SHIPPING NEWS

AGENDA

BUSINESS

Pakistan cancels tender 3Owners eyeing LNGC contracts 3Santos buys Australian interests 5

ExxonMobil in LNGC deal 7Nakilat takes INSW tonnage 8Elba Island starts up 8

LNGC rates soaring LNG shipping rates have surged to $130,000 per day from around $80,000 per day at the end of September due to tight vessel supply and seasonal firmness in demand.

The upward rate momentum

is expected to be maintained

in 4Q19, due to a reduction

in the availability of vessels

in the spot market.

This is being driven by several

factors, including– US sanctions

on COSCO-linked LNGCs, a rise

in LNG demand, vessels being

used for floating storage and

typhoons causing delays in

China and Japan, said Drewry

Maritime Research in a report.

The US sanctions on COSCO-

linked LNGCs forced charterers to

find replacement vessels from the

spot market, reducing the prompt

tonnage availability. Moreover,

the ongoing contango in LNG

prices has resulted in a sudden

jump in Asian floating storage

levels, further reducing the vessel

supply. In addition, typhoons in

China and Japan have affected

vessel offloading in the region.

Adding fuel to the fire, high

LNG inventories in Europe

have caused LNGCs to either

slow steam or delay deliveries,

absorbing more vessels from

an already tight fleet.

LNGCs blockedThe result of the 25th September

US sanctions on Chinese

shipping companies resulted in

12 COSCO-linked LNGCs being

blocked from trading, which

triggered the charter rates

over the last two weeks.

Among the 12 vessels, six

Arc7s under the 50:50 Yamal

LNG JV between Teekay LNG

and China LNG Shipping (50%

owned by COSCO) were blocked.

The remaining six LNGCs linked

to COSCO were on charter to

China National Offshore Oil and

Gas Company (CNOOC), which

is now seeking to replace them

quickly, which will further deplete

the prompt vessel availability,

causing a surge in rates.

As a measure to compensate

for the lost tonnage,

Novatek’s Yamal LNG project

is seeking to use Norway or

Murmansk as transhipment

hubs to fulfil its contractual

obligations (see page 7).

Furthermore, ongoing weather

delays caused by typhoon Hagibis

in China and Japan have resulted

in a Chinese-receiving terminal

being shut down and causing

offloading delays in Japan thus

limiting vessel availability.

Increased demand expectations

have also spurred forward

LNG prices, leading to a rise

in the use of LNGCs as floating

storage. Higher forward gas

prices have also given an

incentive for LNGCs to take

longer voyages and diversions to

avoid quick deliveries, further

contracting vessel supply.

In addition, upcoming

liquefaction capacity through

Elba LNG T1-5 (1.5 mill tonnes

per annum) in the US, Vysotsk T2

(0.6 mill tonnes) and Yamal LNG

T4 (1.2 mill tonnes per annum)

in Russia will further provide the

impetus to keep shipping rates

high in 4Q19, Drewry said.

LNG shipping rates have

gradually increased on the

BLNG1 Index (the Gladstone/

Tokyo route) to stand at $132,900

per day on 11th October from

$61,100 per day before the

sanctions, up by 117%.

In the near term, vessel

availability is unlikely to increase.

Therefore, Drewry projected

TFDE rates for a 170,000 cu m

vessel to breach the $200,000

per day mark in the short term,

while steam turbine rates will

pass the $100,000 per day level.

Overall, high demand and

tight vessel availability is

predicted to keep shipping rates

high – in the range of $150,000

- $200,000 per day in 4Q19. n

LNG CARRIERS NO ELTIT LANRUOJ GNL nA

LNG Shipping News17 October 2019

Rates soaring 1State of play 2US growth 3Total joins Adani 6

MARKETING

LNG Spot rates

Source: Drewry Maritime Research

-

50,000

100,000

150,000

Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19

$pd

BLNG1(Gladstone-Tokyo)BLNG3(Sabine-Tokyo)

NEWS LNG Shipping News 17 October 20192 l NEWS LNG Shipping News 5 September 20192

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Sovcomflot and NOVATEK sign joint venture agreementOn Wednesday, during the Fifth Eastern Economic Forum, PAO Sovcomflot (SCF) and PAO NOVATEK concludedan agreement to establish a joint venture - SMART LLC.

This agreement was signed bySergey Frank, SCF President andCEO, and Leonid Mikhelson, Chair-man of the Management Board ofNOVATEK.

The aim the joint venture is toensure safe year-round maritimeLNG logistics from the Arctic LNG-2 and other current and prospec-tive NOVATEK projects.

