LIQUEFIED NATURAL GAS INTERNATIONAL SEABORNE TRADE

Aikaterini-Elikonida MAROUDI

Instructor

Dr. K. Mitroussi
Course Title MBA in Shipping February 2012
1

Maritime Economics & Policy

TABLE OF CONTENTS
TABLE OF CONTENTS .................................................................................................................................................................. 2 LIST OF TABLES AND FIGURES ................................................................................................................................................ 4 Tables ............................................................................................................................................................................................. 4 Figures ........................................................................................................................................................................................... 4 1. INTRODUCTION TO LIQUEFIED NATURAL GAS .......................................................................................................... 6 1.1. History ................................................................................................................................................................................... 6 1.2. LNG General Characteristics ......................................................................................................................................... 7 1.3. LNG Seaborne Trade versus Pipelines ..................................................................................................................... 7 1.4. Measurement Units .......................................................................................................................................................... 8 2. INFRASTRUCTURE.................................................................................................................................................................... 8 2.1. LNG Supply Chain.............................................................................................................................................................. 8 2.2. Marine Facilities ............................................................................................................................................................. 10 2.3. LNG Receiving Terminals............................................................................................................................................ 10 3. VESSELS AND FLEET............................................................................................................................................................. 11 3.1. LNG Carriers Capacity ................................................................................................................................................. 11 3.2. LNG Carriers Commissioned ..................................................................................................................................... 13 3.3. LNG Carriers Types ...................................................................................................................................................... 13 3.4. LNG Carriers Tank Type ............................................................................................................................................. 14 4. LNG MARKET ........................................................................................................................................................................... 18 4.1. Natural Gas World Reserves ...................................................................................................................................... 19 4.2. LNG Trade Volumes ...................................................................................................................................................... 20 4.3. LNG Exports...................................................................................................................................................................... 21 4.4. LNG Imports ..................................................................................................................................................................... 23 4.5. LNG Trade Routes .......................................................................................................................................................... 26 5. LNG DEMAND AND LNG SHIPPING SERVICE SUPPLY ............................................................................................ 27 5.1. Demand for LNG ............................................................................................................................................................. 27 5.2. Supply of LNG Shipping Services ............................................................................................................................. 30 6. FREIGHT RATES ...................................................................................................................................................................... 32 6.1. Contracts............................................................................................................................................................................ 32 2

6.2. Short-Term or Spot Freight Rates ........................................................................................................................... 33 6.3. Time Charter Freight Rates........................................................................................................................................ 34 7. LNG FUTURE............................................................................................................................................................................. 34 7.1. Opportunities................................................................................................................................................................... 34 7.2. Threats................................................................................................................................................................................ 37 APPENDICES ................................................................................................................................................................................. 39 APPENDIX I - The World Fleet of LNG Carriers ......................................................................................................... 39 APPENDIX II - World's LNG Liquefaction Plants and Regasification Terminals .......................................... 52 BIBLIOGRAPHY ............................................................................................................................................................................ 58

LIST OF TABLES AND FIGURES

Tables
Table 1. Historical LNG and LNG Shipping Timeline ....................................................................................................... 6 Table 2. LNG Trade Between Regions, 2010 (MMtpa)................................................................................................. 21 Table 3. LNG Exports by Country, 2010 ............................................................................................................................. 21 Table 4. LNG Imports by Country, 2010 ............................................................................................................................ 24 Table 5. Number of Ships Dedicated to each Trade Route (Source: Dorigoni et al., 2008) .......................... 27

Figures
Figure 1. British Gas Canvey Island LNG Terminal, A World First ............................................................................. 6 Figure 2. Properties of LNG ........................................................................................................................................................ 7 Figure 3. Gas Transportation Technology and Cost Relative to Distance ............................................................... 8 Figure 4. The LNG Supply Chain ............................................................................................................................................... 8 Figure 5. The LNG Supply Chain ............................................................................................................................................... 9 Figure 6. Alaska Liquefaction Plant ........................................................................................................................................ 9 Figure 7. LNG Vessel Discharging ......................................................................................................................................... 10 Figure 8. Regasification Facilities ......................................................................................................................................... 10 Figure 9. Capacity of LNG Carriers, 2010 (Number of Vessels, % of Total) ........................................................ 12 Figure 10. Growth in Average Fleet Capacity, 1964-2012 ......................................................................................... 12 Figure 11. LNG Fleet over the Last Decade ....................................................................................................................... 13 Figure 12. LNG Fleet Growth, 1964-2010 ......................................................................................................................... 13 Figure 13. LNG Regasification Vessel (LNGRV) .............................................................................................................. 14 Figure 14. Moss and Membrane LNG Tankers ................................................................................................................ 15 Figure 15. MOSS Type LNG Vessel........................................................................................................................................ 15 Figure 16. MEMBRANE Type LNG Vessel of Q-Max size. ............................................................................................ 16 Figure 17. LNG Fleet Containment ....................................................................................................................................... 16 Figure 18. LNG Fleet Containment - Ship Orders ........................................................................................................... 17 Figure 19. LNG Carriers by Cargo Containment System, 2010 (Number of Vessels, % of Total) .............. 17 Figure 20. LNG Tank Types in 2005, 2010 and 2014 ................................................................................................... 17 Figure 21. Natural Gas Production throughout the World (in billion cubic meters - Source: Cedigaz 2010) ................................................................................................................................................................................................ 18 Figure 22. Natural Gas Reserves-to-Production (R/P) Ratios .................................................................................. 19 Figure 23. World Principle Gas Reserves .......................................................................................................................... 19 Figure 24. Distribution of Proved Reserves in 1990, 2000 and 2010 ................................................................... 20 Figure 25. LNG Trade Volumes 1980-2010 ...................................................................................................................... 20 Figure 26. LNG Exports by Country, 2010 ........................................................................................................................ 22 Figure 27. LNG Exports by Country in 2005 and 2010 ................................................................................................ 22 Figure 28. Share of Global LNG Exports by Country, 1990-2010 ............................................................................ 23 4

Figure 29. LNG Exports by Region, 1990-2010 .............................................................................................................. 23 Figure 30. LNG Exports by Country, 2010 ........................................................................................................................ 24 Figure 31. LNG Imports by Country in 2005 and 2010 ............................................................................................... 25 Figure 32. Share of Global LNG Imports by Country, 1990-2010 ........................................................................... 25 Figure 33. Global Natural Gas Trade Routes .................................................................................................................... 26 Figure 34. Global Natural Gas Trade ................................................................................................................................... 26 Figure 35. Natural Gas Demand by Region & Natural Gas Production by Type ................................................ 29 Figure 36. Gas Demand Growth by Region from 2010 to 2040 ............................................................................... 29 Figure 37. LNG Carrier Supply and Demand Growth ................................................................................................... 30 Figure 38. LNG Shipping Services Supply-Demand Balance (Source: Lloyds LNG Report, July 2011)... 31 Figure 39. LNG Current Fleet and Orderbook ................................................................................................................. 32 Figure 40. LNG Fleet Expansion versus Global LNG Trade ........................................................................................ 32 Figure 41. Inter-regional LNG Routes by 2020 ............................................................................................................... 35 Figure 42. World LNG Demand Prospects ........................................................................................................................ 36 Figure 43. Model of the first FLNG Facility, by Shell ..................................................................................................... 37 Figure 44. The Build-up of LNG Capacity by Country and the Global Required LNG Needs ........................ 37

1. INTRODUCTION TO LIQUEFIED NATURAL GAS

Liquefied Natural Gas (LNG) currently represents the most exciting aspect of the international gas landscape. LNG currently accounts for more than 30% of international trade in natural gas and demand continues to grow, involving an increasing number of buyers and sellers.

1.1. History
Historical LNG and LNG Shipping Timeline 1873 1912 1914 1917 1941 1959 1964 1964 1964 1969 1969 1971 1975 1979 1971 - 1980 1993 1999 2005 Karl Von Linde built first practical compressor refrigeration machine First LNG plant built in West Virginia Godfrey Cabot patents a barge to carry liquid gas, waterborne transportation technically feasible First US LNG plant begins operation in West Virginia First commercial LNG plant, Cleveland, Ohio as a peak load shaving facility METHANE PIONEER, converted cargo ship, carries 5km3 of LNG between Lake Charles, LA and Canvey Island, UK demonstrating feasibility of waterborne transportation UK becomes the worlds first LNG importer and Algeria the first exporter Alabama Gas begins construction of a peak-shaving plant Methane Princes & Methane Progress, 27.4 km3, become first commercial LNG vessels, operating between Algeria and the UK First US export of LNG (Alaska to Japan) Gas Transport membrane system vessels Polar Alaska & Arctic Tokyo, 71.5km 3, begin service from Alaska to Tokyo Kvaerner develops 88km3 MOSS spherical containment system 100 km3 size exceeded with delivery of French built BEN FRANKLIN, 120km 3 Formation of Society of International Gas Tanker and Terminal Operators (SIGTTO) to promote safe and reliable operation of gas tankers and terminals 4 import terminals built in the US Polar Eagle and Arctic Sun, 83.5km3, with IHI prismatic containment system begin service from Alaska to Tokyo First Atlantic Basin liquefaction plant (Trinidad) World's first offshore, ship-based regasification facility set in operation in the Gulf of Mexico by Excelerate Energy
Table 1. Historical LNG and LNG Shipping Timeline

Figure 1. British Gas Canvey Island LNG Terminal, A World First

1.2. LNG General Characteristics

Figure 2. Properties of LNG

LNG is natural gas that has been cooled to the point that it condenses to liquid, which occurs at a temperature of approximately -161C (-256F), at atmospheric pressure. Liquefaction reduces the volume of gas by approximately 600 times, thus making it more economical to store natural gas where other forms of storage do not exist and to transport gas over long distances for which pipelines are too expensive or for which other constraints exist. Liquefaction makes it possible to move natural gas between continents in specially designed ships. Thus, LNG technology makes natural gas available throughout the world. LNG is usually stored and moved at cold temperatures and at low pressure. Although it is a clear, odorless and non-toxic liquid, LNG is cryogenic, thus contact with some noncryogenic material causes material to become brittle and fail and exposure to skin causes cryogenic burns.

1.3. LNG Seaborne Trade versus Pipelines

The decision to commercialize a gas field by either LNG or direct pipeline is related to the distance to market from the gas reservoir. A rule of thumb commonly followed states that LNG could be a viable option versus pipeline transport when the following characteristics are present: The gas market is more than 2,000 km from the field. The gas field contains at least 3tcf to 5tcf of recoverable gas Gas production costs are less than $1/MMBtu, delivered to the liquefaction plant. The gas contains minimal other impurities, such as CO2 or sulfur. A marine port where a liquefaction plant could be built is relatively close to the field. The political situation in the country supports large-scale, long-term investments. The market price in the importing country is sufficiently high to support the entire chain and provide a competitive return to the gas exporting company and host country. A pipeline alternative would require crossing uninvolved third-party countries and the security of supply is not guaranteed.

Figure 3. Gas Transportation Technology and Cost Relative to Distance

1.4. Measurement Units

Units used in the LNG trade can be confusing. Produced gas is measured in volume (cubic meters or cubic feet), but once it is converted into LNG, it is measured in mass units, usually tons or million tons (MMT or just MT). LNG ship sizes are specified in cargo volume (typically, thousands of cubic meters), and once the LNG has been reconverted to gas, it is sold by energy units (millions of British thermal units, MMBtu).

2. INFRASTRUCTURE
2.1. LNG Supply Chain
The LNG process is more complex than pipeline transportation. The LNG Supply Chain, shown below, consists of discrete sections: upstream, midstream liquefaction plant, shipping, regasification, and finally, gas distribution.

Figure 4. The LNG Supply Chain

Figure 5. The LNG Supply Chain

However, the only elements of the supply chain that concern straightforwardly the LNG seaborne trade are the loading and unloading port facilities and, of course, the marine transit of LNG in LNG carriers, examined in Part 3. At both liquefaction and receiving and regasification facilities, the LNG is stored in double-walled tanks at atmospheric pressure. The storage tank is really a tank within a tank. The annular space between the two tank walls is filled with insulation. The inner tank, in contact with the LNG, is made of materials suitable for cryogenic service and structural loading of LNG, such as nickel steel, aluminum and pre-stressed concrete. The outer tank is generally made of carbon steel or pre-stressed concrete.

Figure 6. Alaska Liquefaction Plant

2.2. Marine Facilities

A jetty and (un)loading arms are required to transfer the LNG from the carrier to the terminal and vice versa. The length of the jetty is defined by specific site conditions, and the maximum length overall of the LNG carrier that will deliver the required cargo volume. In addition, a turning circle of sufficient size and depth is required to allow for turning the LNG carrier either prior to berthing or on departure after completion of unloading.

Figure 7. LNG Vessel Discharging

2.3. LNG Receiving Terminals1

Figure 8. Regasification Facilities

LNG receiving terminals, also called regasification facilities or regas facilities, receive LNG ships, store the LNG until required, and send out gaseous methane into the local pipeline grid. The main components of a regas facility are the offloading berths and port facilities, LNG storage tanks,
1Intention

of this work is not to provide a thorough description of LNG infrastructure and safety measures, but to overall examine the LNG seaborne trade.

Therefore, only regasification facilities are indicatively mentioned, to just have an idea of the complexity of infrastructure.

10

vaporizers to convert the LNG into gaseous phase, and pipeline link to the local gas grid, in the same manner as natural gas produced from a local gas field. LNG tankers may also be offloaded offshore, away from congested and shallow ports. This is accomplished using a floating mooring system (similar to that used for oil imports) via undersea insulated LNG pipelines to a land-based regas facility. In conventional onshore-based regas facilities, offloaded LNG is stored in large tanks, either above ground or semi-buried, when land is scarce (ex. Japan), until gas is required by consumers. LNG is also being offloaded offshore, usually by modified LNG tankers that also have regasification units on board. These ships have the ability to discharge gaseous methane directly into a pipeline grid or discharge LNG by offshore moorings into cryogenic pipelines for gasification onshore, as well as conventional LNG offloading to a shore facility by fixed arms. Ship-to-ship LNG transfer is still in its early stages and all the technical hurdles have yet to be fully ironed out. Once this process will become conventional, large ships will discharge to smaller ships offshore, and these smaller ships will be able to come directly to port, convert the LNG to methane, which will be directly piped to the local grid.

