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LNG Shipping News AN LNG JOURNAL TITLE ON LNG CARRIERS 8 August 2019

The ‘gospel’ according to GasLog SHIPPING Global LNG demand was 86 mill tonnes during the second quarter of this year, compared with 74 mill tonnes in 2Q18, an increase of 16%, GasLog said in its NEWS quarterly market review (see page 8). AGENDA Higher European imports (up 110% MARKETING year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year, according to Poten. Natural gas prices were at multi-year lows in 2Q19, as the leveling off in demand growth from key LNG consumers in North- New SA terminal 2 east Asia coupled with elevated inventories and new LNG supply, Export approval 2 depressed LNG prices in Asia and BUSINESS Europe. However, low European gas FERC reorganises prices and rising carbon prices 3 have incentivisd coal-to-gas Benin gets Total switching in power generation, help 5 GasLog forecasts good times ahead with Platts reporting that Ger- YPF charters many’s and Italy’s gas-fired power capacity, according to Wood ket in the quarters ahead, as cus- LNGC 5 generation has increased 54% and Mackenzie. Thus far this year, tomers look to secure ships ahead 37%, respectively, in 2019 to date. nearly 34 mill tonnes of new lique- of the seasonally strong winter FINANCE Global LNG demand for 2019 is faction capacity had reached FID. months and through 2020. GasLog Partners estimated at 351 mill tonnes, an GasLog said that it expected record 6 increase of over 37 mill tonnes, or Spot rates fall multi-month and multi-year char- 12%, over 2018, reported Wood Headline spot rates for TFDE tering activity and shipping rates New LNGCs boost Mackenzie. LNGCs averaged around $49,000 to increase from current levels Teekay 6 Supply totalled 87 mill tonnes per day in 2Q19, compared to during the second half of 2019 and Wogan predicts in 2Q19, an increase of 13 mill $58,000 per day in 2Q18, as re- into 2020, with the rise and dura- good times 8 tonnes or 17% compared with ported by Clarksons. This rate tion dependent on the pace and 2Q18, principally driven by new drop was primarily attributed to location of demand growth, the TECHNOLOGY supply additions in the US, Aus- the low global natural gas prices continued ramp-up in new LNG tralia and Russia, Poten said. mentioned above, which limited supply additions and cooling and Wood Mackenzie estimated that opportunities for inter-basin LNG heating demand during the North- 2019 supply will be 365 mill trading, start-up delays of new ern Hemisphere summer and win- tonnes, or 38 mill (12%), higher liquefaction projects, particularly ter, respectively. In 2021 and year-on-year as 2018’s supply ad- in the US, as well as fleet growth. beyond, a balanced market for ditions continue to ramp up pro- Despite these headwinds, 18 LNG shipping was forecast relative duction and new projects come on charters of more than six months to supply and demand for the LNG CNGs ordered 9 stream in the US and Australia. in duration were fixed during commodity. The second quarter also saw 2Q19, compared with 20 in the Of the 109 LNGCs on order of significant additions to future sup- first quarter and 24 in 2Q18. Poten over 100,000 cu m, 63, or 58%, are LNG ORDERBOOK ply growth as Cheniere reached a estimated that one-year timechar- committed to multi-year con- final investment decision (FID) on ter rate for TFDE LNGCs was tracts. There have been 25 vessels LNG carrier orderbook Sabine Pass Train 6, while Anadarko $85,000 per day, compared with ordered thus far in 2019, including 11 Petroleum took FID on Mozambique the headline spot rates of $60,000 nine during 2Q19, which suggests LNG (Area 1), representing another per day. This may indicate a po- the pace of newbuild ordering has LNG small scale fleet 17 mill tonnes of new liquefaction tentially tightening shipping mar- declined, GasLog said. n 14 2 l NEWS LNG Shipping News 8 August 2019 South Africa to build LNG import terminal South African state-owned transport logistics company, Transnet has agreed a cost-sharing agreement with IFC, a member of the World Bank Group, to undertake a feasibility study for the development of a storage and regasification terminal at Richards Bay.

Transnet said that it had identified vestment in gas infrastructure for existing and growing gas markets, will be selected through a com- significant industrial demand for South Africa. mainly industrial and commercial petitive process to own a majority natural gas and opportunities to This initiative is intended to off-takers located in KwaZulu- stake in a planned special purpose leverage its ports, pipelines and unlock the country’s natural gas Natal, Mpumalanga, Free State vehicle (SPV). Transnet and other rail assets to facilitate private in- network infrastructure to serve and Gauteng provinces. SOCs will also participate in the Its aim is to facilitate private SPV. sector investment and partner- The facilities are expected to ships with other state-owned com- be operational by 2024. panies (SOCs) for the development The NGN project includes the of South Africa’s natural gas in- Richards Bay LNG storage and re- frastructure. The Richards Bay gasification terminal, plans for the Natural Gas Network (NGN) pro- re-purposing of Transnet’s Lily ject will complement the delivery Pipeline and Durban-Johannesburg of LNG to new markets in the Pipeline for the transmission of Eastern Cape and Western Cape natural gas, and the establishment provinces through the ports of of virtual pipelines for LNG to be Ngqura and Saldanha Bay, respec- transported to various markets by tively, and will support govern- rail and road by 2024, Transnet ment’s future gas-to-power explained. projects. IFC has committed $2 mill Richards Bay could soon see an LNG receiving terminal. The LNG terminal will be de- as part of the cost-sharing Photo credit Gas to Power Journal veloped by private investors that agreement. n EC approves Krk Island terminal funding The European Commission (EC) has ruled that Croatian plans to support the construction and operation of an LNG terminal at Krk island are in line with EU State aid regulations.

EC Commissioner, Margrethe tional gas transmission network. - A direct financial contribution port measures involve state aid Vestager, in charge of competition The LNG terminal is designed to of €100 mill from the Croatian under EU rules. policy, said: "The new LNG terminal transport up to 2.6 bill cu m per State budget. Since 2013, the KrK terminal in Croatia will increase the security year of LNG into Croatia’s national In addition, Croatia will grant a has been included in the lists of of energy supply and enhance com- transmission network from 2021. tariff compensation called‘security European Projects of Common petition, for the benefit of citizens The total investment costs to of supply fee', which is financed by Interest, given its strategic impor- in the region. We have approved build the terminal is €233.6 mill, levies charged by the gas transmis- tance for the diversification of the support measures to be which will be financed through: sion system operator to gas users natural gas supplies into Central granted by Croatia because they - A direct equity contribution of along with gas transmission tariffs, and Southeastern Europe. are limited to what is necessary to €32.2 mill from the LNG termi- in case revenues from the terminal The LNG terminal will deliver make the project happen and in nal company shareholders; fees are not sufficient to cover gas to the Croatian national trans- line with our State aid rules." - A contribution of €101.4 mill operating expenses. mission network, connect with The project calls for the con- from the EC managed Connect- Croatia notified the Commis- Slovenia, Italy and Hungary, as struction and operation of a floating Europe Facility through the sion of the €100 mill direct finan- well as with other EU countries via ing LNG terminal, consisting of an Innovation and Networks Exec- cial contribution, as well as of the non-EU member states, such as FSRU and connections to the na- utive Agency (INEA); security of supply fee. Both sup- Serbia and Montenegro. n