SMART LLC will provide thetechnical designs for future ves-sels, place shipbuilding orders andsupervise the technical aspects oftheir construction. The JV willfunction as the shipowner andfleet operator and will also ac-count for the financing require-ments of the projects.

Around 17 new Arc7 LNGCs areplanned to be built at the Zvezdashipbuilding complex, in co-opera-tion with the Russian shipyard'stechnology partners. These vesselsare expected to be delivered be-tween 2023 - 2026.

The vessels’ technical specifi-cations will differ from the LNGCsof the 'Christophe de Margerie' series. Notably, the anticipatedvessel design foresees a changed

hull shape and better icebreakingcapabilities, to enable efficientcommercial shipments from theGulf of Ob eastwards along theNorthern Sea Route (NSR) year-round.

All of the vessels will be oper-ate under the Russian Federationflag and SMART LLC will be locatedin Vladivostok.

It is anticipated that the fi-nancing for the vessels’ construc-tion will be organised with theassistance of VEB.RF, on the basisof the project’s structure takinginto account Russian and interna-tional practice.

The agreement stipulates thatboth parties will take measures toform the JV by 31st December,2019.

Frank stated: "Establishing a JVwith NOVATEK is the optimal solu-tion, considering the high capitalintensity of the projects, as wellas its long-term nature and the fi-nancial resources required. It alsorecognises the benefits of usingthe latest technologies and ourexperience of fleet managementin severe ice and climatic condi-

tions. The company is potentiallyopen for other professional in-vestors and participants that maybe considering the development ofLNG-projects in the Arctic.

“For Arctic and sub-Arctic seabasin projects, Sovcomflot’s ves-sels have transported over 250mill tonnes of crude oil and over50 mill cu m of LNG. We arepleased to bring this unique expe-rience and expertise accumulatedby the company during years ofsuccessful and safe operation ofour technically unique fleet ofspecialised vessels.

“The implementation of theproject envisages the great impor-tance of training for seafarers ofthe vessels, and it is symbolic thatthe agreement was signed in thebuilding of the legendary MaritimeState University named after Ad-miral G I Nevelskoy, one of Russia'soldest universities and a pioneerin the formation of the traditionsof Arctic navigation.

“For more than a hundredyears, the university has been ed-ucating generations of highly qual-ified marine specialists to work in

the Eastern sector of the Arcticand the Northern water area ofthe Pacific Ocean.” n

Chinese consortium tobuild Cyprusterminal A consortium led by ChinaPetroleum Pipeline EngineeringCorporation (CPPEC) has beenchosen as the preferred bidderfor the construction of an LNGterminal at Vassiliko Port inCyprus.

The consortium, comprisingWilhelmsen Ship ManagementLimited, Aktor, Metron andHudong-Zhonghua Shipbuilding,is to build the import terminal.It will include an FSRU, a jettyfor the mooring of the unit,jetty and onshore pipelines, aswell as additional facilities.

The consortium will now fi-nalise the process and sign thecontracts with ETYFA (NaturalGas Infrastructure Company).

Symeon Kassianides, Chair-man of Cyprus Natural Gas Pub-lic Company (DEFA), reportedlysaid that, if the project goesaccording to plan, contractswith the preferred bidderwould be signed in mid-Octo-ber, 2019.

The €300 mill project,scheduled for completion in2021, is co-financed by a grantof 40%, or up to €101 mill, fromthe European Union’s Connect-ing Europe Facility (CEF) financing instrument. nSergey Frank Sovcomflot right, Leonid Mikhelson NOVATEK left

2019 - A year of expansionIn the light of the burgeoning LNG market, Italian broking and research concern Banchero & Costa has taken a look at the state of play.

Looking at the last 10 years, global LNG trade

grew at an average of +5% year-on-year.

The rate of growth, however, was irregular -

strong until 2011, mainly flat for the following

four years (averaging +0.5%) and from 2016,

rising.

Between 2016 and 2019, growth in global

LNG trade averaged a very healthy +9% y-o-y,

reaching almost 350 mill tonnes last year.

The irregular development was mostly down

to the complexity of liquefying the natural gas

before shipment and the regasification process

following shipment to ensure that the LNG is

available for consumption.

Rather than pure supply and demand, the

bottlenecks were mostly at the infrastructure

level, ie at the beginning and the end of each

voyage.

In particular, the major constraint of the

last 10 years was the the liquefaction capacity

available, which was unable to produce enough

LNG for export. However, with new liquefaction

capacity entering into service, the trade is now

flourishing.