3. VESSELS AND FLEET

At the end of 2010, the world LNG fleet consisted of 360 ships - coastal tankers not used for crossborder LNG trade excluded - with a combined capacity of 53MMcm, up from 195 ships at end-2005, from 224 tankers at March 2007 and increasing by 13.5% since 2009. Over the last decade the fleet has been growing at a rapid pace: during the 1980s and 1990s, the LNG shipping industry delivered an average of four new LNG carriers each year. By contrast, the industry delivered an average of 173 new LNG carriers over the past five years (2006-2010), hitting an all-time high of 47 LNG ships delivered in 2008. The average size of LNG carriers has also increased in recent years due to the commissioning of large carriers. In 2010, the global fleet averaged 146,686cm of capacity per carrier. As of the end of 2010, the fleet included 31 Q-Flex (210,000-217,000cm each) and 14 Q-Max (>260,000cm) vessels. There is also growing demand for alternative uses of LNG ships, which consists mainly of floating regasification and/or LNG storage vessels. Many companies and countries are also investing in developing floating liquefaction technology, which would also utilize LNG carriers.

3.1. LNG Carriers Capacity

The size of LNG carriers ranges significantly. The smallest cross-border LNG vessels, typically 18,000cm-40,000cm, are mostly used to transport LNG from Southeast Asia to smaller terminals in Japan, whereas Qatar operates a fleet of large ships with capacities of 210,000cm to 266,000cm.

11

Figure 9. Capacity of LNG Carriers, 2010 (Number of Vessels, % of Total)

There are also much smaller carriers - 7,500cm and below - which are used in domestic and coastal trades, facilitating delivery of LNG to remote areas. LNG carriers with a capacity larger than 135,000cm accounted for 75% (270 carriers) of the global fleet by the end of 2010, a share which has continued to rise. Since 1969, the average capacity of the worlds LNG fleet has more than doubled; between 2000 and 2010, total average capacity increased by approximately 22%. As of end 2010, the average capacity per vessel was approximately 146,700cm; the average capacity of all vessels on order was 157,654cm floating liquefaction vessels excluded. The average vessel size increased by less than 5,000cm during the first half of the last decade (2000-2004), but by 20,000cm during the second half of the decade (2005-2010). The more recent increase in both total and average capacity is largely linked to the completion of 45 Q-series vessels, which accounted for 20% of the fleets capacity in 2010.

Figure 10. Growth in Average Fleet Capacity, 1964-2012

12

3.2. LNG Carriers Commissioned

Figure 11. LNG Fleet over the Last Decade

Over the past five years (2006-2010), 173 new LNG vessels were commissioned; a record number of 47 new vessels was delivered in 2008, most of which went to Qatar.

Figure 12. LNG Fleet Growth, 1964-2010

At the end of 2010, over 30 vessels remain on the order book, the bulk of vessels on order are between 160mcm and 180mcm. Also on order are four 220mcm FPSOs owned by Flex LNG and a single FPSO owned by Shell - not shown in the graph above.

3.3. LNG Carriers Types

The term conventional LNG carriers usually refers to the Moss-type or membrane vessels which are widely used. As with the increase in variety of regasification terminals, there has been a surge in the different types of LNG carriers used in transporting LNG. These include LNG Regasification Vessels (LNGRVs) and carriers with onboard liquefaction.

13

An LNGRV is similar to conventional LNG carriers in size except the regasification function and related facilities. The LNGRV is a new innovation combining conventional LNG carrier and FSRU designs. It is an LNG carrier equipped with onboard LNG regasification facilities and an internal turret for the subsea pipe connection. Therefore, the LNGRV can operate as a conventional LNG vessel during the voyage and at the same time it can function as an offshore regasification terminal when connected to a buoy.

Figure 13. LNG Regasification Vessel (LNGRV)

Carriers with on-board re-liquefaction systems handle boil-off gas, liquefy it and return the LNG to the cargo tanks, thereby reducing LNG losses and producing economic and environmental benefits. Carriers with these capabilities include the Q-Flex and Q-Max, which are each propelled by two slow speed diesel engines.

3.4. LNG Carriers Tank Type

LNG carriers operate at low atmospheric pressure, transporting the LNG in insulated tanks. Insulation around the tanks maintains the temperature of the liquid cargo, keeping the boil-off (conversion back to gas) to a minimum. Because older ships do not have active refrigeration systems onboard, ships use the produced boil-off gas to supplement liquid fuels for propulsion. On a typical voyage, an estimated 0.1%0.25% of the cargo converts to gaseous phase daily. Moreover, LNG carriers are of double-hull design. The double hull provides the location for the segregated ballast and also provides optimum protection for the integrity of the cargo tank containment in the unlikely event of collision or grounding. The three major tank types in LNG carriers are Moss, Gaz Transport (GT) and Technigaz (TGZ). The GT and TGZ are a membrane tank configuration rather than spherical Moss containers widely associated with the public image of an LNG ship.

14

Moss-type vessels are easily identifiable, since they have four or five spherical tanks contained in the hull, with a substantial proportion of each tank above the weather deck. In a membrane design the greater proportion of each tank is below the weather deck.

Figure 14. Moss and Membrane LNG Tankers

Figure 15. MOSS Type LNG Vessel

15

Figure 16. MEMBRANE Type LNG Vessel of Q-Max size.

Both LNG carrier tank types are commonly utilized for LNG transit with no significant operational difference between them. However, while historically most of the LNG ships used spherical (Moss) tanks, the current trend is towards membrane design, according to the following figure. This is most likely because prismatic membrane tanks utilize the hull shape more efficiently and thus have less void space between the cargo-tanks and ballast tanks. However, self-supporting tanks are more robust and have greater resistance to sloshing forces, thus they will possibly be considered in the future for offshore storage where bad weather will be a significant factor.

Figure 17. LNG Fleet Containment

The shift toward membrane design is even more obvious by analyzing the structure of past orders for LNG carriers, for years 2005-2010, as well as of the existing fleet of 2010, as presented below.

16

Figure 18. LNG Fleet Containment - Ship Orders

Figure 19. LNG Carriers by Cargo Containment System, 2010 (Number of Vessels, % of Total)

Figure 20. LNG Tank Types in 2005, 2010 and 2014

Most LNG plants have their own dedicated fleet of LNG ships, operating a virtual pipeline. As a ship is being loaded, a sister ship may be discharging its cargo, and the remaining members of the fleet are either en route to the buyers regas facility or on the way back to the LNG plant to pick up new cargo. 17

However, as the LNG short-term and spot trade increases, ships are loading LNG from different plants and discharging their cargoes wherever the prices are best at the time.

4. LNG MARKET
In 2010, the volume of LNG traded reached 223.8MMtpa, representing a 41MMtpa increase from 2009. This is the largest year-on-year growth the industry has ever experienced, with 2006 realizing the next highest growth at 16MMtpa. For the five years leading up to 2010 (2005-2009), the LNG trade grew by an average 7% per annum, compared to a 22% jump in 2010. The LNG trade has not only grown in volume, but in geographic reach as well. In 2005, there were 13 countries exporting LNG: Algeria, Australia, Brunei, Egypt, Indonesia, Libya, Malaysia, Nigeria, Oman, Qatar, Trinidad & Tobago, United Arab Emirates (UAE) and the United States (US). During the past five years (2006-2010), five additional countries began to export LNG: Equatorial Guinea, Norway, Peru, Russia and Yemen; this list excludes countries that re-export foreign-sourced LNG. Over the same period, eight countries - Argentina, Brazil, Canada, Chile, China, Kuwait, Mexico, and the UAE - began importing LNG, adding to the existing 15 importers which include Belgium, Dominican Republic, France, Greece, India, Italy, Japan, Portugal, Puerto Rico, South Korea, Spain, Taiwan, Turkey, the United Kingdom (UK) and the US.

Figure 21. Natural Gas Production throughout the World (in billion cubic meters - Source: Cedigaz 2010)

18

4.1. Natural Gas World Reserves

Figure 22. Natural Gas Reserves-to-Production (R/P) Ratios

World natural gas proved reserves in 2010 were sufficient to meet 58.6 years of global production and R/P ratios declined for each region, driven by rising production. The Middle East once again had the highest regional R/P ratio, while Middle East and Former Soviet Union regions jointly hold 72% of the worlds gas reserves.

Figure 23. World Principle Gas Reserves

19

The above figure presents the world map of the main gas reserves, while below the distribution of reserves over the last two decades is depicted. Although Europe and Eurasia held the first position in 1990, by 2000 Middle East overtook Europe and Eurasia. Moreover, Asia Pacific exhibits a constant increase in its gas reserves exploration.

Figure 24. Distribution of Proved Reserves in 1990, 2000 and 2010

4.2. LNG Trade Volumes

The volume of LNG traded worldwide, as well as the number of countries involved in the import and export of LNG, has continued to grow, especially during the last decade. During 2006 to 2010, the trade grew by 81MMtpa. 78% of this incremental LNG came from previously existing LNG exporting countries and the other 22% from countries that began LNG exports during the period. On the demand side, 72% of the 81MMtpa of incremental LNG was consumed by previously existing LNG importing countries; the other 28% was consumed by countries that started importing during the period.

Figure 25. LNG Trade Volumes 1980-2010

20

In 2010, 60% of the worlds LNG was consumed by the Asia-Pacific region. During the year, Asian countries consumed 135.1MMtpa of LNG, of which a majority (60%) was sourced from within the region, while 40% was imported from other regions.

Table 2. LNG Trade Between Regions, 2010 (MMtpa)

4.3. LNG Exports

By the end of 2010, 18 countries were exporting their natural gas as LNG. In addition, four countries Belgium, Mexico, Spain and the US - were re-exporting LNG imported from another source. Qatar is by far the largest LNG exporter. In 2010, the country supplied 57.5MMtpa of LNG to the market - more than one quarter (26%) of global supply - and its LNG exports will continue to grow. Pacific Basin countries, namely Indonesia, Malaysia and Australia, are the next largest exporters and together accounted for 29% of the worlds LNG supply in 2010.

Table 3. LNG Exports by Country, 2010

21

Figure 26. LNG Exports by Country, 2010

In 2005, Indonesia was the worlds largest exporter, a position the country had held since 1984. However, by 2006, Qatar overtook Indonesia as the largest LNG supplier in the market. In fact, since 2005, Qatars LNG output has increased by over 150%.

Figure 27. LNG Exports by Country in 2005 and 2010

In addition to the unprecedented growth from Qatar over the last decade, the entrance and growth of LNG exports from non-traditional LNG exporters has meant a significant diversification of the LNG supplier base over the last decade. The graph below shows how countries shares of LNG exports have transformed as new players entered.

22

Figure 28. Share of Global LNG Exports by Country, 1990-2010

At the regional level, changes in the LNG supplier base have brought about two noteworthy shifts: in 2006, the Middle East and North Africa region (MENA) overtook the Asia-Pacific as the largest LNG exporting region; and in 2007, Europe became the sixth region to export LNG.

Figure 29. LNG Exports by Region, 1990-2010

4.4. LNG Imports

Japan has traditionally been the largest consumer of LNG and remains so today with an annual consumption of 71MMtpa of LNG in 2010, followed by South Korea at 34MMtpa. Together, these two countries account for just less than half (47%) of the worlds LNG consumption.

23

Table 4. LNG Imports by Country, 2010

Figure 30. LNG Exports by Country, 2010

24

Figure 31. LNG Imports by Country in 2005 and 2010

As shown in the figure above, all LNG importing countries saw their LNG imports increasing between end-2005 and 2010, except for the US, which was due to the unanticipated additional domestic supply from unconventional gas, in particular shale gas. In developed and emerging markets, gas is increasingly a fuel of choice to supply electricity, provide heating and cooling, and support economic growth. During the last five years (2006-2010), eight new countries began to import LNG to meet domestic needs: Argentina, Brazil, Canada, Chile, China, Kuwait, Mexico and the UAE. Notably, three of these countries are located in South America and two in the Middle East two regions which were not importing LNG and not considered to be significant potential LNG markets even six years ago. In the near-term, Southeast Asia is also expected to become a LNG importer with the startup of Thailands first receiving terminal in 2011.

Figure 32. Share of Global LNG Imports by Country, 1990-2010

25

4.5. LNG Trade Routes

Globally, 458 billion cubic meters of natural gas are transported through pipelines, with approximately 50% of it being traded within Europe and Eurasia, while only 216.6bcm are traded overseas, which corresponds to 32% of the global natural gas trade.

Figure 33. Global Natural Gas Trade Routes

Figure 34. Global Natural Gas Trade

26

Acoording to Dorigoni et al. (2008), the main destination for LNG tankers is by far the Pacific Basin: 92 ships are dedicated to Japanese imports, in contrast to 30 dedicated to Korea, the second biggest importer of the area. As for Europe, 55 tankers are regularly employed for import, of which 24 are habitually destined to Spanish regasification plants.

Table 5. Number of Ships Dedicated to each Trade Route (Source: Dorigoni et al., 2008)

5. LNG DEMAND AND LNG SHIPPING SERVICE SUPPLY

Traded LNG volumes doubled over the last decade with several new countries joining the LNG market. At the start of 2010, the LNG market was faced with the prospect of record supply growth, driven mostly by Qatar, and a weak demand environment in the aftermath of the economic crisis and the shale gas boom in the United States. Vessels ordered prior to the crisis were completed even as demand for LNG cargoes dropped considerably. Yet demand recovered impressively, and so did LNG imports: in fact, most countries imported more LNG in 2010 than in the pre-crisis year of 2008. As a result of strong demand and high oil prices, LNG prices remained high. Also leading to higher demand for LNG ships is the increase in interregional trading activity, whereby producers sell one or more cargoes not only to buyers in their own respective region but deliver LNG in other regions, which has increased the need for additional ship carrying capacity. An example has been the influx of LNG from the Atlantic Basin into the Pacific Basin, whereby the producer and the buyer have been sometimes more than 13,000 nautical miles apart.