No part of this publication may be LNG Shipping News Editor Subscriptions reproduced or stored in any form by any 2 Prospect Road Ian Cochran Stephan Venter mechanical, electronic, photocopying, St Albans AL1 2AX +44 (0) 7748144265 Tel: +44 (0) 20 7253 2700 recording or any other means without the prior written consent of the publisher. United Kingdom [email protected] [email protected] Whilst the information and articles in LNG www.lngjournal.com Shipping News are published in good faith and every effort is made to check accuracy, Tel: +44 (0)20 7253 2700 Ad sales enquiries Production readers should verify facts and statements Narges Jodeyri Vivian Chee direct with official sources before acting on them as the publisher can accept no Publisher +44 (0)20 7017 3406 Tel: +44 (0) 20 8995 5540 responsibility in this respect. Any opinions Stuart Fryer [email protected] [email protected] expressed in this publication should not be construed as those of the publisher.” 8 August 2019 LNG Shipping News NEWS l 3 Gulf LNG receives DoE export terminal approval The US Department of Energy’s (DoE) Office of Fossil Energy has approved Gulf LNG Liquefaction Co (GLLC) proposal to export domestically produced LNG from an existing terminal, located near Pascagoula, Mississippi.

The GLLC project, owned 50% by abroad,” said US Energy Secretary, cu ft per day of LNG from the pro- Kinder Morgan’s Southern Gulf LNG Rick Perry. “Increased amounts of posed project. GLLC is further NEWS Co, will be built at the site of the US LNG on the world market bene- authorised to export the LNG by NUDGE Gulf LNG Terminal, an import ter- fit the American economy, Ameri- vessel to any country with which minal owned by Gulf LNG Energy. can workers, and consumers and the US does not have a free trade Awilco refinances “This announcement advances help make the air cleaner around agreement (FTA) requiring national LNGCs the Trump administration’s com- the globe.” treatment for trade in natural gas, Awilco LNG has signed a term mitment to energy security here Under the order, GLLC will be and with which trade is not pro- sheet for the refinancing of at home and for our friends allowed to export up to 1.53 bill hibited by US law or policy. the two 2013-built 156,000 The US Federal Energy Regula- cu m TFDEs ‘WilForce’ and tory Commission (FERC) authorised ‘WilPride’. GLLC to site, construct, and oper- This was agreed and signed ate the project on 16th July, 2019. with a major leasing company “The US is in another year of based in Asia, as a sale and record-setting natural gas produc- leaseback deal, similar to the tion,” said Steven Winberg, Assis- current financing of both tant Secretary for Fossil Energy. “I vessels. am pleased that the Department This enables a full take of Energy is doing its part to bring out of the existing sale/lease- about an efficient regulatory sys- back facilities maturing on 31st tem that allows for additional US December this year on energy to find its way into the favourable terms. global market.” The new facility is expected Including this announcement, to close in 4Q19 and is subject the US DoE has approved 34.52 bill to final credit approval, docu- cu ft per day of LNG exports and mentation and customary clos- compressed natural gas to non-FTA ing conditions. Gulf LNG's Pascagoula import termianl could soon be exporting gas countries. n First Q-Max berths at Zeebrugge Towards the end of last month, FERC reorganises its LNG terminal Zeebrugge received its first Q-Max LNGC. application services The Qatargas cargo, which was loaded at the Ras Laffan on The US Federal Energy Regulatory Commission (FERC) is creating a new division to 22nd June, arrived on board look after the growing number of complex applications to site, build and operate ‘Al Dafna’ on 22nd July. LNG export terminals. It was another multi-terminal delivery from Qatargas, The new division - LNG Facility Re- “Much of the work related to to 20 whose efforts are critical to bringing the total number of view & Inspection (DLNG) - will these LNG projects, and the ex- completing engineering reviews, multi-port calls undertaken by come under FERC’s Office of En- pertise it requires, is based in and co-ordinating safety reviews with the company to eight thus far ergy Projects and will be staffed around Houston, the so-called the Pipeline and Hazardous Mate- this year. by 20 existing LNG employees in ‘Energy Capital of the World.’ rials Safety Administration at the ‘Al Dafna’s first LNG parcel Washington, DC, and eight more “For that reason, after careful US Department of Transportation, was discharged at Zeebrugge, full-time employees recruited in research and evaluation, the Com- and preparing engineering analy- while the second was received the Houston area and based in a mission has determined we should ses for inclusion in environmental at Milford Haven’s South Hook new Houston regional office. direct our newest efforts to re- documents. LNG terminal in the UK. n “As the demand for US LNG and cruiting staff in the area to build The creation of DLNG and ex- the number and complexity of upon the good work already being pansion in Houston will help pre- project applications has grown, done on these issues at our DC pare FERC for the additional work the Commission has experienced a headquarters.’” necessary once LNG project appli- similar growth in the need for As recently as April, 2018, FERC cants make final investment deci- FERC to expand its oversight in had 13 staff dedicated to working sions (FIDS) and move toward this programme area,” FERC on LNG engineering and review is- construction, the Commission 'Al Dafna' was the first Q-Max to n Chairman, Neil Chatterjee, said. sues. That number has since grown said. call at Zeebrugge PRODUCED BY: SUPPORTING ORGANISATIONS OFFICIAL RESEARCH PARTNER

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For further information, please contact Wayne Zhang on +44 20 7978 0000 or email [email protected] 827 August June 2019 2019 LNLNGG ShippingShipping NewNewss NEWSNEWS l 5 First Cheniere cargo arrives at Swinoujscie under long term agreement The first cargo of LNG under the long-term contract between Polish utility PGNiG and US LNG provider Cheniere Energy arrived on 26th July at the President Lech Kaczyński LNG Terminal in Świnoujście.