On the supply side, the two largest exporters

are Qatar and Australia, which together account

for almost half of the total volumes exported

worldwide.

As new projects came onstream, Australia’s

exports increased 23% y-o-y last year to reach

69.2 mill tonnes almost matching the 77.9 mill

tonnes exported by Qatar, the world’s largest

producer and exporter of LNG. Last year, Qatar

announced plans to increase its liquefaction

capacity to 100 mill tonnes by the mid-2020s.

In addition, global LNG supply is set to rise

thanks to the additional capacity coming from

the US and Russia. For example, the US is

expected to hold half of the incremental new

global supply capacity in the next few years,

the Genoa-based broker said.

In 2018, US LNG exports increased by 54%

y-o-y to 22 mill tonnes, from 14.3 mill tonnes

recorded in 2017.

Tonne/mile boostFurther US export developments are expected

to provide a huge boost to tonne/mile demand.

The EIA has forecast that the country will be

the world’s third largest LNG exporter by 2020

behind Australia and Qatar, overtaking Malaysia.

In the first nine month of this year, based

on Refinitiv vessel tracking data, global LNG

seaborne exports increased by 11.2% y-o-y

to 260.3 mill tonnes. During this period, LNG

exports from Australia increased by 13.4% y-o-y

to 56.2 mill tonnes, just shy of Qatar’s 56.9 mill

tonnes.

As a result, Australia now accounts for 21.6%

of global LNG supply, almost matching Qatar’s

21.9% share. LNG exports from the US increased

by 54.9% y-o-y in the first nine months of this

year to 24.2 mill tonnes, amounting to 9.3% of

global LNG supply.

Also this year, LNG imports to China increased

by 18.9% y-o-y to 43 mill tonnes. However,

imports to India increased by only 0.9% y-o-y in

the same period, to 16.4 mill tonnes.

In addition, Europe saw a significant increase

in imports. For example, Spain imported

12.6 mill tonnes to the end of September,

up 57.3% y-o-y. Japan and South Korea, on

the other hand, saw declines of 7.5% and

8%, respectively, thus far, Banchero Costa

concluded. n

63

26 28

149

12

6662

3632

16

813

66

58

43

29

1613 12

93

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

Japan China, PR South Korea India Spain Taiwan, China Others

mln

tonn

es

LNG Imports by Destination in January-September(Oct 2019 ; source: refinitiv ; seaborne only ; in mln tonnes)

2017 (1-9) 2018 (1-9) 2019 (1-9)

59

41

9 8

2015

65

58

50

1612

1715

66

57 56

2420 20

14

69

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Qatar Australia USA Russia Malaysia Nigeria Others

mln

tonn

es

LNG Exports by Source in January-September(Oct 2019 ; source: refinitiv ; seaborne only ; in mln tonnes)

2017 (1-9) 2018 (1-9) 2019 (1-9)

comment

2market report - week 40/2019

Over the last 10 years, global LNG trade grew at an average of +5% y-o-y. The rate of growth however was quiteirregular: strong until 2011, substantially flat in the following 4 years (averaging +0.5%) and from 2016 rising again.Between 2016 and 2019, growth in global LNG trade averaged a very healthy +9% y-o-y, reaching almost 350 mlntonnes a year in 2018.Such an irregular development is mostly due to the complexity of liquefying the natural gas before loading it on shipsand the regasification process to make LNG available for consumption.Rather than pure supply and demand of natural gas, the real bottlenecks so far have been mostly at the infrastructurelevel, at the beginning and at the end of the voyage by sea.In particular the major constrain of the last 10 years was that liquefaction capacity was unable to produce enough LNGfor exports. With new liquefaction capacity entering in service the trade is now flourishing again.On the supply side, the two largest exporters are Qatar and Australia, together accounting for almost half of the totalvolumes exported worldwide.With new projects coming on stream, Australia’s exports increased 23% y-o-y last year to reach 69.2 mln tonnes overthe whole of 2018, almost matching the 77.9 mln tonnes exported by Qatar.Qatar continued to be the world’s largest producer and exporter of LNG. Last year, Qatar announced plans to increaseliquefaction capacity to 100 MTPA by the mid-2020s.LNG global supply is set to rise also thanks to the additional capacity coming from the USA and Russia. U.S. is expectedto hold half of the incremental new global supply capacity in the next few years. In 2018, U.S. LNG exports increasedby 54% y-o-y to 22.0 mln tonnes, from 14.3 mln tonnes in 2017.Further developments of U.S. export capacity are expected to provide a huge boost to tonne mile demand, with EIAexpecting the country to be the world’s third largest LNG exporter by 2020 behind Australia and Qatar and surpassingMalaysia.In the first 9 months of 2019, based on Refinitiv vessel tracking data, global LNG seaborne exports increased by 11.2%y-o-y to 260.3 mln tonnes.In this period, LNG exports from Australia increased by 13.4% y-o-y to 56.2 mln tonnes, just short of Qatar’s 56.9 mlntonnes. Australia now accounts for 21.6% of global LNG supply, almost matching the 21.9% share of Qatar.LNG exports from the USA increased by 54.9% y-o-y in Q1-Q3 2019 to 24.2 mln tonnes. The USA now account for 9.3%of global LNG supply.In the first 9 months of 2019, LNG imports to China increased by 18.9% y-o-y to 43.0 mln tonnes. Imports to Indiaincreased by only 0.9% y-o-y in the same period, to 16.4 mln tonnesEurope saw a significant increase in imports this year - Spain imported 12.6 mln tonnes in Q1-Q3 2019, up 57.3% y-o-y.Japan and South Korea, on the other hand, saw declines of -7.5% and -8.0% respectively so far this year.