5.1. Demand for LNG

LNG currently accounts for more than 30% of international trade in natural gas and demand continues to grow. The volume of LNG trade reached 220.2 million tons in 2010, or an increase of 21.2% from 2009. The success of LNG is primarily due to the flexibility of LNG transport when compared with natural transmission by pipeline: LNG cargoes can sail to various LNG reception terminals and LNG reception terminals can receive LNG cargoes from different countries. Both the consumption of natural gas and demand for LNG have been increasing in recent years due to a number of factors:

Global economic growth and energy demand are increasing. Natural gas is a cleaner burning fuel than coal and oil, encouraging an increase in power plants that run on natural gas. Natural gas is widely applicable as a fuel source for power generation, industry and commerce. 27

The consumer trend is to greater diversity of fuel sources. The natural gas market is undergoing deregulation in several key markets. LNG prices have dropped as costs of liquefaction and regasification have declined. This is due to improved technology, efficiency gains and higher competition. LNG vessel construction costs have declined, resulting in lower shipping costs. Domestic gas production in many areas is insufficient to meet rising energy demand.

Specifically, during the last couple of years, a significant number of high impact, low probability events have occurred to alter the outlook for LNG trades. First, technology advances in shale gas production in the US has led to a dramatic surge in supply along with the potential for the US to become a net exporter rather than importer. Second, the turmoil in exporting countries has already caused a further supply shock. The third cause is, of course, the devastating earthquake and tsunami that hit Japan in March and the disaster at the Fukushima Daiichi nuclear plant, which has had dramatic short- and long-term effects. In the first instance, closure of 12.4GW of nuclear electricity generating capacity has given a huge short-term boost to Japanese LNG trade. In the second instance, and of greater significance, the disaster has led to a fundamental reassessment of nuclear power across the globe. With nuclears, at least temporarily, out of fashion, attention is turning again to the least-bad fossil fuel: natural gas. At the same time, there was already significant movement on the project development front as the economic crisis faded. Thus, after a lengthy hiatus, several projects moved to Final Investment Decision (FID) in 2010 and the near-term landscape for LNG capacity has become clearer. Following Gorgon in Australia and PNG in Papua New Guinea in 2009, another four projects have secured FID since the start of 2010. These presage the rise of Australia as the new Qatar with Queensland Curtis, Gladstone and Prelude all getting the go ahead. These are all innovative projects two are coal bed gas to methane and one is the first offshore LNG production platform, thus confirming Australias position at the cutting edge of LNG development. In addition a small project in Indonesia (Donggi) has also been given the green light. Moreover, the sourcing of the additional LNG from Malaysia and the FSU, means additional demand for smaller vessels. In contrast, the additional imports from Qatar will be minimally transported in Q-Flex and Q-Max vessels. The following graphs, by ExxonMobil, give the current natural gas demand global allocation, as well as a projection of that regional demand for the next decades. Natural gas will be the fastest-growing major fuel to 2040, with demand rising by more than 60%. Much of this growth will come from electric utilities and other consumers shifting away from coal in order to reduce CO 2 emissions. By 2025, natural gas - which emits up to 60% less CO2 than coal when used for electricity generation - will have overtaken coal as the second most popular fuel, after oil. 28

Demand is expected to grow in every part of the world, but especially in the Non OECD countries in the Asia Pacific region, where demand for natural gas is expected to triple over the next 30 years. The Middle East also will see significant growth, while Russia/Caspian demand flattens.

Figure 35. Natural Gas Demand by Region & Natural Gas Production by Type

Figure 36. Gas Demand Growth by Region from 2010 to 2040

Total demand for natural gas is projected to increase from 3,149bcm in 2008 to 4,535bcm in 2035. This is a 44% increase over the period at an average annual growth rate of 1.4%. 84% of the increase in global gas use in the period to 2035 is expected to come from non-OECD regions. Chinese demand is expected to grow by 5.9% p.a., more than any other region, driven by booming demand in the power, 29

residential and industrial sectors. Demand in the Middle East, non-OECD Asia (in particular India) and Latin America is also expected to grow rapidly over the forecast period. Despite much less rapid economic growth, North America and Europe still account for 12% of the expected growth in world gas consumption to 2035. In many cases, gas continues to be the favored choice over coal and oil for environmental reasons, especially in power generation. In Europe, carbon penalties help gas to compete against more carbon-intensive coal in the power sector and heavy industry. Inter-regional natural gas trade is projected to increase from 670bcm in 2008 to 1,187bcm in 2035. This is a 77% increase over the period at an annual average rate of 2.1%. Trade rises much faster than demand due to the pronounced geographical mismatch between regions of production and consumption. The volume of LNG trade is projected to increase from 210bcm in 2008 to 500bcm in 2035. The share of LNG in total natural gas trade versus pipelines is projected to grow steadily from 31% in 2008 to 42% in 2035. Japan, Korea and India are the biggest Asian importers. In 2009 these countries received about 55% of total global LNG trade. Spain, France and the US are the Atlantic Basins biggest importers closely followed by the UK. China is currently the worlds ninth largest LNG importer and is expected to become a major buyer of LNG in the future. Qatar, Malaysia and Indonesia are the biggest producers accounting for 44% of all LNG exports in 2009. Other major producers include Nigeria, Algeria, Australia and Trinidad & Tobago. The pattern of global LNG trade is expected to change in the future. Up to now LNG trade has been concentrated in the Asia-Pacific region with gas sourced from Asia and the Middle East. Although this market will continue to expand, LNG demand from the Atlantic basin is also expected to increase.

5.2. Supply of LNG Shipping Services

Figure 37. LNG Carrier Supply and Demand Growth

30

Translating the above described trade into a required demand for LNG shipping drove the industrywide utilization rate up further to over 80% on average in 2011, from a record low of just 61% in 2009. Currently, even laid-up vessels, are returning to the fleet. These reactivations are in part due to the strength of the spot market, but also reflect the on-going removal of middle-aged and elderly LNG ships for profitable conversion to Floating Regasification and Storage Units (FRSU).

Figure 38. LNG Shipping Services Supply-Demand Balance (Source: Lloyds LNG Report, July 2011)

The buzz in the LNG sector is probably best exemplified by the massive revival of newbuilding activity, which, however, has not been directly connected to the projects gaining FID. On the contrary, the tightening demand/supply balance and increasing shipping spot rates have led a number of independent owners to order vessels speculatively with no long-term agreements in place. It is estimated that more than half of 2011s orders were accounted for by speculative contracts. The rationale for the orders seems to be to lock up newbuilding capacity, on the assumption that projects commencing around 2015 will then take these vessels on charter, if the project sponsors are unable to find a suitable slot for their own newbuilding. It is abundantly clear, according to the Lloyds, that further massive LNG carrier newbuilding orders will be necessary. Indeed, it is assumed that more than 70 new ships will need to be ordered during 2011 to 2013 and an average of 30/year over the decade as a whole. After decades when the industry was about long leases with small margins, recently the market has edged away from the straitjacket of time charters towards a shorter term charter market for the vessels. Critical mass was always a problem, but today the fleet is 374 vessels and when the orderbook is delivered it will reach 428. The VLCC market operated as a spot business with a 400 ship fleet for 20 years. Of course a diverse spot market depends on the availability of import facilities, but gradually that side of the logistics chain is gathering momentum too. states Dr. Martin Stopford. 31

Figure 39. LNG Current Fleet and Orderbook

Figure 40. LNG Fleet Expansion versus Global LNG Trade

6. FREIGHT RATES
6.1. Contracts
LNG as a commodity has traditionally been sold under closed, long-term contracts. But the market is rapidly evolving. A surge in new supply from diverse sources, the entrance of a variety of new market participants and shifting demand patterns have driven the development of spot trade. Cargoes initially sold under long-term contracts now move into the spot market, where buyers and sellers seek to achieve the best possible value for each cargo. 32

Market observers estimate that spot trade already represents about 20% of LNG volumes produced each year. This trade includes bilateral deals, inter-regional diversions, tenders, chained cargoes and a variety of other transactions. The LNG market demonstrates a greater proportion of spot trade than most commodities, which typically are supplied under a term contract to spot ratio of 90:10. As much as 40 million metric tons (mt) of LNG, equivalent to 650 cargoes a year, are being traded on a spot basis. As global supply volumes and market participation grow, spot market liquidity will continue to build. Moreover, an annual or multi-year contract price cannot capture the daily fluctuations in market value that occur in LNG, LNG shipping, and associated piped gas and oil markets around the world. Longterm LNG contracts expose either the buyer or seller to market price risk. Daily spot prices mitigate this risk by representing actual market value for product bought and sold each day. In many commodities, annual or monthly averages of daily spot prices (floating prices) are therefore preferred for negotiating and settling long-term contracts, with locational, quality or customer-specific differentials typically applied to the underlying benchmark.

6.2. Short-Term2 or Spot Freight Rates

Day rates for shippers of container, crude oil, and dry bulk cargoes have been hit hard in 2011 as an over-supply of vessels and general concerns about the weak global economies have lowered demand for ships. One area where day rates are rising, however, is in transporting liquefied natural gas (LNG). Unlike the over-supply in other shipping markets, LNG vessels are in short supply and carriers are reaping the rewards. In January 2012, LNG spot tanker rates have climbed to $150,000/ day as growing import needs from consumers in Asia and South America reduce numbers of available vessels. The LNG freight market is currently quite strong due to increasing LNG demand in both Europe and Asia and less availability of prompt available tonnage, LNG shipping analyst Pranay Shukla at Drewry Shipping Consultants says. Short-term freight rates in December 2011 averaged at $125,000/day, up from $68,000/day averaged in December 2010. There are reports that short-term freight rates have strengthened further over the December figures, with vessels now fixed in the range of $150-155,000/day. The past two years of rising demand for LNG shipments have boosted tanker earnings by more than five times compared with the rate in mid-2010 and are expected to remain strong throughout this year. These are the highest day rates since 2006, and are due to the fact that 90% of the LNG fleet is contracted on long-term deals that leave only a relative handful of vessels available for spot shipments. LNG cargoes headed for Europe have been redirected to Asia, where LNG prices are higher, increasing the amount of time the LNG carriers are hauling a single cargo.

If we define short term as less than four years.

33

6.3. Time Charter Freight Rates

The cost of shipping supplies of LNG under long-term also set a new record, beginning 2012, at $137,000/day, as winter fuel demand runs up against few available vessels, further underlining the scale of demand as importers scramble to secure shipping capacity. The increase in demand for liquefied natural gas tankers will be driven by the increase in demand of LNG from countries across the world as they try to cut their consumption of fossil fuels like coal. The demand has been strengthened by increased buying of LNG from Japan, after it closed 89% of its nuclear power generation capacity in the aftermath of the Great East Japan earthquake. The all-time high was set after Golar LNG agreed to lease one of its modern tankers to a major Japanese energy firm for three years from March, boosting the company's second-quarter earnings. Japanese trading house Marubeni has fronted the charter on behalf of Tokyo Electric Power Co. (TEPCO), which has a three-year deal to import LNG from Abu Dhabi. According to several shipping brokers, Golar is targetting a spot rental rate of $200,000 per day. On top of booming demand in Asia, a recent tender by Argentina for 80 cargoes through 2012 has helped to drive tanker rates higher. Long-term rates are discounted to the spot market to reflect the 50 to 60 new tankers that are expected to start operating over the next three years, which should ease shortages and lower the cost of chartering. However, for 2012 charter rates will extend gains as few vessels are available for immediate shipments and only six new vessels will join the fleet.

7. LNG FUTURE
Today the LNG trade has reached 236Mt, the same as coking coal. Despite its bumpy start, over 25 years it has grown at 6.7% p.a., making it the fastest growing trade after containers (8.2% p.a.). In a world desperate for clean fuel and diversified energy, and with vast reserves of stranded gas, LNG has never looked more interesting. If growth continues it will create demand for over 40 ships a year to 2020. Martin Stopford, (2012)

7.1. Opportunities
According to Cedigaz forecasts, the world LNG trade is set to increase by 2020 to more than 600bcm, from 296bcm in 2010, corresponding to a growth of around 60% and representing 16% of world gas supply (12% today). LNG seaborne trade will cover around half of this volume. The map of inter-regional trade in 2020 shows two major growing inter-regional flows: Africa LNG exports to Europe/America and Middle East LNG exports to Europe and America, which highlights that the largest share of Middle East LNG supply will be dedicated to the Atlantic Basin in 2020, to the opposite of the current trade pattern. 34

Figure 41. Inter-regional LNG Routes by 2020

Asia will be the key demand driver for the global LNG market, with the largest growths expected in India and China. Japan and South Korea will continue to cover the bulk of the LNG market. The tremendous growth in LNG demand in China is explained by the expansion of the nation's pipeline coverage and the increased gasification level in the country, as economies expand. China is boosting the use of cleaner-burning fuels and natural gas consumption is expected to grow by 20%/year in the next decade, because the country is in its peak period of urbanization and industrialization. In India, three new regas terminals are expected to come into service in the next five years, given the major national pipeline and the industrial projects. Indian LNG imports could reach more than 35bcm/year by the end of this decade, compared to 15bcm today. Moreover, the long-term impact of Fukushima shutdown will increase global LNG demand by more than 20Mt by 2020. LNG demand will remain robust in Europe, with notable growth predicted in Italy, France and the United Kingdom, especially to cover power needs and cope with intermittent renewables. In addition, LNG is considered as a flexibility tool to meet short variations/peaks in gas demand and diversify and secure European gas supply. It is worth mentioning the fast-growing importance of recent emerging LNG markets in Argentina, Brazil, Chile, Kuwait and the United Arab Emirates, which are turning to gas for power generation. 35

They collectively already became relevant in 2010, and their combined imports should represent almost 10% of world LNG demand by 2020.