The long-term contract, which Cheniere. Today we are also Such a volume strengthens long-term agreement is the start was signed in November, 2018, meeting with our American part- Poland's energy security, but also of more than two decades of part- involves about 39 bill cu m of ners and with today's delivery we gives us the opportunity to ac- nership that will bring reliable, natural gas over a 24-year period are launching the first long-term tively participate in LNG trading clean, and secure energy to covered by the agreement. contract for the purchase of LNG on the global market.” Poland,”said Anatol Feygin, “Two years ago, in this place, from the USA,”said Piotr Woźniak, The LNG was shipped on the Cheniere’s Executive Vice Presi- together with our partners from President of PGNiG Management ‘Oak Spirit’, which arrived at dent and Chief Commercial Offi- Cheniere, we greeted the first Board. “Our portfolio of contracts Świnoujście with about 165,000 cer.“We are honoured to stand ever delivery of American LNG to with US suppliers covers over cu m of LNG on board. This was with our partners today to wel- Poland and to this part of Europe. 9 bill cu m of natural gas after the 65th LNG delivery to Poland come this inaugural cargo, which The cargo, purchased as part of regasification annually – that is since the terminal’s inauguration. will be followed by many more for a spot transaction, came from more than we import from Russia. “This first cargo under our years to come.” n Total to help Benin YPF charters Excelerate LNGC A preliminary agreement has been signed between import LNG Argentinian energy concern YPF and Excelerate Energy to charter an LNGC. Total, the Republic of Benin and the Société Béninoise d’Energie Electrique (SBEE) have signed an agreement The vessel will export LNG pro- General Manager in Argentina, to develop a floating LNG import terminal. duced from the ‘TANGO’ FLNG added, “It is a milestone for us to unit, located in Bahía Blanca, to partner with YPF in this activity by As part of the agreement, Total LNG for fast-growing economies. the global market. contributing all of our industry agreed to supply up to 0.5 mill We are very pleased to have been Operations are due to know-how in the transportation of tonnes per annum of regasified entrusted by the Benin authorities start during the first week of Argentine natural gas to the LNG to Benin for 15 years, starting to develop LNG imports and sup- September. world.” in 2021. port a broad adoption of natural “We continue progressing in The natural gas, produced Total will develop and operate gas in the country,” said Laurent our ambition to add value to Ar- mainly from Vaca Muerta, will be the regasification infrastructure Vivier, Total’s Senior Vice Presi- gentine natural gas and to export processed by the ‘TANGO’ FLNG at that will comprise an FSRU to be dent Gas. “Access to LNG will help surpluses during those months of Bahía Blanca, and from there, it located offshore Benin, plus an Benin to meet growing domestic low local consumption, to fully ex- will be shipped by the 138,000 cu offshore pipeline connection to energy demand and add more nat- tract the potential as producer m LNGC ‘Excalibur’. the existing and planned power ural gas to the country’s current and exporter of Argentine natural ‘Excalibur’ has been chartered plants in Maria Gléta. energy mix, hence reducing its gas,” said Marcos Browne, YPF’s until May, 2020. She will be one of “This project is in line with carbon intensity.” Executive Vice President of Gas two ships that YPF will use to ship Total’s strategy to develop new The agreement is still subject and Energy. Argentine LNG to the global mar- gas markets by unlocking access to to various terms and conditions. n Gabriela Aguilar, Excelertate’s ket, the company said. n Flex LNG finalises LNGC sale and leaseback deal Flex LNG has completed the sale and leaseback of two LNGCs.

The deal involved Hyundai Glovis of $150 mill, net of the $120 mill “We are very satisfied with revolving facility under the new paying $300 mill and providing a seller’s credit. the successful closing of the Glo- loan will also enable us to opti- seller’s credit of $120 mill for In addition, Flex LNG has vis SCB according to plan, and mise the excess cash resulting 2018-built LNGCs ‘Flex Endeavour’ closed and refinanced a loan con- highly appreciate the close and from the Glovis SCB, which re- and ‘Flex Enterprise.’ nected to the two vessels and good working relationship with leased in excess of $100 mill Hyundai Glovis will timechar- another LNGC ‘Flex Ranger’. This Hyundai Glovis throughout this to us. ter the vessels back to Flex LNG vessel was refinanced with a new process. “The two transactions improve for 10 years. Flex LNG also has $100 mill bank loan divided into a “ In connection with the Glovis our financial flexibility to return options to acquire the vessels $50 mill term loan and a $50 mill SCB, we also decided to improve earnings to our shareholders when during the charters, and the revolving facility. The tenor is five our capital structure by refinanc- market conditions improve,” said right to acquire the vessels at years and the age adjusted repay- ing ‘Flex Ranger’ at better terms Øystein Kalleklev, Flex LNG Man- the end of the charter for a total ment profile is 19 years. and conditions. The $50 mill agement, CEO. n 6 l NEWS LNG Shipping News 8 August 2019 Newbuilding deliveries boost Teekay LNG Teekay LNG Partners has reported GAAP net income attributable to the partners and preferred unitholders of $16.4 mill and GAAP net income per common unit of $0.12 for the second quarter of this year.

Adjusted net income was $34.4 mill in mid-August, 2019. eral and administrative expenses, three 50%-owned Yamal Arc7 LNG and adjusted net income per com- GAAP net income and non- due primarily to lower corporate newbuildings and the start-up of mon unit was $0.35, while total ad- GAAP adjusted net income for costs; and higher earnings from the Bahrain LNG regasification justed EBITDA was $162.1 mill. 2Q19, compared to the same quar- the Partnership's seven multi-gas terminal.” By comparison, net income and ter in 2018, were positively im- carriers. “I am also pleased to report adjusted EBITDA were $2.7 mill pacted by: earnings from the nine However, these increases in that our smaller LPG segment gen- and $115 mill, respectively. LNGC newbuildings delivered and earnings were partially offset by erated stronger adjusted EBITDA During the quarter, the Teekay equity-accounted joint ventures lower earnings from the Partner- this quarter, compared to both parent listed company took deliv- between May, 2018 and June, ship's conventional tanker fleet in last quarter and the same quarter ery of the third, 50%-owned Arc7 2019; higher earnings from the 2Q19, due to the sales of three of the prior year, now that all of LNGC newbuilding, which immedi- ‘Torben Spirit’ upon redeployment conventional tankers between Oc- our wholly-owned multi-gas carri- ately commenced her 27-year at a higher charter rate that com- tober, 2018 and January, 2019. ers have transitioned into the charter contract to serve the menced in December, 2018; lower “Our financial results improved Lauritzen-Kosan Pool. We are en- Yamal LNG project. The fourth vessel operating expenses, due to again this quarter, compared to couraged to see that charter rates vessel is expected to be delivered timing of expenditures; lower gen- both the previous quarter and the for larger LPG carriers have been same quarter last year, due to re- strengthening recently, which may cent newbuilding deliveries and translate into higher charter rates higher charter rates on certain for our mid-size LPG carriers. LNG carriers, partially offset by an “As our fixed-rate cash flows increase in drydocks and waiting increase as newbuild vessels de- time prior to the commencement liver, the Partnership’s delevering of recently secured LNG charters trend, which began over a year at higher rates,” explained Mark ago, continued again this quarter Kremin, Teekay Gas Group Presi- and at the same time, we have dent and CEO. “Looking ahead, been returning capital to unithold- we expect our financial results for ers with the recent 36% increase the second half of this year to in distributions and opportunistic continue to improve now that common unit repurchases. We re- each of these new charters have main committed to our balanced commenced, leading to higher capital allocation plan, which utilisation and higher revenues, we believe will create value to coupled with fewer drydocks and our long-term unitholders,” he 'Torben Spirit' has helped Teekay LNG to better results the expected delivery of another concluded. n GasLog Partners reports record revenues and EBITDA GasLog Partners has revealed that revenues, profit, adjusted profit and EBITDA for the second quarter of this year were of $91.8 mill, $19.1 mill, $27.8 mill and $67.5 mill, respectively.

