DANUBE Mohacs Osijek Komarno Vukovar Novi Sad HUNGARY ROMANIA Galati UKRAINE MOLDOVA Giurgiulesti Izmail Sulina European Union, to come up with LNG bunkering policies. Bunker vessels to get LNG bunkering funding A refuelling point for LNG means a physically established pump connected to fixed or mobile installation, including vehicles, vessels, and movable LNG containers, the directive stated. The European Union has also provided a 40 million grant to support an LNG infrastructure for the Rhine-Main-Danube area, said the Port of Rotterdam Authority. Five European port authorities, Antwerp, Mannheim, Rotterdam, Strasbourg and Switzerland, have agreed to cooperate on research, promotion, knowledge transfer, legislation and bunker infrastructure. The port cooperation aims to open an LNG hub in Rotterdam before the end of 2015, expanding upon the existing LNG bunkering infrastructure at the port of Rotterdam, Gate Terminal, which began operations in Panama canal likely too narrow for Q-Flex Last week the Panama Canal Authority gave an ambiguous response to criticism from the Japanese Government s Oil and Natural Gas division over a restriction on the size of ships allowed to pass through the expanded Panama Canal. Locks at Panama Canal. Source: Panama Canal Authority constraints the beam allowance is being set. Qatari Shipping companies Nakilat (Qatar Gas Transport Company) and RasGas are major Q-flex owners, with RasGas taking delivery of at least 12. In 2009, RasGas took delivery of its first 266,000 cubic metre capacity Q-Max vessel, Al Dafna.

4 4 NEWS LNG Shipping News 1 May 2014 Belgium s Exmar applies new depreciation policy to LNG fleet The Belgian Exmar shipping company and LNG fleet operator controlled by Nicolas Saverys posted an overall first-quarter operating loss of $3.5 million compared with income of $50.8 million in the first three months a year ago as it initiated new accounting rules. Exmar, listed on the Euronext ex- mate is reflected as from January change in Brussels, said first-quar and comparative figures have ter turnover was $46.5 million not been restated. compared with $57.4 million in "Depreciation cost relating to the same quarter a year ago. LNG vessels is therefore lower by Losses from the LNG operations $800,000 for the first quarter of of 13 vessels were narrowed to 2014," it said. $1.4 million compared with $1.9M of losses in the same three months Fleet utilisation high a year ago as Exmar brought in Exmar said all its LNG carriers and new International Financial Re- LNGRVs were in service and fully porting Standards. contributed during this first quar- Under the consolidation system ter under their respective time- first-quarter LNG income was $8.8 million compared with $8.1 million charters. However, the LNG carrier Excel Source: Exmar in the 2013 quarter. had been idle since mid-december a Floating LNG production vessel Exmar said. "All the joint ventures in which "due to tight product and a longer to be operational offshore Colom- Exmar and Canada-based part- Exmar has a 50 percent interest LNG tonnage markets with the in- bia as from the second half of ner in the Colombian project, Pa- have been accounted for using the creasing number of larger more cific Rubiales, have also started equity method," the company efficient newbuildings being deliv- "The International Financial the construction of a floating re- said. ered. " Corp. of the World Bank Group has gasification barge (FSRU) "for In addition, Exmar has applied Despite the market environ- successfully completed its screen- which long-term employment is a new depreciation policy for its ment Exmar said ConocoPhillips ing of the project with respect to actively being discussed." LNG fleet. The economic life for confirmed the charter of Excel for technical, operational, safety, "Exmar is also active in pursu- the group's LNG vessels has been six months plus a two-month op- environmental and other project ing additional liquefaction and re- extended from 30 to 35 years. tion from the second quarter. risks. The financing agreements gasification opportunities around "This change in accounting esti- Exmar is currently constructing are currently being finalized," the world," it added. Shell adds one million tonnes to first-quarter LNG sales volumes with Repsol acquisition As part of the $3.8 billion acquisition of Reposol s portfolio, including supply positions in Peru and Trinidad & Tobago, Shell also assumed $1.6 billion of balance sheet liabilities relating to existing leases for LNG ship charters. Royal Dutch Shell said equity sales partly offset by higher planned of LNG were 18 percent higher at maintenance at some LNG plants million tonnes for the first "Compared with the first quarter 2013, upstream earnings ex- quarter compared with 5.1MT in the same quarter a year ago, reflecting higher offtake from the from stronger Integrated Gas recluding identified items benefited Repsol LNG business of almost one sults, including contributions from million tonnes. the recent purchase of Repsol's Shell said the LNG performance LNG business and higher dividends was also helped by decreased from an LNG venture," the Anglofeed-gas disruptions in Nigeria, Dutch company said. Shell reports fewer feed gas disruptions in Nigeria. Source: NLNG "Earnings also benefited from higher gas realisations and gas trading results," Shell said. The company's first quarter earnings, on the current cost of supplies basis, were $4.5 billion, 44 percent lower compared with the first quarter of Deep water Chief Executive Ben van Beurden said: "Our first quarter 2014 results reflect more robust levels of profitability. However, as we saw in 2013, we are in an industry where high volatility remains, both in the macro-environment and in our quarterly results. "The priorities I set out at the start of 2014 have not changed. I am determined to improve our competitiveness, and to adapt the company to respond to changes in the industry landscape. "We are aiming to continue to balance growth and returns, by focusing sharply on our three key priorities - better financial performance, enhanced capital efficiency, including more selectivity on project choices and $15 billion of divestments in , and continuing strong project delivery. "Our investment strategy is delivering where it matters - at the bottom line. The first quarter of 2014 has seen new, profitable production from the deep-water Gulf of Mexico and Iraq, together with new LNG from our acquisition of Repsol's portfolio," Van Beurden said. The overall acquisition added 7.2 million tonnes per annum of directly managed LNG volumes through long-term offtake agreements, including 4.2 MTPA of equity liquefaction plant capacity.