Figure 42. World LNG Demand Prospects

The worldwide LNG market should remain buoyant for at least the next 15 years. Its expansion is characterized by a growing number of LNG markets: indeed, the number of countries importing LNG may increase by at least a third over the next decade. Future newcomers may include Singapore, Vietnam, Pakistan, Hong-Kong, Philippines, Bangladesh in Asia, Uruguay, El Salvador, Jamaica in North America, Poland, Croatia, Lithuania, Germany in Europe, while Malaysia and Indonesia, better known as LNG suppliers, will also rapidly become customers. On the supply side, Australia is set to emerge as a leading LNG supplier: an additional 30Mt of liquefaction capacity should come on stream by 2016, if the projects now under construction proceed on time. Australia is expected to overtake Qatar and become the worlds largest LNG producer by the end of this decade. The above positions are strengthened by the Lloyds, where it is stated that if all proposed liquefied natural gas projects filed at present gain approval, demand for LNG carriers could double by 2020, with an additional 352 vessels needed (in total 782 vessels) to carry extra cargo. Alone Australian projects, planned to start coming on stream by 2016, with 425bcm expected that year if all proposed capacity goes ahead, will create ship demand for 438 LNG carriers compared to 361 in 2011. Finally, new technology has been developed that will allow the gas to be extracted and cooled at sea, since the first floating liquefied natural gas (FLNG) facility is under construction. Moving the production and processing out to sea where the gas is found is a major innovation that brings huge 36

new energy resources within reach. It also helps to avoid the potential environmental impact of constructing and operating a plant on land, including laying pipelines to shore and building other infrastructure. Once operational, the FLNG facility will produce at least 3.6 mtpa of LNG.

Figure 43. Model of the first FLNG Facility, by Shell

7.2. Threats

Figure 44. The Build-up of LNG Capacity by Country and the Global Required LNG Needs

37

According to Cedigaz, the current LNG glut is possible to temporarily disappear within the decade, due to the current tremendous LNG demand growth under the impulsion of emerging countries, the limited rise in new supply capacity in the next three years, the expected short-term shortage of LNG supply in some countries and the impact of higher Japanese LNG demand following the shutdown of some nuclear plants. As a consequence, global LNG spare capacity will drop to extremely low levels. Moreover, major liquefaction projects, especially in Australia, will likely face some delays due to a gap of skills capability and the crucial issue of construction costs, which show no sign of reduction, with capital costs of current main LNG projects of at least $1000/t. This will result in a critical period of global LNG shortage over 20142018, as global LNG needs exceed the global LNG supply capacity. This supply situation could improve by the end of this decade, with major supply tensions that could be overcome thanks to the commissioning of major large-scale LNG projects in Russia, Nigeria and Canada. Moreover, there is fear of the possibility of a declining freight market with limited employment opportunities for new LNG vessels, despite positive near-term prospects of the shipping market as reflected by the higher charter rates and increased ship orders. New orders for LNG vessels totaled just 5 in 2010, compared with 45 in 2011 and most of these have been ordered on a speculative basis. However, ships ordered now, which will be delivered around 2014-2015, have no guarantee that new supply projects will choose to charter these vessels rather than order their own purpose built ships. The other impact on LNG carriers could come from new Pacific Rim facilities that will be closer to the Asian markets and lower demand for the long-haul trips from Europe and Africa.

38

APPENDICES
APPENDIX I - The World Fleet of LNG Carriers
Most recent update: November 15, 2011

This table lists all LNG carriers in service or under construction, sorted by country of build, shipbuilder and hull number. The entries highlighted in blue are the ships on order.
Country of Build Belgium China China China China China China China China China China Finland Finland Finland Finland France France France France France France France France Shipbuilder Boelwerf Hudong Zhonghua Hudong Zhonghua Hudong Zhonghua Hudong Zhonghua Hudong Zhonghua Hudong Zhonghua Hudong Zhonghua Hudong Zhonghua Hudong Zhonghua Hudong Zhonghua Kvaerner-Masa Kvaerner-Masa Kvaerner-Masa Kvaerner-Masa Atlantique Atlantique Atlantique Atlantique Atlantique Atlantique Atlantique Atlantique 1330 Mubaraz 1331 Mraweh 1332 Al Hamra 1333 Umm Al Ashtan 25G 26A 26B 26G 26L 30E 30F 30G Bebatik LNG Lagos LNG Port Harcourt Mourad Didouche Ramdane Abane Puteri Intan Puteri Delima Puteri Nilam Hull # Ship Name Shipowner Distrigas China LNG Shipping China LNG Shipping China LNG Shipping China LNG Shipping China LNG Shipping China LNG Shipping MOL MOL MOL MOL National Gas Shipping National Gas Shipping National Gas Shipping National Gas Shipping National Gas Shipping National Gas Shipping National Gas Shipping National Gas Shipping Brunei Shell Tankers Bonny Gas Transport Bonny Gas Transport SNTM-Hyproc SNTM-Hyproc M.I.S.C. M.I.S.C. M.I.S.C. STASCO STASCO STASCO Hyproc Shipping Hyproc Shipping M.I.S.C. M.I.S.C. M.I.S.C. Exmar China LNG Ship Mgmt. China LNG Ship Mgmt. China LNG Ship Mgmt. China LNG Ship Mgmt. China LNG Ship Mgmt. China LNG Shipping Operator Delivery Oct-78 Apr-08 Jul-08 Feb-09 Aug-09 Dec-09 2012 2014 2015 2015 2016 Jan-96 Jun-96 Jan-97 May-97 Oct-72 Dec-76 Sep-77 Jul-80 Jul-81 Aug-94 Jan-95 Jun-95 Liberia Liberia Liberia Liberia Brunei Bermuda Bermuda Algeria Algeria Malaysia Malaysia Malaysia LR LR LR LR LR BV BV BV BV LR LR LR Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam 40,250 40,250 40,250 40,250 20,800 34,000 34,000 34,000 34,000 36,300 36,300 36,300 19.5 19.5 19.5 19.5 18.3 18.5 20 20 20 21 21 21 Moss Moss Moss Moss TZ Mk. I GT NO 85 GT NO 85 GT NO 85 GT NO 85 GT NO 96 GT NO 96 GT NO 96 4 4 4 4 6 6 6 5 5 4 4 4 Flag Belgium China China China China China China Class LR AB AB AB AB AB AB Power Plant Steam Steam Steam Steam Steam Steam Steam HP 45,000 Speed (knots) 19 Cargo System GT NO 85 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 # of Tanks 5 4 4 4 4 4 4 Capacity (cu.m.) 131,235 147,000 147,000 147,000 147,100 147,100 147,100 172,000 172,000 172,000 172,000 137,000 137,000 137,000 137,000 75,100 122,000 122,000 126,130 126,130 130,405 130,405 130,405 52 52 112 112 260 260 260 250 250 250 250 160 160 200 200 Price ($mm)

1487 Methania 1308 Dapeng Sun 1309 Dapeng Moon 1320 Min Rong 1378 Min Lu 1379 Dapeng Star 1621

39

France France France France France France France France France France France France France France France France France France France Germany Italy Italy Italy Italy Japan Japan Japan Japan Japan Japan Japan

Atlantique Atlantique Atlantique Atlantique Atlantique Dunkerque Dunkerque Dunkerque Dunkerque La Ciotat La Ciotat La Seyne La Seyne La Seyne La Seyne La Seyne La Seyne La Seyne La Seyne HDW Genova Sestri Genova Sestri Genova Sestri Genova Sestri IHI Chita IHI Chita Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide

30H 30I 32M 32N 32P 290 301 302 303 290 302

Puteri Zamrud Puteri Firuz Gaz de France Energy Provalys Gaselys Transgas Tenaga Satu Tenaga Dua Tenaga Tiga Belanak Mostefa Ben Boulaid

M.I.S.C. M.I.S.C. Gaz de France Gaz de France Gaz de France/NYK Dynacom M.I.S.C. M.I.S.C. M.I.S.C. Brunei Shell Tankers SNTM-Hyproc Brunei Shell Tankers Brunei Shell Tankers Chemikalien Seetransport Chemikalien Seetransport SNTM-Hyproc SNTM-Hyproc M.I.S.C. M.I.S.C. Golar LNG ENI ENI ENI ENI Teekay LNG Teekay LNG Awilco LNG J3 Consortium Northwest Shipping J3 Consortium Shelf

M.I.S.C. M.I.S.C. Gazocean Gazocean NYK Line Dynacom M.I.S.C. M.I.S.C. M.I.S.C. STASCO Hyproc Shipping STASCO STASCO Chemikalien Seetransport Chemikalien Seetransport Hyproc Shipping Hyproc Shipping M.I.S.C. M.I.S.C. Golar LNG ENI ENI ENI ENI Teekay LNG Teekay LNG V-Ships K Line BP Shipping K Line

May-96 May-97 Dec-06 Nov-06 Mar-07 Dec-77 Sep-82 Aug-81 Dec-81 Jul-75 Aug-76 Mar-75 Oct-75 Apr-75 May-75 Jun-77 Feb-79 Mar-81 Sep-81 Oct-77 1969 1970 Jun-96 Mar-98 Jun-93 Dec-93 Aug-83 Jan-84 Sep-91 Mar-93 Oct-94

Malaysia Malaysia France France France France Malaysia Malaysia Malaysia Brunei Algeria Brunei Brunei Liberia Liberia Algeria Algeria Malaysia Malaysia N.I.S. Italy Italy Italy Italy Liberia Liberia Japan Japan Bermuda Japan Liberia

LR LR BV BV BV BV AB AB AB LR BV LR LR LR LR BV BV AB AB NV RI RI RI AB AB AB NK NK LR NK NV

Steam Steam DFDE DFDE DFDE Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam

36,300 36,300 31,000 46,000 46,000 45,000 45,000 45,000 45,000 20,800 32,400 20,800 20,800 23,000 23,000 36,000 36,000 45,000 45,000 40,000 15,000 15,000 12,500 12,500 21,000 21,000 40,000 40,000 23,300 32,000 39,000

21 21 16

GT NO 96 GT NO 96 CS1 CS1 CS1

4 4 4 4 4 5 5 5 5 5 6 5 5 5 5 5 5 5 5 5 4 4 4 4 4 4 5 5 4 4 5

130,405 130,405 74,100 153,500 153,500 129,299 130,000 130,000 130,000 75,000 125,260 77,731 77,670 35,500 35,500 129,767 129,767 130,000 130,000 125,820 41,000 41,000 65,000 65,000 89,880 89,880 125,700 125,199 127,500 127,705 135,496

260 260 227 227 50 120 120 120

19 20 20 20 18.3 18.5 18.3 18.3 18 18 19.5 19.5 20 20 20 18 18 16.5 16.5 18.5 18.5 19.3 19.3 18.5 19.3 19.5

GT NO 85 GT NO 88 GT NO 88 GT NO 88 TZ Mk. I TZ Mk. I GT NO 82 GT NO 82 GT NO 82 GT NO 82 GT NO 85 GT NO 85 GT NO 88 GT NO 88 Moss Esso Esso GT NO 96 GT NO 96 IHI SPB IHI SPB Moss Moss Moss Moss Moss

1399 Bilis 1400 Bubuk 1401 Isabella 1402 Annabella 1414 Larbi Ben M'Hidi 1415 Bachir Chihani 1428 Tenaga Empat 1429 Tenaga Lima 84 Gandria 1645 LNG Palmaria 1647 LNG Elba 5910 LNG Portovenere 5911 LNG Lerici 3015 Polar Spirit 3016 Arctic Spirit 1334 WilPower 1340 Kotawaka Maru 1410 Northwest Shearwater 1427 LNG Flora 1438 Shahamah

112 112 120 120 55 38 38 200 200 184 184 125 120 180

National Gas Shipping National Gas Shipping

271

40

Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan

Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Kawasaki Sakaide Koyo Dock Koyo Dock Koyo Dock Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki

1440 Surya Aki 1445 Al Rayyan 1446 Al Wakrah 1470 Al Biddah 1520 Energy Frontier 1521 Energy Advance 1527 Muscat LNG 1532 Arctic Voyager 1534 Lala Fatma N'Soumer 1540 Energy Progress 1545 LNG Dream 1562 Nizwah LNG 1587 Neva River 1588 LNG Ebisu 1591 LNG Barka 1592 LNG Jupiter 1593 Sun Arrows 1600 Energy Navigator 1611 Energy Confidence 1625 Taitar No. 2 1626 Taitar No. 4 1664 1665 2258 Trinity Arrow 2260 Trinity Glory 2263 GDF Suez Point Fortin 1870 WilEnergy 1889 Echigo Maru 1890 Wilgas 1996 Northwest Sanderling 2000 Northwest Swift 2011 Ekaputra 2041 Northwest Seaeagle

MCGC International J4 Consortium J4 Consortium J4 Consortium Tokyo LNG Tankers Tokyo LNG Tankers Oman Gas/MOL K Line Algeria Nippon Gas Mitsui OSK Line Osaka Gas Oryx LNG Carriers K Line Pioneer Navigation Osaka Gas Osaka Gas Maple LNG Transport Tokyo LNG Tankers Tokyo LNG Tankers NYK Line NYK Line Tokyo LNG Transport Unknown K Line K Line Trinity LNG Awilco LNG J3 Consortium Awilco LNG Northwest Shipping J3 Consortium Humpuss Consortium Northwest Shelf

Humolco K Line Mitsui OSK Line Mitsui OSK Line Mitsui OSK Line Mitsui OSK Line Mitsui OSK Line K Line Hyproc/MOL Mitsui OSK Line NYK Line Mitsui OSK Line K Line Mitsui OSK Line K Line NYK Line Mitsui OSK Line Mitsui OSK Line NYK Line NYK Line NYK Line NYK Line Unknown K Line K Line Mitsui OSK Line V-Ships K Line V-Ships STASCO NYK Line Humolco