Reveues and EBITDA were the sidiary of Gunvor Group for a with Gunvor for the ‘GasLog capital to unitholders, in keeping highest in the company’s history, period of around three and a Shanghai’, which increases our with our focus on total unitholder it said. half years. contracted revenue days to 99% returns, GasLog Partners repur- The cash distribution agreed CEO Andrew Orekar, com- in the second half of 2019 and 81% chased $9.9 mill of common units for the quarter was $0.55 per mented: “I am pleased to an- in 2020. in the second quarter. With no fu- common unit, unchanged from nounce a strong quarterly “During the second quarter, the ture IDR obligations, we are reit- 1Q19 and 3.8% higher than 2Q18. operating and financial perfor- Partnership and its general part- erating our distribution growth During 2Q19, the company mance by GasLog Partners, as ner, GasLog, announced an agree- guidance of 2% to 4% for 2019. completed the acquisition of the demonstrated by our highest-ever ment to eliminate GasLog’s IDRs, “This guidance reflects our ‘GasLog Glasgow’ from GasLog Ltd quarterly Partnership Performance reducing our cost of capital positive outlook for the LNG ship- for $214 mill, with attached multi- results for revenues and EBITDA. through a transaction structure ping market and our recently com- year charter to a subsidiary of The Partnership continued to exe- that is immediately accretive to pleted commercial and strategic Royal Dutch Shell and re-chartered cute our strategy in the quarter, distributable cash flow per unit. transactions, while also consider- the ‘GasLog Shanghai’, previously closing the accretive acquisition of “In addition, while we expect ing our one scheduled drydocking operating in the spot market the ‘GasLog Glasgow’ and securing distributions to continue serving and one vessel coming off charter through the Cool Pool, to a sub- a three-and-a-half-year charter as our primary means of returning later this year,” he concluded. n LNG Solutions for the Marine Industry

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www.ChartLNG.com [email protected] 8 l NEWS LNG Shipping News 8 August 2019 Wogan sees good times ahead despite losses GasLog Ltd suffered a loss of $10.5 mill for the quarter ended 30th June, 2019, compared with a profit of $14.2 mill for 2Q18. This decrease was mainly at- the full quarter of the ‘GasLog EBITDA was $107 mill, compared bonds at a premium to par. Finally, tributable to the unfavourable Houston’ and the delivery of the with $92.9 mill for 2Q18. we improved GasLog Partners’ cost movement in mark-to-market valu- ‘GasLog Gladstone’ in March. Rev- CEO, Paul Wogan, said: of capital by eliminating the in- ations of the company’s derivative enues from vessels operating in “GasLog’s revenues from our year- centive distribution rights. This financial instruments in the second the spot market also increased, on-year fleet expansion and our increased our stake in the Part- quarter and the increase in finance due to their increased number and timecharter earnings supported nership and simplified both our costs, partially offset by the in- utilisation and to the higher day our financial performance against corporate structure and the increased profit from operations. rates achieved, combined with a back drop of relatively weak vestment case for our investors. Adjusted profit was $20.5 mill decreased off-hire days due to LNG shipping rates in the second “We are seeing increasing cus- for 2Q19, compared to $14.8 mill scheduled drydockings. quarter, further validating our tomer interest in multi-month and for same quarter of 2018. This was The impact of these factors strategy of maximising our fleet’s multi-year charters, underpinning adjusted for the effects of the was partially offset by the expira- multi-year charter coverage. the long-term growth prospects non-cash loss/gain on derivatives tion of the initial time charters of “We continued to execute on for LNG and supporting our view and the net foreign exchange the ‘GasLog Shanghai’, ‘GasLog this strategy during the quarter by that the second quarter weakness losses. Santiago’ and ‘GasLog Sydney’, withdrawing our vessels from the in LNG shipping markets is tempo- The loss attributable to the the company said. Cool Pool, subsequently chartering rary. We expect shipping availabil- owners of GasLog was $26 mill the ‘GasLog Shanghai’ and the ity to tighten during the second for 2Q19, compared with a loss of LNGC OPEX drop ‘GasLog Salem’ to Gunvor for three half of 2019 and beyond based on $3.6 mill for 2Q18. The increase Daily operating costs per vessel and a half years and up to nine new LNG supply additions, pre- resulted mainly from the respec- decreased from $14,375 per day in months, respectively, securing full dominantly from the US and al- tive movements in profit, partially 2Q18 to $14,099 per day in 2Q19. utilisation for these vessels. most all of which is secured by offset by the decreased amount al- EBITDA was $106.8 mill for “During the second quarter, we long-term off-take contracts, and located to third parties, following 2Q19, compared with $92.6 mill continued to source attractive fi- continued global growth in LNG the drop in the Partnership’s profit. for 2Q18). This increase was nancing to fund our committed demand. Revenues were $154.3 mill for mainly driven by the rise in rev- newbuild programme. We closed “This underpins our confidence the quarter, compared with $132.8 enues, partially offset by the de- the financing of the ‘GasLog in the outlook for our business mill for 2Q18. crease in the net pool allocation Warsaw’. We also raised gross and our ambition to deliver This revenue increase was and the increase in voyage ex- proceeds of $76.9 milli through enhanced returns to sharehold- mainly driven by the operation in penses and commissions. Adjusted tapping our existing US dollar ers,” he concluded. n Arc 7 completes record voyage to China NEWS PAO NOVATEK’s Arc7 LNGC ‘Vladimir Rusanov’ completed a record Northern Sea NUDGE Route (NSR) passage from Sabetta to Tianjin in a laden condition. Hengtong to enter ‘Vladimir Rusanov’ transited the a number of records for the pas- and the outstanding ice perfor- small-scale LNGC ice-covered part of the route in sage time of the ice part of the mance characteristics of LNG market only six days, setting a new record NSR, and for the total voyage tanker fleet designed specifically It has been reported that for independent passage via the time to China from the Russian for our Yamal LNG project. We will Chinese-based Hengtong Logis- NSR without icebreaking support Arctic region. continue to optimise our logistical tics has signed a framework with a cargo on board. “These achievements were model to ensure competitive LNG agreement with CIMC Raffles The net voyage time from Sa- made possible, due to the accu- supplies to key global consuming to develop medium and small betta to Tianjin was completed in mulated ice navigation experience markets,” he said. n scale LNGCs and gas bunkering another record of 16 days, which vessels. is less than half the time required Under the agreement, Heng- to transport a cargo of LNG along tong Logistics has chosen CIMC the traditional westbound route Raffles to become the preferred via the Suez Canal and Strait of EPC contractor for the new- Malacca, NOVATEK claimed. building LNGCs, as the company "For the second year in a row, looks to expand into the LNG our Arc7 Ice Class LNG tankers shipping and LNG bunkering were once again the first ships sector. to open the summer navigation In addition, Hengtong is to period via the Northern Sea issue convertible bonds to raise Route,” said First Deputy Chair- RMB300 mill to build a 7,500 cu man of the Management Board, m LNG bunkering vessel, local 'Vladimir Rusanov' has become the fatest LNGC to transit the NSR Lev Feodosyev. “This voyage set n eastbound reports said. 8 August 2019 LNG Shipping News NEWS 9