Global LNG Trade in 2019

NEWS LNG Shipping News17 October 2019 3Pakistan cancels large LNG tender State-owned Pakistan LNG was said to have cancelled a tender to buy LNG over a 10-year period.

Sourcers told Reuters that the company may

turn to the spot market for its imports.

Pakistan LNG issued the tender in early

June to import 240 LNG cargoes of 140,000

cu m each for delivery over 10 years for

the country’s second LNG terminal.

However, a decision was taken to cancel the tender,

due to inadequate demand, one of the sources said.

Pakistan is expected to be a significant

growth driver in global LNG demand, as the

government recently approved five consortia

to proceed with LNG terminal plans.

Pakistan LNG’s cancelled tender was being

keenly watched by the industry, Reuters said,

as it was expected to publish the lowest prices

offered by bidders, which would provide an insight

into an opaque LNG market characterised by

closed bilateral trades, private long-term supply

agreements and an over-the-counter spot market.

Italy’s Eni, China’s PetroChina, Azeri state oil

company SOCAR and commodities trader Trafigura had

forwarded offers for the tender, sources told Reuters. n

GTT receives another two orders At the end of September, GTT received two orders from Samsung Heavy Industries (SHI) and Hyundai Samho Heavy Industries (HSHI) for the tank design of two LNGCs.

Each vessel will have a capacity of 174,000 cu m. GTT will design their tanks, which will be fitted with the Mark III Flex membrane containment system.

The SHI LNGC will be built for NYK and will be delivered during the third quarter of 2021.

The HSHI LNGC will be built for an undisclosed Asian shipowner. The vessel’s delivery is scheduled for the end of the fourth quarter of 2021.

DSME wins two LNGC contracts South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) said in a stock exchange filing that it had received a contract to build two LNGCs for unidentified US interests.

According to the filing, the order is worth KRW446.5 bill ($376.8 mill).

Brokers have reported that BW Gas is behind the order and that they are options declared.

Scheduled to be delivered by September, 2022, each LNGC will have a capacity of 174,000 cu m.

DSME said that the vessels would feature MAN B&W ME-GI dual-fuel, 2-stroke, gas-injection engines and in-house full re-liquefaction systems (FRS).

Owners band together to win huge LNGC contractsSouth Korean owners are co-operating in a bid to win a large tranche of LNGC orders set to be placed by Qatar Petroleum.

Five companies — said to be

Korea Line, Pan Ocean, SK

Shipping, Hyundai LNG Shipping

and H-Line Shipping — were due

to give a joint presentation in

Doha earlier this week to outline

their plans for Qatar’s LNG

project, according to Yonhap,

quoting South Korean sources.

Qatar Petroleum is expected to

place at least 40 LNGC orders by

the end of this year for its North

Field Expansion (NFE) project.

This expansion project will

lead the way to increasing

Qatar’s LNG production capacity

from 77 mill tonnes to 110 mill

tonnes per annum from 2024.

It was speculated a few months

ago that Qatar Petroleum will

need another 60 LNGCs in the long

term for the expansion plans.

While South Korea’s major

shipbuilders are thought to be

favourites to win the newbuilding

orders, due to their dominant

presence in the LNGC market,

local shipowners were also hoping

to secure contracts to operate the

vessels. n

US to contribute 73% of LNG liquefaction growth The US is forecast to contribute around 73% of global newbuild LNG liquefaction capacity growth by 2023.