Feb-96 Mar-97 Dec-98 Nov-99 Sep-03 Mar-05 Mar-04 Apr-06 Dec-04 Nov-06 Sep-06 Dec-05 Dec-07 Dec-08 Dec-08 Nov-08 Sep-07 Mar-08 Mar-09 Dec-09 Oct-10 Dec-11 Apr-12 Mar-08 Dec-08 Feb-10 Oct-83 Aug-83 Jul-84 Jun-89 Sep-89 Jan-90 Nov-92

Bahamas Japan Japan Japan Japan Japan Japan N.I.S. Japan Japan Japan Japan Japan Bahamas Panama Panama Japan Japan Panama Liberia Liberia Japan Japan Japan Panama Panama Japan Japan Japan Australia Japan Liberia Bermuda

NK NK NK NK NK NK NK NK BV NK NK NK NK NK NK NK NK NK NK NK NK NK NK LR LR NK NK NK LR NK LR LR

Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Diesel Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam

12,000 32,800 32,800 32,800 32,800 32,800 32,800 36,600 32,800 36,600 36,600 36,600 36,600 36,600 36,600 36,600 13,900 36,600 36,600 36,600 36,600 36,600 36,600 40,000 40,000 40,000 40,000 40,000 40,000 23,300 23,300 26,700 23,300

18.5 19.5 19.5 19.5 19.5 19.5 19.5 18.5 18.5 18.5 18.5 18.5 18.5 18.5 18.5 18.5 18.1 18.5 19.5 18.5 18.5 18.5 18.5 19.5 19.5 19.5 19.3 19.3 19.3 18.5 18.5 17.5 18.5

Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss TZ Mk. III TZ Mk. III TZ Mk. III Moss Moss Moss Moss Moss Moss Moss

3 5 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 4 4 5 4

19,474 135,358 135,358 135,279 147,599 145,000 149,172 140,000 145,000 145,000 145,000 145,000 145,000 145,000 153,000 153,000 19,100 145,000 153,000 145,000 145,000 177,000 177,000 154,200 154,000 154,200 125,500 125,568 125,600 127,500 127,500 136,400 127,500

101 250 250 250

150 165 150 150

132 125 120 180 180 178 216

Shelf STASCO

41

Shipping Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki 2061 LNG Vesta 2062 Dwiputra 2067 Ish 2074 Northwest Stormpetrel 2089 Al Khor 2090 Al Wajbah 2091 Doha 2117 Al Jasra 2148 Golar Mazo 2157 LNG Jamal 2162 Sohar LNG 2163 Abadi 2165 Puteri Intan Satu 2169 Puteri Nilam Satu 2172 Galea 2173 Gallina 2176 Pacific Notus 2177 Puteri Firuz Satu 2183 Gemmata 2184 Arctic Princess 2185 Arctic Lady 2187 Pacific Eurus 2215 Ibri LNG 2219 Alto Acrux 2220 Seri Bakti 2221 Seri Begawan 2222 Seri Bijaksana 2223 Seri Balhaf 2224 Seri Balquis 2229 Grand Elena 2230 Grand Aniva 2235 Cygnus Passage Tokyo Gas Consortium Mitsui OSK Line Humpuss Consortium Northwest Shipping J4 Consortium J4 Consortium J4 Consortium J4 Consortium Golar/Chinese Pet. Osaka Gas/J3 Cons. Oman Gas/MOL Brunei Shell Tankers M.I.S.C. M.I.S.C. Shell Shipping Shell Shipping Pacific LNG Shipping M.I.S.C. Shell Shipping Hoegh LNG/MOL Hoegh LNG/MOL Oman Gas/MOL M.I.S.C. M.I.S.C. M.I.S.C. M.I.S.C. M.I.S.C. Sovcomflot/NYK Line Sovcomflot/NYK Line Cygnus LNG Shipping Shelf Humolco National Gas Shipping National Gas Shipping STASCO NYK Line Mitsui OSK Line NYK Line NYK Line Golar LNG K Line Mitsui OSK Line STASCO M.I.S.C. M.I.S.C. STASCO STASCO NYK Line M.I.S.C. STASCO Hoegh LNG Hoegh LNG Mitsui OSK Line M.I.S.C. M.I.S.C. M.I.S.C. M.I.S.C. M.I.S.C. NYK Line NYK Line NYK Line Jun-94 Mar-94 Nov-95 Dec-94 Dec-96 Jun-97 Jun-99 Jul-00 Jan-00 Oct-00 Oct-01 Jun-02 Dec-01 Sep-03 Oct-02 Mar-03 Sep-03 Sep-04 Mar-04 Jan-06 May-06 Mar-06 Jul-06 Mar-08 Apr-07 Dec-07 Feb-08 Sep-08 Dec-08 Oct-07 Jan-08 Jan-09 Japan Bahamas Liberia Australia Japan Japan Japan Japan Liberia Japan Malta Brunei Malaysia Malaysia Singapore Singapore Bahamas Malaysia Singapore N.I.S. N.I.S. Bahamas Japan Bahamas Malaysia Malaysia Malaysia Malaysia Malaysia Japan Japan Panama NK NK NV LR NK NK NK NK LR NK NK LR LR LR LR LR NK LR LR NV NV NK NK NK LR LR LR LR LR NK NK NK Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam DFDE DFDE Steam Steam Steam 32,000 32,000 35,100 23,300 32,800 32,800 32,800 32,800 29,000 36,400 36,400 29,000 36,400 36,400 29,000 29,000 29,000 36,400 29,000 29,000 29,000 29,000 29,000 36,500 30,000 30,000 30,000 30,000 30,000 32,000 32,000 36,500 19.3 19.3 19.5 18.5 19.5 19.5 19.5 19.5 19.8 19.5 19.5 19 19.5 19.5 19.9 19.9 19 19.5 19.9 19 19 19 19 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss GT NO 96 GT NO 96 Moss Moss Moss GT NO 96 Moss Moss Moss Moss Moss Moss GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 Moss Moss Moss 4 4 5 4 5 5 5 5 5 5 5 5 4 4 5 5 5 4 5 4 4 4 4 4 4 4 4 4 4 4 4 4 127,547 127,386 137,540 127,500 137,354 137,354 137,354 137,100 135,225 135,333 137,248 135,000 137,100 137,100 134,425 134,425 137,006 137,100 138,104 147,200 147,200 137,000 147,200 147,200 152,300 152,300 152,300 152,000 152,000 147,200 147,200 145,400 180 180 180 180 180 271 240 250 250 250 250 245 200 200 180 180 180 165 165 180 179 165 165 165 180 150

LNG Marine Transport NYK Line LNG Marine Transport NYK Line

42

Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Korea Korea Korea Korea Korea Korea

Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsubishi Nagasaki Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba Mitsui Chiba NKK Tsu NKK Tsu NKK Tsu NKK Tsu Universal Universal Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo

2236 Pacific Enlighten 2241 Taitar No. 1 2242 Taitar No. 3 1230 Senshu Maru 1250 Wakaba Maru 1351 Northwest Swallow 1352 Northwest Snipe 1370 Northwest Sandpiper 1390 Al Khaznah 1392 Ghasha 1411 Al Zhubarah 1412 Broog 1432 Zekreet 1506 Puteri Delima Satu 1507 Puteri Zamrud Satu 1561 Dukhan 1562 Puteri Mutiera Satu 1564 Arctic Discoverer 1681 Grand Mereya 136 150 153 192 55 88 Aman Bintulu Aman Sendai Aman Hakata Surya Satsuma Cheikh El Mokrani Cheikh Bouamama

LNG Marine Transport NYK Line NYK Line NYK Line J3 Consortium J3 Consortium J3 Consortium Northwest Shipping Northwest Shipping Shelf Shelf NYK Line NYK Line Mitsui OSK Line Mitsui OSK Line Mitsui OSK Line STASCO STASCO

Mar-09 Oct-09 Jan-10 2014 Feb-84 Apr-85 Nov-89 Sep-90 Feb-93 Jun-94 Jun-95 Dec-96 May-98 Dec-98 Apr-02 Jan-04 Oct-04 Apr-05 Jan-06 May-08 Oct-93 May-97 Nov-98 Oct-00 Jun-07 Jul-08 Aug-99 Jan-00 Jun-00 Sep-02 Oct-02 Jan-03

Panama Liberia Liberia Japan Japan Japan Australia Australia Liberia Liberia Japan Japan Japan Malaysia Malaysia Japan Malaysia Bahamas Japan Malaysia Malaysia Malaysia Japan Liberia Liberia Panama Panama Panama Spain Belgium N.I.S.

NK NK NK NK NK NK NK LR LR NV NV NK NK NK LR LR NK LR NK NK NK NK NK NK BV BV NV BV BV LR BV NV

Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam

32,000 36,600 36,600 40,000 40,000 23,300 23,300 23,300 35,100 35,100 32,800 32,800 32,800 36,400 36,400 32,800 36,400 29,000 32,100 7,500 7,500 7,500 10,600

19.5 18.5 18.5 19.3 19.3 18.5 18.5 18.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19 19.5 15 15 15.5 16.5

Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss GT NO 96 GT NO 96 Moss GT NO 96 Moss Moss TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III

4 4 4 4 5 5 4 4 4 5 5 5 5 5 4 4 4 4 4 4 3 3 3 3 4 4 4 4 4 4 4 4

145,000 145,000 145,000 145,400 125,000 125,000 127,500 127,500 127,500 135,496 137,514 137,573 135,466 135,420 137,100 137,100 135,000 137,100 140,000 147,200 18,928 18,928 18,800 23,096 75,500 75,500 138,000 138,017 135,256 140,500 138,200 138,059 160 160 219 219 219 150 145 150 80 180 179 170 179 165 244 125 120 180 216 216 271 271 250 250

LNG Marine Transport NYK Line

National Gas Shipping National Gas Shipping National Gas Shipping National Gas Shipping J4 Consortium J4 Consortium J4 Consortium M.I.S.C. M.I.S.C. J4 Consortium M.I.S.C. K Line Mitsui OSK Line NYK Line K Line M.I.S.C. M.I.S.C. Mitsui OSK Line M.I.S.C. K Line

Primorsk/MOL/K Line Mitsui OSK Line Perbadanan/NYK Line Perbadanan NSL Perbadanan/NYK Line Perbadanan NSL Perbadanan/NYK Line Perbadanan NSL MCGC International Med. LNG Tpt. Corp. Med. LNG Tpt. Corp. SK Shipping Korea Line Korea Line Teekay LNG Exmar/Excelerate BW Gas Humolco Hyproc/MOL Hyproc/MOL SK Shipping Korea Line Korea Line Teekay LNG Exmar BW Gas

2202 SK Summit 2203 K Acacia 2204 K Freesia 2205 Hispania Spirit 2206 Excalibur 2207 BW Suez Boston

40,000 40,000 40,000 38,100 36,000 38,100

20.5 20.5 20.5 19.5 19 19.5

GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96

43

Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea

Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo

2208 Excelsior 2209 Galicia Spirit 2210 Disha 2211 Raahi 2212 BW Suez Everett 2213 Excel 2214 Northwest Swan 2215 Methane Princess 2216 Golar Arctic 2217 Berge Arzew 2218 Excellence 2219 LNG Pioneer 2221 LNG River Orashi 2222 LNG Enugu 2223 LNG Oyo 2224 LNG Benue 2226 Golar Grand 2227 Rasgas Asclepius 2228 Umm Bab 2229 LNG Lokoja 2230 LNG Kano 2231 LNG Ondo 2232 LNG Imo 2233 Stena Blue Sky 2234 Golar Maria 2235 Simaisma 2236 Iberica Knutsen 2237 Excelerate 2238 Al Marrouna 2239 Al Areesh 2240 Al Daayen 2241 Tangguh Towuti 2242 Tangguh Batur

Exmar Teekay LNG Petronet LNG Ltd. Petronet LNG Ltd. BW Gas Exmar/MOL Northwest Shipping Golar LNG Golar LNG BW Gas GKFF Ltd. Mitsui OSK Line BW Gas BW Gas BW Gas BW Gas Golar LNG Kristen Navigation Kristen Navigation BW Gas BW Gas BW Gas BW Gas StenaBulk Golar LNG Kristen Navigation Knutsen OAS Exmar/Excelerate Teekay LNG Teekay LNG Teekay LNG Sovcomflot/NYK Line Sovcomflot/NYK Line Shelf

Exmar Teekay LNG Shipping Corp. of India Shipping Corp. of India BW Gas Exmar Chevron Transport Golar LNG Golar LNG BW Gas Exmar Mitsui OSK Line BW Gas BW Gas BW Gas BW Gas Golar LNG Maran Gas Maritime Maran Gas Maritime BW Gas BW Gas BW Gas BW Gas StenaBulk Golar LNG Maran Gas Maritime Knutsen OAS Exmar Teekay LNG Teekay LNG Teekay LNG NYK Line NYK Line

Jan-05 Jul-04 Jan-04 Dec-04 Jun-03 Sep-03 Mar-04 Aug-03 Dec-03 Jul-04 May-05 Jul-05 Nov-04 Oct-05 Dec-05 Mar-06 Jan-06 Jul-05 Nov-05 Dec-06 Jan-07 Sep-07 Jun-08 Jan-07 Jun-06 Jul-06 Oct-06 Oct-06 Nov-06 Jan-07 Apr-07 Oct-08 Dec-08

Belgium Liberia Malta Malta N.I.S. Belgium Australia U.K. Singapore N.I.S. Belgium Luxembourg Bermuda Myanmar Bermuda Bermuda U.K. Bermuda Bermuda Bermuda Bermuda Bermuda Bermuda Taiwan U.K. Greece N.I.S. Belgium Bahamas Qatar Bahamas Cyprus Cyprus