GTT reports record order intake NEWS LNG tank containment system designer Gaztransport & Technigaz (GTT) has reported NUDGE revenues of €122.6 mill and an EBITDA of €70.9 mill for the first half of this year. GasLog receives In the company’s core business of the first quarter and the second uled for between end-2020 and ‘GasLog Warsaw’ containment system design, the quarter of 2019. end-2022. GasLog took delivery of its lat- company won orders to supply 26 “In terms of results, while the Subsequently, two orders for est newbuilding, the 180,000 LNGCs and another seven for LNG first half of 2019 is down on last LNGCs were recorded between 1st cu m ‘GasLog Warsaw’, from SHI as a fuel. year on account of the technical July and 25th July, 2019 from HHI on 31st July. GTT agreed an interim dividend and human resources deployed, and HSHI shipyards. She is the first of eight of payment of €1.50 per share. GTT will feel the wider benefit of As at 30th June, 2019, the this type to be delivered to the Commenting on the results, the increase in activity as from orderbook, excluding LNG as fuel, company by SHI. Philippe Berterottière, GTT Chair- the second half of 2019. stood at 107 units. The 297 m long Mark III Flex + man and CEO, said: "The first half “As a result, considering the Royalty revenues from now to fitted LNGC has a 0.07% boil off of 2019 was characterised by in- backlog in our orderbook along 2022 are estimated at €713 mill rate and a reliquefaction plant. tense business activity and LNG with busy shipbuilding schedules, (€257 mill in 2019, €333 mill in She is powered by low pressure carrier orders still at record lev- we are upgrading our projections 2020, €114 mill in 2021 and €9 mill dual fuel 2-stroke X-DF engine. els. In the field of LNG as fuel, the for revenues and EBITDA for the in 2022). Upon her delivery, ‘GasLog attractiveness of GTT membrane full 2019 financial year. We are Given the size of the orderbook Warsaw’ commenced a short technologies to shipowners is in- also proposing an interim dividend backlog and assuming there are no term period charter with a creasingly evident, with recent or- of €1.50, up 12.8% compared to major order delays or cancella- wholly-owned subsidiary of ders from shipowner Hapag-Lloyd last year," he said. tions, GTT has raised its targets Cheniere Energy, which will run for the conversion of one of its for revenues and EBITDA for the until her long-term charter with containerships, and five new very Orders up 2019 financial year - an Endesa subsidiary starts in large containerships from a Euro- With 26 orders for LNGCs booked *Consolidated revenues in 2019 May, 2021. pean shipowner. during 1H19, GTT's core business of between €260 and €280 mill “From a financial perspective, activity now stands at a particu- (versus the earlier figure of €255 Israel may get FLNG revenues were down slightly in larly high level. All of the new- to €270 mill); According to a Reuters report, 1H19. However, the intake of or- building vessels will be equipped *Consolidated EBITDA of be- Noble Energy and Delek Drilling, ders from the last 24 months is with GTT's recent technologies tween €160 and €170 mill (versus the partners in the Leviathan beginning to bear fruit and rev- (Mark III Flex+, Mark III Flex and the earlier figure of €150 to €160 field offshore Israel, said that enues have risen 8.2% between NO96 GW). Deliveries are sched- mill). n they are considering building an FLNG facility for gas exports. The partners claimed that they signed agreements with GEV signs CNG vessel LoI Golar LNG and Exmar to provide plans for an FLNG to liquefy A letter of Intent has been signed by Australian gas ship developer Global Energy around 2.4-2.5 mill tonnes per Ventures (GEV) to build up to four compressed natural Gas CNG Optimum type 200 year. at Yantai CIMC Raffles. "Liquefying the natural gas from Leviathan will enable us to GEV’s Chairman & CEO, Maurice and credibility of our CNG gas employing GEV’s CNG Optimum transport it worldwide, thus Brand, said:“The successful com- transportation solution and we are design, for four firm CNG Opti- reaching new export markets, pletion of full technical specifica- now working hard to confirm gas mum ships, with the option for mainly in Europe and in Asia," tion documentation to construct supply and corresponding gas sales GEV to order up to an addition Delek Drilling CEO, Yossi Abu, the Optimum 200 ship and the agreements in multiple regions. four ships,” he explained. n told Reuters. n signing of our ahipyard Letter of “The announcement of Brazil Intent with Yantai CIMC Raffles as our fifth market demonstrates Offshore has been a critical mile- the depth of our project opportu- stone in the removal of the binary nities and that the application of risk of the company’s marine CNG a CNG gas transport solution can business model. be viable in multiple regional gas “CIMC Raffles is an investment markets where the company’s grade shipyard that will support model has a commercial advan- the business development activi- tages the alternative of transport ties underway across the five re- by pipeline or LNG. gions we have now announced. “GEV and CIMC Raffles will now The shipyard Letter of Intent and work towards a binding shipbuild- a capital cost estimate of $135 – ing engineering, procurement & 140 mill has increased the profile construction (EPC) contract, A schematic of GEV's Optimum CNG carrier