This figure is taken from planned and announced

projects between 2019 and 2023, according to

data and analytics company, GlobalData.

A report ‘H2 2019 Global Capacity and Capital

Expenditure Outlook for LNG Liquefaction

Terminals – North American Companies Dominate

Global Liquefaction Capacity Additions’

revealed that the US is expected to account for

a new LNG liquefaction capacity of 156.9 mill

tonnes per annum from projects by 2023.

Of this, 79 mill tonnes of capacity will

come from planned projects, while the rest

will be from already announced projects.

Adithya Rekha, GlobalData Oil & Gas Analyst,

commented: “The US is expected to add

capacity of 156.9 mill tonnes per annum from 17

newbuild LNG liquefaction terminals by 2023.

“Of these, the Rio Grande terminal will have the

highest capacity of 17.6 mill tonnes The terminal is

expected to start operations in 2023,” he said. n

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NEWS LNG Shipping News17 October 2019 5

Record Panama LNGC transitsThe Panama Canal has closed the 2019 fiscal year (FY19) with a record tonnage of 469 mill Panama Canal tons (PC/UMS), a 6.2% increase com-pared to FY18.

The waterway also exceeds the 450.7 mill PC/UMS tons projection for FY19, as well as the record tonnage of 442 mill PC/UMS tons registered in the previous fiscal year.

During FY19, transits for the LNG and LPG segments rose by 37.6 and 6.9%, respectively, representing the largest gain across all segments.

In terms of tonnage, LNGCs accounted for 43 mill PC/UMS tons.

Cheniere takes LNGC for period businessBrokers have reported that Cheniere has chartered the 160,000 cu m LNGC ‘Yari LNG’ for 12 months at $69,900 per day.

PETRONAS conducts third LNG STS transfer PETRONAS LNG recently completed its third LNG deliv-ery via a ship-to-ship (STS) transfer.

It took place in Brunei Bay, Sabah, Malaysia.

The delivering vessel, ‘Seri Bijaksana’, transferred 80,000 cu m of LNG to ‘Polar Spirit’ and 62,000 cu m to ‘Lerici’.

The two ships then delivered the two cargoes to Chinese receiving terminals.

The 1993-built ‘Polar Spirit’ is operated by Teekay LNG Partners and the 1998-built ‘Lerici’ by MISC, according to VesselsValue.

PETRONAS completed its first LNG STS operation in June, 2018, and the second in April, this year.

Santos buys ConocoPhillips’ northern Australia interestsAustralian-based independent oil and gas producer Santos has agreed to acquire ConocoPhillips’ northern Australia business for $1.39 bill.

This will give Santos operating

interests in Darwin LNG, Bayu-

Undan, Barossa and Poseidon.

A further contingent payment

of $75 mill is subject to FID

being taken on Barossa.

The company said it was targeting

pre-tax synergies of $50-75 mill

per annum (excluding integration

and other one-off costs) driven by

Santos operational efficiency.

Barossa partner SK E&S was

said to be highly supportive of the

deal and has signed a Letter of

Intent to acquire a 25% interest

in Bayu-Undan and Darwin LNG.

Advanced talksSantos also said it was in

discussions with existing Darwin

LNG joint-venture partners

to take equity in Barossa and

in advanced discussions with

LNG buyers for Barossa offtake

volumes, including with an

existing partner in Darwin LNG.

Santos Managing Director

and CEO, Kevin Gallagher, said;

“Santos was a founding partner

with ConocoPhillips in Darwin

LNG, which has been operating

since 2006. The acquisition of

these assets fully aligns with

Santos’ growth strategy to build

on existing infrastructure positions

while advancing our aim to be a

leading regional LNG supplier.

“This acquisition delivers

operatorship and control of

strategic LNG infrastructure at

Darwin, with approvals in place

supporting expansion to 10 mill

tonnes per annum, and the low

cost, long life Barossa gas project.

“Santos intends to manage

gearing within our stated operating

range and is targeting to sell-

down equity in Darwin LNG and

Barossa to 40-50% in order to

create alignment between joint

venture participants as well as

by optimising equity levels in

our Western Australia assets.

“We are also in discussions with

existing Darwin LNG joint-venture

partners to sell equity in Barossa

and further equity in Darwin LNG

and also with LNG buyers for

offtake volumes. Santos will target

the contracting of around 60-80%

of LNG volumes for 10+ years

prior to taking FID on Barossa,

which is expected by early 2020.