BV LR BV BV NV BV LR NV LR NV BV BV LR LR LR LR NV NV LR NV NV NV NV NV NV AB NV BV LR/NV LR/NV LR/NV NV NV

Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam

36,000 32,400 38,100 36,000 38,100 36,000 38,100 38,100 32,400 38,100 36,000 36,000 38,100 38,100 38,100 38,100 38,100 38,100 38,100 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800

19 19.5 19.5 19.5 19.5 19 19.5 19.5 19.5 19.5 19 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5

GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96

4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

138,000 140,624 136,026 136,026 138,028 138,106 138,000 138,000 140,648 138,088 138,000 138,000 145,914 145,000 140,500 145,700 145,700 145,000 145,000 148,300 148,300 148,300 148,300 145,700 145,700 145,700 138,000 138,000 151,700 151,700 151,700 145,700 145,700

210 152 158 155 155 145

165 160 160 210 165 160 160 160 160 151 151 151 151 151 151 151 157 151 151 200

161 163

44

Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea

Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo

2243 Al Jassasiya 2244 Maran Gas Coronis 2245 Al Ruwais 2246 Al Safliya 2247 Duhail 2248 Al Ghariya 2249 Al Aamriya 2250 Al Oraiq 2251 Muraq 2252 Fraiha 2253 Umm Al Amad 2254 Explorer 2255 Al Ghuwairiya 2256 Lijmilya 2257 Al Samriya 2258 BW GDF Suez Paris 2260 K Jasmine 2261 K Mugungwha 2263 Express 2264 Al Shahaniya 2265 Al Sadd 2266 Onaiza 2267 Barcelona Knutsen 2268 Stena Crystal Sky 2269 Sevilla Knutsen 2270 Exquisite 2271 Expedient 2272 Exemplar 2273 Arkat 2274 Valencia Knutsen 2275 Ribero Knutsen de Duera

Kristen Navigation Kristen Navigation ProNav Ship Mgmt. ProNav Ship Mgmt. ProNav Ship Mgmt. ProNav Ship Mgmt. J5 Consortium J5 Consortium J5 Consortium J5 Consortium J5 Consortium Exmar/Excelerate QGTC QGTC QGTC BW Gas Korea Line Korea Line Exmar/Excelerate QGTC QGTC QGTC Knutsen OAS StenaBulk Knutsen OAS Exmar Exmar Exmar Brunei Shell Tankers Knutsen OAS Knutsen OAS Brunei Shell Tankers

Maran Gas Maritime Maran Gas Maritime ProNav Ship Mgmt. ProNav Ship Mgmt. ProNav Ship Mgmt. ProNav Ship Mgmt. K Line/NYK Line K Line/NYK Line K Line/NYK Line K Line/NYK Line K Line/NYK Line Exmar STASCO STASCO STASCO BW Gas BW Gas Korea Line Korea Line Exmar STASCO STASCO STASCO Knutsen OAS StenaBulk Knutsen OAS Exmar Exmar Exmar STASCO Knutsen OAS Knutsen OAS STASCO

May-07 Jun-07 Nov-07 Nov-07 Jan-08 Jan-08 Mar-08 Apr-08 May-08 Sep-08 Sep-08 Mar-08 Aug-08 Jan-09 Dec-08 Aug-09 Aug-09 Mar-08 Nov-08 May-09 Feb-09 Mar-09 Apr-09 Apr-10 Jun-11 May-10 Oct-09 Apr-10 Sep-10 Feb-11 Oct-10 Nov-10 Jul-11

Greece Greece Germany Germany Germany Germany Marshall I. Marshall I. Marshall I. Marshall I. Marshall I. Belgium Marshall I. Marshall I. Marshall I. N.I.S. N.I.S. Panama Panama Belgium Liberia Liberia Liberia N.I.S. Panama N.I.S. Belgium Belgium Belgium Brunei N.I.S. N.I.S. Brunei

AB AB LR LR LR LR AB AB AB AB AB BV LR LR LR NV NV BV BV BV AB AB AB NV BV NV BV BV BV BV NV NV BV

Steam Steam DRL DRL DRL DRL DRL DRL DRL DRL DRL Steam DRL DRL DRL DFDE DFDE Steam Steam Steam DRL DRL DRL DFDE DFDE DFDE Steam Steam Steam DFDE DFDE DFDE DFDE

36,800 36,800 50,750 50,750 50,750 50,750 50,750 50,750 50,750 50,750 50,750 36,800

19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5

GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96

4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

145,700 145,700 210,100 210,100 210,100 210,100 210,100 210,100 210,100 210,100 210,100 150,900 261,700 261,700 261,700 162,400 162,400 145,700 151,800 150,900 210,100 210,100 210,100 173,400 171,800 173,400 150,900 150,900 150,900 148,000 173,400 173,400 148,000

151 215 215 215 215 235 235 235 235 235 250 290 290 290 213 213 197 197

36,800 36,800 36,800 36,800 36,800 50,750 50,750 50,750 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800 36,800

19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5

2259 BW GDF Suez Brussels BW Gas

238 230 238

238 238 238 238

2277 Amali

45

Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea

Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Daewoo Hanjin H.I. Hanjin H.I. Hanjin H.I. Hanjin H.I. Hanjin H.I. Hanjin H.I. Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai

2278 Stena Clear Sky 2280 Sonangol Sambizanga 2281 Sonangol Etosha 2282 Sonangol Benguela 2283 Al Khattiya 2284 Al Kharaana 2285 Al Dafna 2286 Al Nuaman 2289 2290

StenaBulk Sonangol Shipping Sonangol Shipping Sonangol Shipping QGTC QGTC QGTC QGTC Maran Gas Awilco LNG Awilco LNG Maran Gas Maran Gas Maran Gas Maran Gas Cardiff Marine Cardiff Marine Cardiff Marine Cardiff Marine StenaBulk StenaBulk

StenaBulk Chevron Shipping Chevron Shipping Chevron Shipping STASCO STASCO STASCO STASCO V-Ships V-Ships

Jun-11 Oct-11 Nov-11 Dec-11 Oct-09 Oct-09 Oct-09 Dec-09 2013 Aug-13 Nov-13 2013 2013 2014 2014 2013 2013 2014 2014

Panama Bahamas Bahamas Bahamas Marshall I. Marshall I. Marshall I. Marshall I.

BV AB AB AB LR LR LR LR

DFDE Steam Steam Steam DRL DRL DRL DRL DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE

36,800

19.5

GT NO 96 GT NO 96 GT NO 96 GT NO 96

4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

171,800 160,500 160,500 160,500 210,100 210,100 210,100 210,100 155,900 155,900 155,900 155,900 155,900 155,900 155,900 159,800 159,800 159,800 159,800 170,000 170,000 130,600 138,200 138,333 138,214 145,700 153,000 125,182 127,125 125,000 135,000 135,000 135,000 135,000

230 213 213 213

50,750 50,750 50,750 50,750

19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5

GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 TZ Mk. III TZ Mk. III Moss Moss Moss Moss Moss Moss Moss

220 220 220 220 212 212 212 212 220 220 235 219 219 219

StenaBulk StenaBulk Hanjin Line Hanjin Line Hanjin Line Hanjin Line STX Panocean Hoegh LNG Hyundai MM SK Shipping Hyundai MM Hyundai MM Hyundai MM Hyundai MM Hyundai MM

2014 2014 Sep-95 Jul-99 Jan-00 Jul-00 Nov-08 May-10 Jun-94 Dec-94 Nov-96 Jul-99 Jan-00 Mar-00 Jul-00 Panama Panama Panama Panama Panama Panama Panama Panama Panama Panama Panama Panama Panama BV BV BV LR KR/NV KR/NV LR NV LR LR NV LR NV

16 54 61 62 192 193 760 761 853

Hanjin Pyeong Taek Hanjin Muscat Hanjin Sur Hanjin Ras Laffan STX Kolt STX Frontier Hyundai Utopia YK Sovereign Hyundai Greenpia

Hanjin Shipping Hanjin Shipping Hanjin Shipping Hanjin Shipping STX Panocean STX Panocean Hyundai MM SK Shipping Hyundai MM Hyundai MM Hyundai MM Hyundai MM Hyundai MM

Steam Steam Steam Steam S DFDE Steam Steam Steam Steam Steam Steam Steam

28,000 38,900 38,900 38,900 36,800 36,800 26,700 26,700 39,000 39,000 39,000 39,000 39,000

19 20.3 20.3 20.3 19.5 19.5 18.5 18.5 20.3 20.3 20.3 20.3 20.3

250 290 290 219 219 219 219

1073 Hyundai Technopia 1074 Hyundai Cosmopia 1156 Hyundai Aquapia 1157 Hyundai Oceanpia

46

Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea

Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai Hyundai

1295 LNG Rivers 1296 LNG Sokoto 1429 LNG Bayelsa 1460 Golar Viking 1469 LNG Akwa Ibom 1470 LNG Adamawa 1471 LNG Cross River 1472 LNG River Niger 1719 Clean Power 1728 Grace Acacia 1729 Grace Barleria 1730 Grace Cosmos 1734 Clean Force 1748 Clean Energy 1754 Neo Energy 1777 British Emerald 1778 British Ruby 1779 British Sapphire 1780 Tangguh Hiri 1791 Al Gattara 1792 Al Gharaffa 1862 Al Thumama 1863 Al Sahla 1875 Al Utouriya 1876 Abdelkader 1903 Hyundai Ecopia 1908 Mesaimeer 1909 Al Kharaitiyat 1910 Al Rekayyat

Bonny Gas Transport Bonny Gas Transport Bonny Gas Transport Golar LNG Bonny Gas Transport Bonny Gas Transport Bonny Gas Transport Bonny Gas Transport Lance Shipping Algaet Shipping Swallowtail Shipping Algahunt Shipping Seacrown Mariti Pegasus Shipholding Tsakos Navigation BP Shipping BP Shipping BP Shipping Teekay LNG Overseas Shipholding Overseas Shipholding J5 Consortium J5 Consortium J5 Consortium Cleopatra Shipping Hyundai M.M. QGTC QGTC QGTC Dynagas Dynagas Hoegh LNG Hoegh LNG Dynagas

STASCO STASCO STASCO Golar LNG STASCO STASCO STASCO STASCO Dynagas NYK Line NYK Line NYK Line Dynagas Dynagas Tsakos Navigation BP Shipping BP Shipping BP Shipping Teekay LNG Overseas Shipholding Overseas Shipholding Mitsui OSK Line Mitsui OSK Line Mitsui OSK Line Mitsui OSK Line Hyundai MM STASCO STASCO STASCO

Jun-02 Aug-02 Feb-03 Jan-05 Nov-04 Jun-05 Sep-05 May-06 Jul-07 Jan-07 Oct-07 Mar-08 Jan-08 Mar-07 Feb-07 Jun-07 Jul-08 Sep-08 Nov-08 Nov-07 Sep-08 Jan-08 Apr-08 Sep-08 Oct-09 Nov-08 Mar-09 May-09 Jun-09 2013 2014 2013 2014 2014

Bermuda Bermuda Bermuda Bermuda Bermuda Bermuda Bermuda Bermuda Marshall I. Japan Japan Japan Marshall I. Marshall I. Liberia Isle of Man Isle of Man Isle of Man IOM Marshall I. Marshall I. Japan Japan Panama Panama Panama Liberia Liberia Liberia

LR LR LR NV LR LR LR LR LR NK NK NK LR LR LR LR LR LR LR

Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam DFDE DFDE DFDE DFDE DRL DRL DRL DRL DRL

31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 39,000 40,000 40,000 40,000 39,000 39,000 40,000 54,250 54,250 39,000 39,000 50,750 50,750 50,750 50,750 50,750 39,000 39,000 50,750 50,750 50,750

19.8 19.8 19.8 19.8 19.8 19.8 19.8 19.8 19.5 19.8 19.8 19.8 19.5 19.5 19.8 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5

Moss Moss Moss TZ Mk. III Moss Moss Moss Moss TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III Moss TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III

4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

137,200 137,200 137,500 138,830 141,000 141,000 141,000 141,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 155,000 155,000 155,000 155,000 216,200 216,200 216,200 216,200 215,000 177,000 145,000 216,200 216,200 216,200

160 160 160 162 170 170 170 170 170 170 170

185 185 185 185 216 216 234 234 234 205

BV AB/KR NV NV NV

DFDE Steam DRL DRL DRL

200 200

200

47

Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea

Hyundai Hyundai Hyundai Hyundai Samho Hyundai Samho Hyundai Samho Hyundai Samho Hyundai Samho Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung 1207 SK Supreme 1258 SK Splendor 1259 SK Stellar 1380 British Trader 1381 British Merchant 1405 SK Sunrise 1406 Fuwairit 1416 British Innovator 1425 Maersk Ras Laffan 1428 Methane Kari Elin 1440 Lusail 1441 Al Thakhira 1442 Al Deebel 1502 Seri Alam 1503 Seri Amanah 1536 Salalah LNG 1553 Methane Rita Andrea S297 British Diamond S298 Tangguh Sago S324 Ben Badis

Dynagas BW Gas BW Gas BP Shipping Teekay LNG Nefertiti Shipping Maran Gas Maran Gas SK Shipping SK Shipping SK Shipping BP Shipping BP Shipping SK Shipping Peninsular LNG BP Shipping Teekay/Marubeni GasLog Logistics Peninsular LNG Peninsular LNG Peninsular LNG M.I.S.C. M.I.S.C. Oman Gas/MOL GasLog Logistics SK Shipping SK Shipping SK Shipping BP Shipping BP Shipping SK Shipping K Line BP Shipping Teekay LNG Ceres LNG Services K Line K Line Mitsui OSK Line M.I.S.C. M.I.S.C. Mitsui OSK Line Ceres LNG Services Ceres LNG Services Ceres LNG Services Teekay LNG NYK Line NYK Line Mitsui OSK Line Ceres LNG Services Ceres LNG Services BW Gas BW Gas BP Shipping Teekay LNG Mitsui OSK Line