8 August 2019 LNG Shipping News NEWS l 11 WORLD LNG CARRIER ORDERBOOK

Name Delivery Capacity Propulsion Containment Primary Owner Yard Ordered

Energy Universe 01/08/2019 165000 TFDE SPB MOL Japan Marine United 01/02/2014 Georgiy Ushakov 11/09/2019 172000 TFDE - Azipod GT NO 96 Teekay LNG DSME 01/07/2014 Nikolay Urvantsev 15/07/2019 172410 TFDE - Azipod GT NO 96 MOL DSME 01/07/2014 Yakov Gakkel 25/10/2019 172000 TFDE - Azipod GT NO 96 Teekay LNG DSME 01/07/2014 Marvel Pelican 15/12/2019 155000 TFDE Moss MOL Kawasaki 01/09/2014 Marvel Heron 20/09/2019 177000 STaGE Moss MOL Mitsubishi H.I. 01/01/2015 Marvel Swan 15/10/2021 178000 MEGI K-Line Imabari 15/05/2015 BW Pavilion Aranda 10/09/2019 173400 MEGI GT NO 96 BWGas DSME 01/09/2015 Daewoo 2466 15/10/2019 173400 MEGI GT NO 96 Maran Gas Maritime DSME 01/06/2016 Daewoo 2467 15/10/2019 173400 MEGI GT NO 96 Maran Gas Maritime DSME 01/06/2016 Gaslog Windsor 15/04/2020 180000 XDF GTT Mark III Flex GasLog Samsung 01/09/2016 Daewoo 2469 01/04/2020 173400 MEGI GT NO 96 Maran Gas Maritime DSME 16/12/2016 Rias Baixas Knutsen 15/07/2019 180000 MEGI GTT Mark III Flex Knutsen Hyundai 01/03/2017 Flex Courageous 15/08/2019 173400 MEGI GT NO 96 Flex LNG DSME 02/03/2017 MOL Hudong-Zhonghua 1/4 15/12/2019 174000 MEGI GT NO 96 MOL Hudong-Zhonghua 01/07/2017 MOL Hudong-Zhonghua 2/4 01/03/2020 174000 MEGI GT NO 96 MOL Hudong-Zhonghua 01/07/2017 MOL Hudong-Zhonghua 3/4 15/07/2020 174000 MEGI GT NO 96 MOL Hudong-Zhonghua 01/07/2017 MOL Hudong-Zhonghua 4/4 01/10/2020 174000 MEGI GT NO 96 MOL Hudong-Zhonghua 01/07/2017 Gaslog Warsaw 15/07/2019 180000 XDF GTT Mark III Flex GasLog Samsung 01/12/2017 Daewoo 2478 15/05/2020 173400 MEGI GT NO 96 Maran Gas Maritime DSME 06/12/2017 Elisa Larus 30/03/2020 174000 XDF GTT Mark III Flex NYK Hyundai 01/01/2018 SHI #1 15/07/2020 174000 XDF GTT Mark III Flex Cardiff Marine Samsung 01/01/2018 SHI #17 15/10/2020 174000 XDF GTT Mark III Flex Cardiff Marine Samsung 01/01/2018 HHI / Total 15/01/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 04/01/2018 HHI / Total / Sovc 28/02/2020 174000 XDF GTT Mark III Flex Sovcomflot Hyundai 04/01/2018 BW Magnolia 15/12/2019 173400 MEGI GT NO 96 BWGas DSME 01/02/2018 BW Pavilion Aramhera 15/06/2020 173400 MEGI GT NO 96 BWGas DSME 01/02/2018 HHI / Cardiff #1 15/02/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 01/02/2018 HHI / Cardiff #2 15/04/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 01/02/2018 Flex Reliance 15/07/2020 173400 MEGI GT NO 96 Flex LNG DSME 28/02/2018 Flex Resolute 15/08/2020 173400 MEGI GT NO 96 Flex LNG DSME 28/02/2018 Flex Amber 15/07/2020 174000 XDF GTT Mark III Flex Flex LNG Hyundai 01/03/2018 Flex Aurora 15/05/2020 174000 XDF GTT Mark III Flex Flex LNG Hyundai 01/03/2018 SHI Gaslog #1 15/04/2020 180000 XDF GTT Mark III Flex GasLog Samsung 01/03/2018 Samsung 2271 15/04/2020 174000 XDF GTT Mark III Flex Cardiff Marine Samsung 09/03/2018 DSME Minerva #1 15/01/2021 173400 MEGI GT NO 96 Minerva Marine DSME 15/03/2018 DSME Minerva #2 15/04/2021 173400 MEGI GT NO 96 Minerva Marine DSME 15/03/2018 Traiano Knutsen 15/06/2020 180000 MEGI GTT Mark III Flex Knutsen Hyundai 23/03/2018 DSME 2483 15/08/2020 173400 MEGI GT NO 96 Alpha Gas DSME 28/03/2018 DSME 2484 01/12/2020 173400 MEGI GT NO 96 Alpha Gas DSME 28/03/2018 SHI Gaslog #2 15/07/2020 180000 XDF GTT Mark III Flex GasLog Samsung 30/05/2018 DSME 2487 15/01/2021 173400 MEGI GT NO 96 Maran Gas Maritime DSME 05/06/2018 Maran Gas DSME 15/09/2020 173400 MEGI GT NO 96 Maran Gas Maritime DSME 05/06/2018 DSME 2485 15/04/2021 173400 MEGI GT NO 96 Alpha Gas DSME 07/06/2018

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 Data last updated = 6th August 2019 12 l NEWS LNG Shipping News 8 August 2019

Name Delivery Capacity Propulsion Containment Primary Owner Yard Ordered

Cool Discoverer 15/08/2020 174000 XDF GTT Mark III Flex Thenamaris Hyundai 19/06/2018 Flex Vigilant 15/03/2021 174000 XDF GTT Mark III Flex Flex LNG Hyundai 30/06/2018 Flex Volunteer 15/11/2020 174000 XDF GTT Mark III Flex Flex LNG Hyundai 30/06/2018 Aristarchos 15/03/2021 174000 XDF GTT Mark III Flex Capital Gas Hyundai 01/07/2018 Aristidis I 15/11/2020 174000 XDF GTT Mark III Flex Capital Gas Hyundai 01/07/2018 Aristos I 15/10/2020 174000 XDF GTT Mark III Flex Capital Gas Hyundai 01/07/2018 Attalos 15/06/2021 174000 XDF GTT Mark III Flex Capital Gas Hyundai 01/07/2018 Flex Freedom 15/10/2020 173400 MEGI GT NO 96 Flex LNG DSME 05/07/2018 Celcius #1 15/10/2020 180000 XDF GTT Mark III Flex Celcius Shipping Samsung 01/08/2018 Celcius #2 15/12/2020 180000 XDF GTT Mark III Flex Celcius Shipping Samsung 01/08/2018 HHI 3037 15/09/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 15/08/2018 SHI 2300 15/10/2020 174000 XDF GTT Mark III Flex GasLog Samsung 15/08/2018 SHI 2301 15/12/2020 174000 XDF GTT Mark III Flex GasLog Samsung 15/08/2018 HHI 3038 15/11/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 15/09/2018 Cool Racer 15/01/2021 174000 XDF GTT Mark III Flex Thenamaris Hyundai 27/09/2018 SHI NYK 15/04/2021 174000 XDF GTT Mark III Flex NYK Samsung 28/09/2018 SHI Minerva #1 15/01/2021 174000 XDF GTT Mark III Flex Minerva Marine Samsung 15/10/2018 HHI 3039 15/03/2021 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 15/11/2018 HHI 3112 15/01/2021 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 15/11/2018 HHI Latsco #1 15/02/2021 174000 XDF GTT Mark III Flex Latsco Shipping Hyundai 25/11/2018 HHI Latsco #2 15/08/2021 174000 XDF GTT Mark III Flex Latsco Shipping Hyundai 25/11/2018 SHI 2306 15/09/2021 174000 XDF GTT Mark III Flex NYK Samsung 03/12/2018 SHI 2307 15/11/2021 174000 XDF GTT Mark III Flex NYK Samsung 03/12/2018 DSME 2496 15/02/2021 174000 MEGI GT NO 96 BWGas DSME 05/12/2018 DSME 2497 15/06/2021 174000 MEGI GT NO 96 BWGas DSME 05/12/2018 DSME 2495 15/05/2021 173400 MEGI GT NO 96 Nakilat DSME 10/12/2018 HHI NYK DG #1 15/09/2020 174000 XDF GTT Mark III Flex NYK Hyundai 11/12/2018 HHI NYK DG #2 15/05/2021 174000 XDF GTT Mark III Flex NYK Hyundai 11/12/2018 HHI NYK DG #3 15/06/2021 174000 XDF GTT Mark III Flex NYK Hyundai 11/12/2018 DSME Dec #1 15/12/2020 180000 MEGI GT NO 96 MOL DSME 15/12/2018 DSME Dec #2 15/02/2021 180000 MEGI GT NO 96 MOL DSME 15/12/2018 SHI Navigare 15/03/2021 173400 XDF GTT Mark III Flex Navigare Samsung 15/12/2018 HHI Sovcom #1 30/08/2020 174000 XDF GTT Mark III Flex Sovcomflot Hyundai 19/12/2018 HHI Sovcom #2 15/12/2020 174000 XDF GTT Mark III Flex Sovcomflot Hyundai 19/12/2018 Alpha Gas 15/06/2021 174000 MEGI GT NO 96 Alpha Gas DSME 27/12/2018 SHI Gaslog CE #1 15/06/2021 180000 XDF GTT Mark III Flex GasLog Samsung 27/12/2018 SHI Gaslog CE #2 15/08/2021 180000 XDF GTT Mark III Flex GasLog Samsung 27/12/2018 SHI #18 15/03/2021 174000 XDF GTT Mark III Flex Cardiff Marine Samsung 31/12/2018 Celcius #3 15/02/2021 180000 XDF GTT Mark III Flex Celcius Shipping Samsung 15/01/2019 Celcius #4 15/04/2021 180000 XDF GTT Mark III Flex Celcius Shipping Samsung 15/01/2019 SHI Minerva #2 15/09/2021 174000 XDF GTT Mark III Flex Minerva Marine Samsung 15/01/2019 CSSC #1 15/09/2021 178000 XDF GT NO 96 CSSC Hudong-Zhonghua 30/01/2019 CSSC #2 15/02/2022 178000 XDF GT NO 96 CSSC Hudong-Zhonghua 30/01/2019 DSME Maran 15/05/2021 174000 MEGI GTT Mark III Flex Nakilat DSME 15/02/2019 Samsung Feb #1 15/03/2022 174000 XDF GTT Mark III Flex Samsung 15/02/2019