“As we have demonstrated

following the acquisition and

integration of Quadrant Energy into

our offshore business, Santos’ low-

cost operating model is creating

opportunities for disciplined

growth across Australia,” he said.

ConocoPhillips is the majority

owner and operator of the

Darwin LNG facility, which has a

capacity of 3.7 mill tonnes per

annum of LNG and significant

expansion potential.

Barossa is to be developed using

subsea wells tied back to an FPSO

for gas processing and condensate

export. A 260 km gas export

pipeline will transport gas to the

existing Bayu-Undan pipeline for

onwards transport to Darwin LNG.

The new development is

expected to extend the operating

life of Darwin LNG by more than

20 years. Life extension capex

at Darwin LNG of around $600

mill (2019 real) is expected to be

incurred between Bayu-Undan end

of field life and the commencement

of production at Barossa.

Credit Suisse (Australia) Limited

and JB North & Co are acting as

financial advisers to Santos and

Allens is acting as legal adviser to

Santos. n

Santos has taken control of Darwin LNG

NEWS LNG Shipping News 17 October 20196Melkøya reaches milestoneEquinor has shipped the 1,000th gas cargo from its Hammerfest LNG plant in Norway.

This milestone was a 140,500 cu

m cargo shipped on the ‘Arctic

Discoverer’ bound for Spain.

Total sales value of all the LNG

cargoes since the Snøhvit field came

on stream in 2007 is in the range of

NOK130-150 bill ($16 billion). LPG

and condensate from the Snøhvit

field have also created considerable

value, Equinor claimed.

Snøhvit was the first major

development on the Norwegian

continental shelf to have no surface

installations. The production

facilities are located on the

seabed, at depths of 250-345 m.

Gas from the field is conveyed by

a 160 km pipeline to the facility

on the island of Melkøya.

Equinor was the operator during

the development phase and now

has operational responsibility

for the facility. At the onshore

facility, condensate, water and

CO2 are separated from the well

stream before the natural gas

is cooled down to a liquid form

and stored in specialised tanks.

An LNGC is loaded every five

days, and LPG and condensate

cargoes are loaded around every

third week. The cargoes are

shipped to worldwide markets.

“LNG is increasingly balancing

regional gas markets and helps

set the global gas prices. The

recent development makes Europe

a natural market for LNG from

Melkøya. In addition, we have

delivered some cargoes to other

markets in the Atlantic Basin, such

as Brazil,” said Equinor’s manager

of LNG trading, Anders Bjordal.

Equinor has four LNGCs at its

disposal, which can reach most of

the market in the Atlantic Basin in

20 days, and Asian markets via the

Suez Canal in 25-35 days. n

Total to promote Indian LNG with Adani India’s LNG imports appear to be at the crossroads. The latest initiatives involve Total and Adani plus the opening of Mundra.

Total has signed an agreement

with the Adani Group to jointly

develop multi energy services

for the Indian energy market.

This co-operative

agreement includes LNG.

Adani is an Indian private

conglomerate active in 50

countries, specialising in

commodities trading, port

infrastructures and logistics,

as well as energy production

and distribution.

As for LNG, Total is the world’s

second largest LNG private

player, and Adani, the largest

infrastructure conglomerate

in India, will serve the fast

growing Indian gas demand.

The companies will jointly

develop various regasification

LNG terminals, including Dhamra

LNG, on the Indian East coast.

“India’s energy consumption

will grow among the fastest

of all major economies in the

world over the next decade.

The partnership between Total

and the private Adani Group

illustrates our joint commitment

to assisting India to diversify

its energy mix and to ensure a

supply of reliable, affordable and

clean energy to consumers.

“We are thrilled to build this

broad partnership with the Adani

Group, benefiting from its in-depth

knowledge of the Indian energy

market, as well as its access to

infrastructures through a significant

footprint in several of the country’s

key ports,” said Patrick Pouyanné,

Total Chairman and CEO.

Adani Group Chairman, Gautam

Adani, added, “I am delighted

to partner with Total, one of

the biggest energy companies

in the world. The collaboration

enables us to associate with

Total’s century-old legacy, global

presence, scale and unparalleled

go-to-market expertise.

“The global synergy between the

two groups presents widespread

benefits and long-term value for

the economy and the people of

India. We are looking forward to

this opportunity to touch millions

of lives by leveraging our collective

footprints and domain expertise in

the energy sector. It also enables

the Adani Group to be part of

the country’s vision in adopting

cleaner energy,” he concluded.