2014 2014 2015 Sep-08 Mar-09 Oct-09 2013 2014 Jan-00 Mar-00 Dec-00 Dec-02 Apr-03 Sep-03 Jan-04 Jul-03 Mar-04 Jun-04 May-05 Sep-05 Dec-05 Oct-05 Mar-06 Dec-05 Mar-06 Jun-06 Sep-06 Apr-06 Aug-07 Aug-07 Jul-06 Apr-07 Jul-07 Panama Panama Panama Isle of Man Isle of Man Panama Luxembourg Isle of Man D.I.S. Bermuda Luxembourg Luxembourg Bahamas Malaysia Malaysia Japan Bermuda Bermuda Bermuda D.I.S. Japan Japan Japan Bermuda Bermuda AB/KR AB/KR AB/KR LR LR AB AB/KR LR LR LR AB AB AB BV BV AB AB AB AB AB LR LR AB AB AB Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 33,800 21,350 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 39,500 20.3 20.3 20.3 20.1 20.1 20.3 20.2 20.1 20.6 20.1 20.1 20.6 20.6 19 19 19.5 20.2 20.2 20.2 20.6 19.8 19.8 19.5 20.2 20.2 TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 138,200 138,375 138,375 138,000 138,000 138,306 138,000 138,000 138,500 138,200 138,000 145,000 145,000 138,000 145,000 147,000 145,000 145,000 145,000 145,500 149,600 149,600 147,000 145,000 145,000 Isle of Man IOM Panama LR LR BV DFDE DFDE DFDE 39,000 39,000 39,000 19.5 19.5 19.5 TZ Mk. III TZ Mk. III TZ Mk. III 4 4 4 155,000 155,000 177,000

200 200 200 185 185 235

219 219 219 160 160 160 163 160 165 164 160 160 160

150 160 160 160 165 181 181

1554 Methane Jane Elizabeth GasLog Logistics 1555 Methane Lydon Volney GasLog Logistics 1562 Maersk Qatar 1563 LNG Borno 1564 LNG Ogun 1573 Ibra LNG 1585 Methane Elizabeth Shirley Teekay/Marubeni NYK Line NYK Line Oman Gas/MOL GasLog Logistics

155 155

1586 Methane Heather Sally GasLog Logistics

48

Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea

Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung

1587

Methane Victoria

Alison

GasLog Logistics GasLog Logistics M.I.S.C. M.I.S.C. M.I.S.C. J4 Consortium Overseas Shipholding Overseas Shipholding Teekay/Marubeni Teekay/Marubeni K Line K Line Teekay/Marubeni Teekay/Marubeni Teekay/Marubeni Teekay/Marubeni K Line GasLog Logistics GasLog Logistics Teekay LNG Teekay LNG Teekay LNG Teekay LNG QGTC QGTC QGTC K Line Hoegh LNG/MOL Hoegh LNG/MOL QGTC QGTC QGTC QGTC

Ceres LNG Services Ceres LNG Services M.I.S.C. M.I.S.C. M.I.S.C. NYK Line Overseas Shipholding Overseas Shipholding Teekay LNG Teekay LNG K Line K Line Teekay LNG Teekay LNG Teekay LNG Teekay LNG K Line Ceres LNG Services Ceres LNG Services Teekay LNG Teekay LNG Teekay LNG Teekay LNG STASCO STASCO STASCO K Line Hoegh LNG Hoegh LNG STASCO STASCO STASCO STASCO

Aug-07 Dec-07 Nov-06 Feb-07 Oct-07 Feb-07 Nov-07 Feb-08 Mar-08 May-08 Jul-08 Nov-08 Sep-08 Sep-08 Oct-09 Jan-10 Mar-09 May-10 Jul-10 May-08 May-08 Jun-08 Jul-08 Oct-08 Nov-08 Dec-08 Nov-09 Dec-09 Jan-10 Feb-09 Feb-09 Mar-09 Apr-09

Bermuda Bermuda Malaysia Malaysia Malaysia Japan Marshall I Marshall I Singapore Marshall I. Panama Panama Marshall I. D.I.S. Singapore D.I.S. Panama Liberia Liberia Qatar Qatar Qatar Qatar Qatar Qatar Qatar Panama Liberia Liberia Liberia Liberia Liberia Liberia

AB AB BV BV BV AB NV NV BV BV AB AB BV BV BV BV AB AB AB NV NV NV NV LR LR AB NV NV AB AB LR AB

Steam Steam Steam Steam Steam Steam DRL DRL DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DRL DRL DRL DRL DRL DRL DRL DFDE DFDE DFDE DRL DRL DRL DRL

39,500 39,500 33,800 33,800 33,800 39,500 50,750 50,750 35,600 35,600 35,600 35,600 35,600 35,600 35,600 35,600 35,600 35,600 35,600 50,750 50,750 50,750 50,750

20.2 20.2 19 19 19 20 19.5 19.5 19.5 19.5 20 20 19.5 19.5 19.5 19.5 20 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5

TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III

4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 4 4 4 5 5 4 5

145,000 145,000 145,000 145,000 145,000 145,000 216,200 216,200 165,500 165,500 155,000 155,000 165,500 165,500 165,500 165,500 155,000 155,000 155,000 217,000 217,000 217,000 217,000 266,000 266,000 266,000 155,000 145,000 145,000 266,000 266,000 216,000 266,000

155 155 171 171 171 153 229 229

1588 Methane Nile Eagle 1589 Seri Anggun 1590 Seri Angkasa 1591 Seri Ayu 1594 Ejnan 1605 Tembek 1606 Al Hamla 1607 Maersk Methane 1608 Maersk Marib 1619 Tangguh Foja 1620 Tangguh Jaya 1625 Maersk Arwa 1626 Maersk Magellan 1632 Woodside Donaldson 1633 Maersk Meridian 1634 Tangguh Palung 1641 GasLog Savannah 1642 GasLog Singapore 1643 Al Huwaila 1644 Al Kharsaah 1645 Al Shamal 1646 Al Khuwair 1675 Mozah 1676 Umm Slal 1677 Bu Samra 1686 Aseem 1688 GDF Suez Neptune 1689 GDF Suez Cape Ann 1694 Al Mayeda 1695 Mekaines 1696 Al Ghashamiya 1697 Al Mafyar

215 215 192 192 240 240 240 240

35,600 35,600 35,600

19.5 19.5 19.5 19.5 19.5

225 290 290 290 290 290

50,750

19.5 19.5

49

Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Korea Norway

Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung Samsung STX Shipbuilding STX Shipbuilding STX Shipbuilding Moss Stavanger

1726 Al Bahiya 1745 Methane Julia Louise 1746 Methane Camila Patricia

QGTC GasLog Logistics GasLog Logistics QGTC QGTC QGTC QGTC Mitsui/NYK/Teekay Mitsui/NYK/Teekay Mitsui/NYK/Teekay Mitsui/NYK/Teekay GasLog Logistics Chevron Chevron GasLog Logistics GasLog Logistics Golar LNG Golar LNG Golar LNG Golar LNG Golar LNG Golar LNG Thenamaris Thenamaris GasLog Logistics GasLog Logistics Golar LNG Golar LNG

STASCO Ceres LNG Services Ceres LNG Services STASCO STASCO STASCO STASCO Teekay LNG Teekay LNG Teekay LNG Teekay LNG Ceres LNG Services Ceres LNG Services Chevron Shipping Chevron Shipping Ceres LNG Services Ceres LNG Services Golar LNG Golar LNG Golar LNG Golar LNG Golar LNG Golar LNG Thenamaris Thenamaris Ceres LNG Services Ceres LNG Services Golar LNG Golar LNG Elcano

Jan-10 Apr-10 Oct-10 Nov-09 Mar-10 May-10 Aug-10 Aug-11 Sep-11 Oct-11 Jan-12 Sep-10 May-10 2014 2014 2014 2014 2013 2013 2013 2014 2013 2014 2013 2014 2014 2014 2014 2014 Aug-10 2014 2014

Liberia Bahamas Bahamas Liberia Liberia Liberia Liberia Bahamas Bahamas Bahamas Bahamas Bahamas Bahamas

AB AB AB AB AB AB AB AB AB AB AB AB AB AB AB

DRL DFDE DFDE DRL DRL DRL DRL DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE DFDE

50,750 35,600 35,600

19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5

TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III TZ Mk. III

5 4 4 5 5 5 5 4 4 4 4 4 4 4 4 4 4

216,000 170,000 170,000 266,000 266,000 266,000 266,000 160,400 160,400 160,400 160,400 170,000 170,000 160,000 160,000 155,000 155,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 160,000 165,000 165,000 160,000 160,000 200 200 200 200 200 200 200 200 200 200 198 198

1751 Shagra 1752 Zarga 1753 Aamira 1754 Rasheeda 1810 Soyo 1811 Malanje 1812 Lobito 1813 Cubal 1858 Methane Becki Anne 1920 1921 1946 1947

35,600 35,600

19.5 19.5 19.5 19.5 19.5 19.5

1859 Methane Mickie Harper GasLog Logistics

Liberia Liberia

AB AB

3008 Castillo di Santisteban Elcano SovComFlot SovComFlot 196 Norman Lady Methane Carriers

Liberia

BV

DFDE

35,600

19.5

GT NO 96

173,600

Hoegh LNG

1973

N.I.S.

NV

Steam

30,000

18

Moss

87,600

30

50

Norway Norway Spain Spain Spain Spain Spain Spain Sweden Sweden Sweden Sweden U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S.

Moss Stavanger Moss Stavanger IZAR Puerto Real IZAR Puerto Real IZAR Puerto Real IZAR Sestao IZAR Sestao IZAR Sestao Kockums Kockums Kockums Kockums GD Quincy GD Quincy GD Quincy GD Quincy GD Quincy GD Quincy GD Quincy GD Quincy GD Quincy GD Quincy Newport News Newport News Newport News

198 199 87 103 105 319 321 331 516 517 559 564 41 42 44 46 47 48 49 50 53 54 608 609 610

Hilli Gimi Castillo de Villalba Cadiz Knutsen Madrid Spirit Catalunya Spirit Bilbao Knutsen Sestao Knutsen SCF Polar SCF Arctic LNG Bonny LNG Fimina LNG Aquarius LNG Aries LNG Gemini LNG Capricorn LNG Leo LNG Taurus LNG Virgo LNG Edo LNG Abuja LNG Delta Galeomma Matthew

Golar LNG Golar LNG Elcano Knutsen OAS Teekay LNG Teekay LNG Knutsen OAS Knutsen OAS Sovcomflot Sovcomflot Bonny Gas Transport Bonny Gas Transport MOL/LNG Japan MOL/LNG Japan Patriot Shipping MOL/LNG Japan Patriot Shipping MOL/LNG Japan Patriot Shipping Bonny Gas Transport Bonny Gas Transport Bonny Gas Transport Shell Shipping Suez LNG Shiping

Golar LNG Golar LNG Elcano Knutsen OAS Teekay LNG Teekay LNG Knutsen OAS Knutsen OAS Sovcomflot Sovcomflot STASCO STASCO Mitsui OSK Line Mitsui OSK Line ProNav Ship Mgmt. Mitsui OSK Line ProNav Ship Mgmt. Mitsui OSK Line ProNav Ship Mgmt. Hoegh LNG Anglo-Eastern Mgmt. Anglo-Eastern Mgmt. STASCO STASCO Hoegh LNG

Dec-75 Dec-76 Nov-03 Jun-04 Jan-05 Mar-03 Jan-04 Nov-07 1969 1969 Dec-81 Jan-84 Jun-77 Dec-77 Sep-78 Jun-78 Dec-78 Aug-79 Dec-79 Apr-79 May-80 Sep-80 May-78 Dec-78 Jun-79

U.K. U.K. Spain Spain Spain Liberia Spain N.I.S. Singapore Singapore Bermuda Bermuda Marshall I. Marshall I. Marshall I. Marshall I. Marshall I. Marshall I. Marshall I. Marshall I. Bahamas Bahamas Isle of Man Singapore Bahamas

NV NV LR LR LR LR LR LR AB AB LR LR AB AB AB AB AB AB AB AB BV BV BV LR LR

Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam Steam

40,000 40,000 38,100 38,100 38,100 38,100 38,100 38,100 20,000 20,000 40,800 40,800 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 40,560 40,560 40,560

19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 18.3 16.5 20 20 20.4 20.4 20.4 20.4 20.4 20.4 20.4 20.4 20.4 20.4 18.5 18.5 18.5

Moss Moss GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 96 GT NO 82 GT NO 82 GT NO 88 GT NO 88 Moss Moss Moss Moss Moss Moss Moss Moss Moss Moss TZ Mk. I TZ Mk. I TZ Mk. I

6 6 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6

126,227 126,277 138,000 138,826 138,000 138,000 138,000 138,000 71,500 71,500 133,000 133,000 126,300 126,300 126,300 126,300 126,400 126,300 126,400 126,400 126,500 126,500 126,500 126,540 126,540 21 21 118 118 82 111 109 109 108 107 111 108 131 133 99 89 88 223 171 171 223 209

LNG Libra (to be FSRU) Hoegh LNG

51

APPENDIX II - World's LNG Liquefaction Plants and Regasification Terminals

As of January 2012

On-Stream Adgas LNG Plant (UAE) Algeria LNG Plants (Algeria) Arun LNG Rant (Indonesia)

World's LNG Liquefaction Plants (Source: www.aloballnainfo.com) Under Construction Angola LNG Plant (Angola) Gladstone LNG Plant (Australia) Gorgon LNG Plant (Australia) Iran (NIOC) LNG Plant (Iran) de facto Suspended! Pluto LNG Rant (Australia) PNG LNG Plant (Papua New Guinea) Queensland Curtis LNG Plant (Australia) Wheatstone LNG Plant (Australia)