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 Data last updated = Data last updated = 6th August 2019 8 August 2019 LNG Shipping News NEWS l 13

Name Delivery Capacity Propulsion Containment Primary Owner Yard Ordered

Samsung Feb #2 15/03/2022 174000 XDF GTT Mark III Flex Samsung 15/02/2019 Samsung Feb #3 15/03/2022 174000 XDF GTT Mark III Flex Samsung 15/02/2019 Capital Gas #5 15/07/2021 174000 XDF GTT Mark III Flex Capital Gas Hyundai 25/02/2019 DSME Maran #2 15/08/2021 173400 XDF GTT Mark III Flex Nakilat DSME 25/02/2019 DSME Maran #3 15/10/2021 173400 XDF GTT Mark III Flex Nakilat DSME 25/02/2019 SHI Mar19 15/03/2022 174000 XDF GTT Mark III Flex Nisshin Shipping Samsung 20/03/2019 DSME Maran 2504 15/01/2022 174000 MEGI GT NO 96 Maran Gas Maritime DSME 01/04/2019 H Samho NYK 15/03/2022 174000 XDF GTT Mark III Flex NYK Hyundai 01/04/2019 HHI Samho Edison 15/01/2022 174000 XDF GTT Mark III Flex NYK Hyundai 10/04/2019 Capital Gas #6 15/09/2021 174000 XDF GTT Mark III Flex Capital Gas Hyundai 15/04/2019 Samsung N/A 15/01/2022 174000 XDF GTT Mark III Flex Minerva Marine Samsung 01/05/2019 DSME May19 15/05/2022 174000 MEGI GT NO 96 Maran Gas Maritime DSME 14/05/2019 DSME MOL #3 15/07/2021 173400 MEGI GT NO 96 MOL DSME 15/05/2019 Hyundai European #1 15/03/2022 180000 XDF GTT Mark III Flex Dynagas Hyundai 22/05/2019 Hyundai European #2 15/06/2022 180000 XDF GTT Mark III Flex Dynagas Hyundai 22/05/2019 Samsung 2019 #10 15/06/2022 174000 XDF GTT Mark III Flex Morgan Stanley Samsung 08/06/2019 Samsung 2019 #9 15/01/2022 174000 XDF GTT Mark III Flex Morgan Stanley Samsung 08/06/2019 HHI SK E&S 15/09/2021 180000 XDF GTT Mark III Flex SK Shipping Hyundai 10/07/2019

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Built Name CBM Cargo Type Trading area Trading in LNG? Ship Owner / Operator

1974 Seagas 187 LNG Sweden Yes AGA 1988 Kayoh Maru 1,517 LNG Japan Yes Daiichi 1993 Aman Bintulu 18,928 LNG Malaysia - Japan Yes Perbadanan/NYK 1996 Surya Aki 19,475 LNG Indonesia - Japan Yes MCGC 1997 Aman Sendai 18,928 LNG Malaysia - Japan Yes Perbadanan/NYK 1998 Pelita Energy 18,800 LNG Malaysia - Japan Yes Perbadanan/NYK 2000 Triputra 23,096 LNG Indonesia - Japan Yes MCGC 2003 Pioneer Knutsen 1,100 LNG Norway Yes Knutsen 2003 Shinju Maru No.1 2,540 LNG Japan Yes Shinwa 2005 North Pioneer 2,500 LNG Japan Yes Japan Liquid Gas 2007 Sun Arrows 19,531 LNG Malaysia - Russia - Japan Yes Mitsui 2008 Kakurei Maru 2,536 LNG Japan Yes Hogaki Zosen 2008 Shinju Maru No.2 2,540 LNG Japan Yes Shinwa 2009 Coral Methane 7,551 LNG/LPG/Ethylene Northwest Europe/Baltics Yes, sometimes Anthony Veder 2010 Coral Favia 10,000 LNG/LPG/Ethylene Worldwide No Norgas Carriers 2010 Coral Fraseri 10,000 LNG/LPG/Ethylene Worldwide No Norgas Carriers 2011 Akebono Maru 3,556 LNG Japan Yes Chuo Kaiun 2011 Coral Furcata 10,000 LNG/LPG/Ethylene Worldwide No Norgas Carriers 2011 Coral Fungia 10,000 LNG/LPG/Ethylene Worldwide No Norgas Carriers 2011 Vision Spirit 12,000 LNG/LPG/Ethylene Worldwide No Teekay 2011 Unikum Spirit 12,000 LNG/LPG/Ethylene Worldwide No Teekay 2012 Coral Energy 15,600 LNG Northwest Europe/Baltics Yes Anthony Veder 2013 JX Energy TBN 2,500 LNG Japan Yes JX Energy 2013 Kakuyu Maru 2,500 LNG Japan Yes Tsurumi Sunmarine 2013 Coral Anthelia 6,500 LNG/Ethylene Anthony Veder 2014 LNG-Oil combi** 2,000 LNG Germany Yes Veka 2014 Short Sea LNG Tanker ** 4,000 LNG Germany Yes Veka 2015 LNG Inland bunker** 800 LNG Germany Yes Veka 2015 LNG bunker barge 1† 2,250 LNG China Yes Anhui Huaqiang Natural Gas 2015 LNG bunker barge 2† 2,250 LNG China Yes Anhui Huaqiang Natural Gas 2015 LNG bunker barge 3† 2,250 LNG China Yes Anhui Huaqiang Natural Gas 2015 LNG Barge TBN 3,000 LNG US Coast Yes LNG America 2015 10 small carriers TBN** 5,000 LNG Bimantara Group 2015 Jahre TBN** 6,200 LNG Norway Yes Donsotank/Jahre Marine 2015 Norgas TBN** 17,000 LNG/LPG/Ethylene Worldwide Norgas Carriers 2015 Norgas TBN** 17,000 LNG/LPG/Ethylene Worldwide Norgas Carriers 2015 JS Ineos Ingenuity 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2015 JS Ineos Insight 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2015 JS Ineos Intrepid 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2015 TBN 1 27,500 LNG China? Danyang? 2015 TBN 2 27,500 LNG China? Danyang? 2015 TBN 3 27,500 LNG China? Danyang? 2015 PetroChina TBN 30,000 LNG China PetroChina 2016 Clean Jacksonville 2,200 LNG US Coast Yes CME 2016 LNG Prime 2,250 LNG Northwest Europe Yes Veka Deen LNG 2016 JS Ineos Indepence 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2016 JS Ineos Innvovation 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2016 JS Ineos Inspiration 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2016 Hai Yang Shi You 301 30,000 LNG Bali FSU Yes CETS (CNOOC) 2016 Navigator Aurora 35,000 Ethane/Ethylene Markus Hood - Stenungsund Ethane, for Borealis Navigator 2016 Gaschem Beluga 36,000 Ethane/Ethylene US - Teeside Ethane, for Sabic Gaschem Services 2016 Gaschem Orca 36,000 Ethane/Ethylene US - Teeside Ethane, for Sabic Gaschem Services