Mundra delayMeanwhile, more than a year

since its inauguration, Gujarat

government-backed LNG project

at Mundra may finally come

on stream by December.

According to Indian media,

a commercial dispute between

the partners Gujarat State

Petroleum Corp (GSPC) and

Adani Group had stalled the

commissioning of the 5 mill tonnes

a year LNG import facility.

The terminal was completed

in mid-2018 and was

inaugurated by Indian Prime

Minister Narendra Modi.

However, the commissioning

was suspended, due to delays in

the finalisation of certain lease

and sub-commission agreements

between the promoters and

the Gujarat government.

A commissioning LNG cargo from

the US arrived last November, but

it was diverted to Hazira after

it was not allowed to discharge

at Mundra, sources said.

GSPC and other state sector

entities hold 50% equity in GSPC

LNG - the company that built the

terminal, Adani holds 25%, while

the balance was earmarked for

strategic investors/fuel suppliers/

financial institutions/public.

The Mundra terminal, whose

capacity will be expanded to 10

mill tonnes per annum in the

future, can receive LNGCs from

75,000 cu m to 260,000 cu m.

In addition, there are two LNG

storage tanks of 160,000 cu m

each, facilities for regasification

and gas evacuation.

Gujarat already has a 17.5 mill

tonnes per year import facility

operated by Petronet LNG at

Dahej and another 5 mill tonne

capacity terminal at Hazira run by

Shell. n

Equinor has shipped the 1,000th cargo from Melkøya

Patrick Pouyanné, Total Chairman and CEO

Each of the LNGCs will serve

ExxonMobil’s worldwide

LNG portfolio under a 15-

year charter contract.

Prior to this, the same MISC

subsidiaries, signed a contract

with Samsung Heavy Industries

to build the LNGCs.

The vessels will each have a

capacity of 174,000 cu m and will

feature X-DF propulsion, Mark III

Flex Plus containment systems

and full re-liquefaction facilities

for higher efficiencies and to

meet the demand for worldwide

trading and long-haul voyages.

They are due for delivery in

the first quarter of 2023.

MISC’s President/Group CEO, Yee

Yang Chien, said “This is certainly a

landmark moment for MISC, and we

are proud to expand this strategic

partnership with ExxonMobil through

SeaRiver in providing best-in-class

shipping solutions, beginning

with Petroleum and now LNG.

“With our broad spectrum of

energy related maritime solutions

and services, MISC is confident of

our ability to serve the various

needs of the global oil and gas

industry. Ultimately this partnership

is a testament to our capabilities

of fulfilling the world’s growing

demands for this energy source.”

“Our co-operation with MISC is

an integral part of ExxonMobil’s

commitment to provide flexible

solutions in the open and dynamic

LNG marketplace,” said Alex

Volkov, Vice President of Global

LNG Marketing at ExxonMobil. “The

addition of these two vessels will

help us build a competitive LNG

value chain as ExxonMobil continues

to grow its global gas portfolio and

expand supply positions to meet

evolving needs of our customers.” n

These talks were as a result of

the uncertainty surrounding the

impact of US sanctions on the

Chinese COSCO LNGCs it operates,

a Novatek official reportedly said.

The US imposed sanctions on

25th September on China’s state-

owned COSCO’s subsidiaries, COSCO

Shipping Tanker (Dalian) Co and

COSCO Shipping Tanker (Dalian)

Seaman & Ship Management, for

allegedly shipping Iranian crude.

US-listed shipowner Teekay LNG

said that as a result, its shipping

joint venture in Russia, Yamal

LNG, had been ‘blocked’ by the

US Treasury because its partner

China LNG Shipping (Holding) is

50% owned by COSCO Dalian.

Yamal LNG owns four

operational and two newbuilding

Arc7 LNGCs capable of

navigating through Arctic ice.

“We have nothing to do with

the sanctions, but we don’t know

if the sanctions may affect the

ships owned by the (Yamal LNG

shipping) joint venture,” Novatek

CFO, Mark Gyetvay, told Reuters

on the sidelines of a conference.

“We have responsibilities before

our customers to deliver LNG so

we need to protect ourselves.”

Gyetvay said the talks were

ongoing and said that the

decision on the transhipment

hub will be made “soon.”

Novatek had a contract with

Norwegian shipping company

Tschudi to tranship Yamal cargoes

in Norway’s Honningsvag, which

operated between November,

2018 and June, 2019.

Having a transhipment point in

Norway would help the company

reduce the time Ice Class vessels

sail from Yamal LNG (Sabetta) to

where the cargo can be transferred

to a conventional LNGC.