Planned

Abadi LNG Rant (Indonesia) Arrow LNG Plant (Australia) Australia Pacific LNG Rant (Australia) Baltic LNG Plant (Russia) Bonaparte LNG Rant (Australia) Brass LNG Rant (Nigeria) Browse LNG Rant (Australia) Delta Caribe LNG Rant (Venezuela) Suspended! Donggi-Senoro LNG Plant (Indonesia) Fisherman's Landing LNG Plant (Australia) Gulf LNG Plant (Papua New Guinea) Ichthys LNG Plant (Australia) Krtimat LNG Rant (Canada) Olokola LNG Rant (Nigeria) Pars LNG Plant (Iran) Suspended! Persian LNG Plant (Iran) Suspended! Prelude LNG Plant (Australia) Scarborough (Pilbara) LNG Rant (Australia) Shtokman LNG Plant (Russia) Sunrise LNG Plant (Australia) 52

Atlantic LNG Plant (Trinidad & Tobago) Bontang LNG Plants (Indonesia) Brunei LNG Rant (Brunei) Damietta LNG Rant (Egypt) Darwin LNG Plant (Australia) EG LNG Plant (Equatorial Guinea) Egyptian LNG Plant (Egypt) Kenai LNG Plant (Alaska, USA) Marsa El Brega LNG plant (Libya) MLNG Satu Rant (Malaysia) MLNG Dua Plant (Malaysia) MLNG Tiga Plant (Malaysia) Nigerian LNG Plant (Nigeria) Nordic (Skangass) LNG Rant (Norway) North West Shelf LNG Plant (Australia) Oman & Qalhat LNG Plant (Oman) Peru LNG Rant (Peru)

Gatargas I LNG Plant (Qatar) Qatargas 11 LNG Rant (Qatar) Gatargas 111,1V LNG Plant (Qatar) RasGas I LNG Rant (Qatar) RasGaslI LNG Plant (Qatar) Rasgas III LNG Plant (Qatar) Sakhalin LNG Plant (Russia) Snohvit LNG Plant (Norway) Tangguh LNG Plant (Indonesia) Yemen LNG Plant (Yemen)

53

On-Stream Adriatic (Rovigo) LNG Terminal (Italy) Altamira LNG Tefminal (Mexico) Andres LNG Terminal (Dominican Rep.) Bahia Blanca GasPort (Argentina) Barcelona LNG Terminal (Spain) Bilbao LNG Terminal (Spain)

World's LNG Regasification Terminals (Source: www.aloballnainfo.com) Under Construction Bear Head LNG Terminal (Canada) Cancelled! Brindisi LNG Terminal (Italy) Suspended! Dabhol LNG Terminal (India) El Musel LNG Terminal (Spain) Hachinohe LNG terminal (Japan) Hainan LNG Terminal (China) Ishikari LNG terminal (Japan) Jieyang (Yuedong) LNG Terminal (China) Kita Kyushu LNG terminal (Japan) Kochi LNG Terminal (India) Livomo LNG Terminal (Italy) Manzanillo LNG Terminal (Mexico) Naoetsu LNG terminal (Japan) Nusantara LNG FSRU (Indonesia) Samcheok LNG Terminal (S. Korea) Shandong LNG Terminal (China) Singapore LNG Terminal (Singapore) Swinoujscie LNG Terminal (Poland) Tianjin (Hebei) LNG Terminal (China) Zhejiang Ningbo LNG Terminal (China) Zhuhai LNG Terminal (China)

Planned

Adria LNG Terminal (Croatia) Bahia LNG FSRU (TRBA) (Brazil) Bradwood Landing LNG Terminal (USA) Cancelled! Boryeong LNG Terminal (S. Korea) Cacouna LNG Terminal (Canada) Suspended! Calhoun LNG Terminal (USA) Suspended! Canvey LNG Terminal (UK) Suspended! Casotte Landing LNG Terminal (USA) Cancelled! Corpus Christi LNG Terminal (USA) Suspended! Creole Trail LNG Terminal (USA) Cancelled! Crown Landing LNG Terminal (USA) Dunkirk LNG Terminal (France) East-Central Java LNG FSRU (Indonesia) Ennore LNG Terminal (India) Gioia Tauro (Medgas) LNG Terminal (Italy) Goldboro LNG Terminal (Canada) Cancelled! Hitachi LNG terminal (Japan) Ingleside Energy LNG Terminal (USA) Suspended! Jordan Cove LNG Terminal (USA) Krtjmat LNG Terminal (Canada) Cancelled! Le Havre LNG Terminal (France) Suspended! Levan (Falcione) LNG Terminal (Albania) 54

Brunnsviksholme LNG Terminal (Sweden) Cameron LNG Terminal (USA) Canaport LNG Terminal (Canada) Cartagena LNG Terminal (Spain) Chita 1,11,111 LNG Terminals (Japan) Cove Point LNG Terminal (USA) Dahej LNG Terminal (India) Dalian LNG Terminal (China) Dragon LNG Terminal (UK) Elba Island LNG Terminal (USA) Energia Costa Azul LNG Terminal (Mexico) Escobar GasPort (Argentina) Everett LNG Terminal (USA) Fos Cavaou LNG Terminal (France) Fos Tonkin (Fos-Sur-Mer) LNG Terminal (France) Freeport LNG Terminal (USA)

Fujian LNG Terminal (China) Fukuoka LNG Terminal (Japan) Futtsu LNG Terminal (Japan) Gate LNG Terminal (Netherlands) Golden Pass LNG Terminal (USA) Guanabara LNG FSRU (Brazil) Guangdong LNG Terminal (China) Gulf Gateway GasPort (USA) decommissioned! Gulf LNG (Clean Energy) Terminal (USA) Gwangyang LNG Terminal (S. Korea) Hatsukaichi LNG Terminal (Japan) Hazira LNG Terminal (India) Higashi-ohgishima LNG Terminal (Japan) Himeji I LNG Terminal (Japan) Himeji II LNG Terminal (Japan) Huelva LNG Terminal (Spain) Incheon LNG Terminal (S. Korea) isle of Grain LNG Terminal (UK) Izmir (Aliaga) LNG Terminal (Turkey) Jebel Ali (Dubai) LNG FSRU (UAE) Jiangsu Rudong LNG Terminal (China) Joetsu LNG terminal (Japan) Kagoshima LNG Terminal (Japan) Kawago LNG Terminal (Japan)

LionGas LNG Terminal (Netherlands) Cancelled! Mangalore LNG Terminal (India) Mashal LNG Terminal (Pakistan) Medan LNG FSRU (Indonesia) Mundra LNG Terminal (India) Oregon LNG Terminal (USA) Port Arthur LNG Terminal (USA) Cancelled! Port Dolphin Deepwater LNG Port (USA) Porto Empedocle LNG Terminal (Italy) Pholo (Augusta) LNG Terminal (Italy) Rabaska LNG Terminal (Canada) Rosignano LNG Terminal (Italy) SemanGas (ASG) LNG Terminal (Albania) Shannon LNG Terminal (S. Ireland) Shin-Sendal LNG terminal (Japan) Sonora LNG Terminal (Mexico) Sparrows Point LNG Terminal (USA) Tenehfe LNG Terminal (Canary Isl.- Spain) Texada LNG Terminal (Canada) Suspended! Trieste LNG Terminal (Italy) Vasiliko LNG Terminal (Cyprus) Suspended! Vista del Sol LNG Terminal (USA) Cancelled! Weavers Cove LNG Terminal (USA) Cancelled! Wilhelmshaven LNG Terminal (Germany) Suspended! 55

Lake Charles LNG Terminal (USA) Marmara LNG Terminal (Turkey) Mejillones LNG Terminal (Chile) Mina Al-Ahmadi GasPort (Kuwait) Mizushima LNG Terminal (Japan) Montoir-d-Bretagne LNG Terminal (France) Nagasaki Work LNG Terminal (Japan) Negishi LNG Terminal (Japan Neptune Deepwater LNG Port (USA) Niigata LNG Terminal (Japan) Northeast Gateway GasPort (USA) Northeast Gateway GasPort (USA) Ohgishima LNG Terminal (Japan) Oita LNG Terminal (Japan) Panigaglia LNG Terminal (Italy) Pecem LNG FSRU (Brazil) Penuelas LNG Terminal (Puerto Rico) Pyeong Taek LNG Terminal (S. Korea) Ouintero LNG Terminal (Chile) Rayong LNG Terminal (Thailand) Reganosa (EL Ferrol) LNG Terminal (Spain) Revrthoussa LNG Terminal (Greece) Sabine Pass LNG Terminal (USA) Sagunto LNG Terminal (Spain) 56

Sakai LNG Terminal (Japan) Sakaide LNG Terminal (Japan) Senbokui l.ll LNG Terminal (Japan) Shanghai LNG Terminal (China) Shin Minato Works LNG Terminal (Japan) Sines LNG Terminal (Portugal) Sodeshi LNG Terminal (Japan) South Hook LNG Terminal (UK) Sudegaura LNG Terminal (Japan) Taichung LNG Terminal (Taiwan) Teesside GasPort (England) Tobata LNG Terminal (Japan) Tongyeong LNG Terminal (S. Korea) Yanai LNG Terminal (Japan) Yokkaichi LNG Terminal (Japan) Yokkaichi Works LNG Terminal (Japan) Yung An LNG Terminal (Taiwan) Zeebrugge LNG Terminal (Belgium)

57

BIBLIOGRAPHY
1. Stopford, M., 2009. Maritime Economics. 3rd Edition. London: Routledge. 2. National Energy Board, 2009. Liquefied Natural Gas: A Canadian Perspective. An Energy Market Assessment. February 2009. Canada. 3. Dorigoni, S., et al., 2008. LNG Shipping: A Descriptive Analysis. 28th USAEE North American Conference Proceedings. 3-5 December 2008. New Orleans. 4. Foss, M. M., 2007. Introduction to LNG. January 2007. Texas: Center for Energy Economics (CEE). 5. International Gas Union (IGU), 2010. World LNG Report: News, views and knowledge on gas worldwide. Oslo. 6. International Energy Agency (IEA), 2009. Natural Gas Market Review. Paris: OECD/IEA. 7. British Petrols (BP), 2011. BP Statistical Review of World Energy. June 2011. London: BP plc. 8. Maritime Strategies International Ltd. (MSI), 2011. LNG Industry Update. June 2011. For Lloyds Register. 9. The European Union of the Natural Gas Industry (EuroGas), 2010. Long Term Outlook for Gas Demand and Supply 2007-2030. Brussels: EuroGas. 10. The European Union of the Natural Gas Industry (EuroGas), 2011. Statistical Report. Brussels: EuroGas. 11. Lecarpentier, A., 2011. World LNG market: current developments and prospects. Ordinary General Meeting CEDIGAZ. 24 June 2011. Paris. 12. U.S. Energy Information Administration (EIA), 2011. International Energy Outlook.. Washington DC: Department of Energy. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. http://247wallst.com/2011/09/27/bright-spot-in-shipping-lng-carriers-tgp-glng-apa-eca-eog/ http://arabiangazette.com/demand-for-lng-surges-in-asia/ http://arabiangazette.com/qatar-china-boost-trade-ties-lng-gas-exports/ http://en.wikipedia.org/wiki/LNG_carrier http://gcaptain.com/future/?34043 http://gcaptain.com/market-update-quick-dirty-teekay/?39087 http://gcaptain.com/the-key-to-lngs-maritime-expansion-is-shore-based-infrastructure-dnvaccepts-the-challenge/?37867 http://homework.uoregon.edu/pub/class/hc441/lng.html http://shipbuildinghistory.com/today/highvalueships/lngactivefleet.htm http://www.blokeish.com/2009/10/worlds-largest-ship-sailing-lng-rig/ http://www.businessweek.com/news/2011-12-19/lng-shipping-rates-climb-to-a-record-onscarcity-of-vessels.html http://www.clarksons.net/markets/feature_display.asp?section=&news_id=32319&title=A+Flicke ring+Flame+in+a+Bleak+Winter+Landscape%3F http://www.eia.gov/oiaf/analysispaper/global/index.html http://www.energy.gov.tt/energy_resources.php?mid=113 http://www.energyglobal.com/sectors/liquid-naturalgas/articles/LNG_carrier_industry_overview.aspx 58

28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47.

http://www.fluxys.com/en/about%20natural%20gas/consumption/consumption.aspx http://www.fluxys.com/en/about%20natural%20gas/lng/lng.aspx http://www.fluxys.com/en/about%20natural%20gas/source/source.aspx http://www.gl-group.com/en/14832.php?country=/de/index.php http://www.globallnginfo.com/World%20LNG%20Plants%20&%20Terminals.pdf http://www.goodreturns.in/news/2012/01/03/freight-rates-lng-tankers-sharply-2012-s.html http://www.lloydslist.com/ll/sector/tankers/article390817.ece http://www.marineinsight.com/marine/types-of-ships-marine/what-are-gas-carrier-ships/ http://www.marineinsight.com/misc/maritime-law/specifications-and-requirements-for-lpgand-lng-ships-to-sail-in-international-waters/ http://www.natgas.info/html/liquefiednaturalgaschain.html http://www.naturalgaseurope.com/cedigaz-anticipates-new-dynamics-in-the-global-gasindustry-4419 http://www.petroleum-economist.com/Article/2801286/LNG-shipping-economics-on-therebound.html http://www.platts.com/RSSFeedDetailedNews/RSSFeed/NaturalGas/8335990 http://www.reuters.com/article/2012/01/17/idUSL6E8CG42220120117 http://www.shell.com/home/content/aboutshell/our_strategy/major_projects_2/prelude_flng/re volution_natural_gas_production/ http://www.shell.com/home/content/innovation/meeting_demand/natural_gas/flng/ http://www.shell.com/home/content/innovation/meeting_demand/natural_gas/lng/lng_market/ http://www.shell.com/home/content/innovation/meeting_demand/natural_gas/lng/lng_shippin g/ http://www.stockhouse.com/Columnists/2012/Jan/23/This-tiny-energy-sector-is-boomingright-now http://www.theoildrum.com/node/2011

59