For more information please visit http://small-lng.com *Includes multi-gas, ethylene and LNG bunker ships with 40,000 cubic metres LNG cargo capacity or less TBN = To Be Nominated indicates ships are still at construction/planning stage ** = project shelved † =Data to be verified Data last updated = 6th August 2019 8 August 2019 LNG Shipping News NEWS l 15

Built Name CBM Cargo Type Trading area Trading in LNG? Ship Owner / Operator

2016 Ocean Yield TBN** 36,000 Ethane/Ethylene US - Teeside Ethane, for Sabic Gaschem Services 2017 Oizmendi 600 LNG Bilbao Yes Itsas Gas 2017 CME TBN† 2,200 LNG US Coast Yes CME 2017 CME TBN† 2,200 LNG US Coast Yes CME 2017 ENGIE Zeebrugge 5,000 LNG Northwest Europe Yes NYK 2017 Coralius 5,800 LNG Northwest Europe/Baltics Yes, for Skangas Anthony Veder 2017 Cardissa 6,500 LNG Northwest Europe Yes Shell 2017 LNG-Gorskaya TBN 7,300 LNG Russia Yes LNG-Gorskaya 2017 LNG-Gorskaya TBN 7,300 LNG Russia Yes LNG-Gorskaya 2017 LNG-Gorskaya TBN 7,300 LNG Russia Yes LNG-Gorskaya 2017 Coral EnergICE 18,000 LNG Northwest Europe/Baltics Yes Anthony Veder 2017 JS Ineos Invention 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2017 JS Ineos Intuition 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2017 Yuan He 1 30,000 LNG China Yes CSR 2017 Navigator Eclipse 35,000 Ethane/Ethylene US Ethane Navigator 2017 Navigator Nova 35,000 Ethane/Ethylene US Ethane Navigator 2017 Navigator Prominence 35,000 Ethane/Ethylene US Ethane Navigator 2018 HUA XIANG 8 13,720 LNG China Yes Zhejiang Huaxiang 2018 CME TBN† 2,200 LNG US Coast Yes CME 2018 LNG London 3,000 LNG Northwest Europe Yes Shell 2018 Shell Bunker Barge TBN 2 6,500 LNG Northwest Europe Yes Shell 2018 Shell Bunker Barge TBN 3 6,500 LNG Northwest Europe Yes Shell 2018 Kairos 7,500 LNG Baltic Yes Bernhard Schulte 2018 Qi Yuan 28,000 LNG China Yes Dalian Inteh Group 2018 Evergas TBN 32,000 Ethane/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2018 Evergas TBN 32,000 Ethane/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2018 Evergas TBN 32,000 Ethane/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2018 Evergas TBN 32,000 Ethane/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas 2018 Bunker Breeze 0 LNG Barcelona Yes Suardiaz Energy Shipping 2019 KLine TBN 7,500 LNG Korea Yes Korea Line 2019 KLine TBN 7,500 LNG Korea Yes Korea Line 2019 Stolt TBN 7,500 LNG Mediterranean Yes Stolt-Nielsen Gas 2019 Stolt TBN 7,500 LNG Mediterranean Yes Stolt-Nielsen Gas 2020 Shell Bunker Barge 4,000 LNG US Coast Yes Q-LNG Transport/Harvey Gulf 2020 Stolt TBN (option) ** 7,500 LNG Yes Stolt-Nielsen Gas 2020 Stolt TBN (option) 7,500 LNG Yes Stolt-Nielsen Gas 2020 Total TBN 18,600 LNG NWE Yes MOL 2020 FuelLNG TBN 7,500 LNG Singapore Yes FuelLNG 2020 CLS TBN 3,500 LNG Japan Yes CLS 2020 Elenger TBN 6,000 LNG NWE Yes Elenger 2020 ENN TBN 8,500 LNG China Yes ENN 2021 Stolt TBN (option) 7,500 LNG Yes Stolt-Nielsen Gas 2021 Knutsen TBN 30,000 LNG Mediterranean Yes Knutsen OAS 2021 Gazprom Neft TBN 5,800 LNG Russia Yes Gazprom Neft 2021 PE TBN 12,000 LNG Singapore Yes MOL 2021 JMU TBN 2,500 LNG Japan Yes JMU 2022 Stolt TBN 20,000 LNG Worldwide Yes Stolt-Nielsen Gas 2022 Stolt TBN 20,000 LNG Worldwide Yes Stolt-Nielsen Gas 2024 Stolt TBN (option) 20,000 LNG Worldwide Yes Stolt-Nielsen Gas 2024 Stolt TBN (option) 20,000 LNG Worldwide Yes Stolt-Nielsen Gas 2026 Stolt TBN (option) 20,000 LNG Worldwide Yes Stolt-Nielsen Gas 2026 Stolt TBN (option) 20,000 LNG Worldwide Yes Stolt-Nielsen Gas