5 1 May 2014 LNG Shipping News NEWS 5 N-Kom building floating LNG dock, renews SCI vessel Lockheed Martin and Wärtsilä build first US LNG fuel tank American defence and aerospace contractor Lockheed Martin earlier this month had produced its first LNG tank as a supplier to Finnish LNG propulsion manufacturer Wärtsilä for US operator Harvey Gulf. Nakilat-Keppel Offshore & Marine (N-KOM) shipyard The LNG tank will be installed in Lockheed Martin manufactured in Qatar repaired rotors on US operator Harvey Gulf s LNG the LNG tanks at its New Orleans, Petronet-chartered LNG carrier Aseem, under the powered offshore support vessel Louisiana waterfront plant, management of Shipping Corporation of India (SCI). N-Kom shipyard repaired and installed two AMZ 1120 rotors for the 155,000 cubic metres carrier Aseem, on charter for Indian oil and gas company, Petronet LNG. The yard renewed the 12,650 KW capacity main under construction, the first such LNG-powered vessel in the US. The LNG fuel tank is the first cryogenic tank that Lockheed Martin has produced for marine applications and land-based storage. The company plans to offer cryogenic fuel tanks both for the vessels being bunkered, and for bunker barges. Michoud Assembly Facility. The facility is located near a deep water, Gulf Coast port allow for efficient shipping of the tanks to customer locations around the globe. The tank has now been sent to the Gulf Coast Shipyard Group in Mississippi for integration with the Wärtsilä LNG propulsion system. propulsion motors under the supervision of Swiss systems manufacturer ABB. Mitsui OSK Lines of Japan and Shipping Corp of India (SCI) have agreed long term time charters on three LNG tankers to Petronet, one of which is Aseem. Petronet has 3 per cent stake in the consortium that operates Aseem, while SCI holds a 26 percent stake. At the end of March, N-KOM and Nakilat senior management Lockheed Martin produces first LNG fuel tank. also attended the launching and naming ceremony of N-KOM s Q- Max sized floating dock at Hyundai Samho Heavy Industries in South Korea. Fabrication work has been transfer system completed for the floating dock, dubbed Laffan, which features equipment capable of lifting up to 120,000 tonnes. The loading arm has been developed gency disconnection. A second Handymax-size for LNG transfer between floating dock measuring 163m an FLNG vessel and a conventional Offshore loading systems by 26m with a lifting capacity LNG carrier, in side-by-side The company offers several off- of 6,250T is currently under moored arrangement. shore systems to load LNG carriers construction at N-KOM. The OLAF design is able to accommodate in sea states with wave heights up Both of the new docks are the large differences to 5.5 metres. expected to be operational by in elevation between an FLNG The company offers systems for the first quarter of 2015, with deck, where it is based, and an ship-to-ship (STS) loading using increased vessel capcity the LNG carrier piping connection at Chiksan LNG Marine Loading Arms shipyard more flexibility for lower level, without overloads, in addition to tandem configuration vessel scheduling. said FMC Technologies. loading using the FMC boom- The loading arm is designed to-tanker loading system. for harsh environmental conditions The company s range of Chik- and features a targeting san LNG marine loading arms dis- system for assisted connection connect in an emergency such as as well as a position monitoring excessive drift of the carrier, fire system, SIL3, to manage emer- on board or any other eventuality, Cryogenic tank segment The American contractor said working on the US s NASA space shuttle program for 40 years has helped it develop processes relating to the safe storage and transportation of cryogenic fluids. It has in that time produced Space Shuttle External Tanks (ETs) for space shuttles, which are known to be fuelled by liquid hydrogen. The investment in cryogenic tank manufacturing banks on growing interest in using LNG fuel, as the LNG market segments and infrastructure for operating, transporting and bunkering of cryogenic fuels continue to mature. Vincent Sica, vice president at Lockheed Martin Information Systems and Global Solutions, said, We are constantly looking for ways to innovate and leverage proven advanced technologies in different industries and our first LNG tank is a great example of this synergy. FMC Technologies awarded for new LNG US engineering company FMC Technologies offshore footless loading arm (OLAF) has been recognised by the OTC Spotlight Awards for innovation in the energy industry. FMC Loading arm with minimal spillage, featuring a free-wheeling mode to follow the vessel's movements and self-retract once disconnected. The Chiksan LNG marine loading arms also remove the need for maintenance once connected to the LNG carrier manifold.

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7 1 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 1 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