Novatek may also use Russia’s

Arctic port of Murmansk for LNG

transhipment, Gyetvay said,

adding that using Murmansk for

transhipments would be a precursor

for a fully-equipped transhipment

terminal that is being developed

together with a similar facility

on the Kamchatka peninsula.

Gyetvay also commented to

Reuters that while long-term

contracts for Yamal Train 1 and

2 have started, volumes from

Train 3, launched last November,

are still being largely sold on a

spot basis a situation that will

remain until about April.

Train 4 is expected to start

producing LNG in the first

quarter of 2020. he said.

According to reports from

Russia, in late September the

federal government approved

the establishment of three new

reloading points located in a

bay south of the Kildin island

in the Murmansk Oblast.

This facility will be able to

handle two laden LNGCs from

Yamal simultaneously.

Rosmorport reportedly said

that two of the moorings will

handle LNGCs, while the third

will handle a service ship.

Each of the mooring areas will

include eight buoys attached

to the sea bottom by steel

and concrete anchors.

NEWS LNG Shipping News17 October 2019 7

First Gen plans FSRU It has been reported that First Gen is considering leas-ing an FSRU to regas LNG imports, which can yield sav-ings on feed gas costs.

The power supplier has fixed gas supply contracts with the consortium behind the sole producing gas field in the Philippines.

Delta LNG port proposal The US Maritime Administra-tion (MARAD) has issued a notice stating that a public meeting concerning the proposed West Delta LNG deepwater port (DWP) license application will be held in Belle Chasse, Louisiana on 29th October.

Written comments must be submitted by 6th November.

OLT launches consultation process It is now possible to consult OLT Offshore LNG Toscana’s website (www.oltoffshore.it) on the proposal to amend the Regasification Code, previ-ously approved by ARERA.

The modifications include the clarifications pub-lished during the Gas Year 2018/2019 on OLT’s website and also the greater flexibil-ity for terminal users’ related to the allocation of capacity procedures.

Comments on the Regasifi-cation Code must be sent by 19th November, 2019.

ExxonMobil charters two LNGC newbuildings

Novatek in LNG transhipments talks

Wholly-owned subsidiaries of MISC Berhad (MISC), have secured agreements with ExxonMobil Corp’s subsidiary, SeaRiver Maritime to timecharter two LNGCs.

Novatek was believed to be in talks to tranship its Yamal cargoes in Norway or at Murmansk.

The federal port authority will be

responsible for LNGC escorts. It was

also believed that a number of the

gas ships will use nearby Kola Bay.

The lion’s share of Yamal’s 15

new Arc7s will use the reloading

facility in Kildin to transfer cargo

to conventional LNGCs for onward

shipment. n

NEWS LNG Shipping News 17 October 20198

Elba Island starts to export LNGCommercial services have started on the first of 10 liquefaction units of the Elba Liquefaction Co (ELC), a joint venture between Kinder Morgan and EIG Global Energy Partners (EIG).

Previously an LNG import terminal,

Elba Island’s facility is now also

able to produce LNG for export.

With the first unit in service, the

company is now earning about

70% of the expected total daily

revenue of the liquefaction units.

“This is a great milestone that

was achieved with an exemplary

safety record,” said Kinder

Morgan Natural Gas South Region

President, Norman Holmes. “It

is also an important step for

the US as the country becomes

a key energy exporter.”

Progress is also being

made on the remaining nine

units. Startup activities are

underway on the second and

third units, the commissioning

of units four through six is

ongoing, and construction on

the remaining units is largely

complete, Kinder Morgan said.

Once in full development, Elba

Island is expected to have a total

capacity of around 2.5 mill tonnes

per year of LNG for export.

The project is supported by

a 20-year contract with Shell,

which will take the whole of

its liquefaction capacity.

Shell’s chartered LNGC

‘Gemmata’ has been anchored

off the coast of the US state of

Georgia since 12th October in

ballast, indicating that it is likely

to pick up the first cargo from Elba,

cFlow, S&P Global Platts trade flow

software, showed on Monday.

A Kinder Morgan spokeswoman

told Platts on Monday that

‘Gemmata’ was berthed at Elba.

In another move, on 16th Oct,

the US Department of Energy

(DOE) approved Venture Global

Plaquemines LNG proposal to

export domestically produced

LNG from the project.

“The increase in LNG

infrastructure projects in the US

has been astounding to watch,”

said US Secretary of Energy, Rick

Perry. “Projects like Venture

Global’s Plaquemines create

well-paid, American jobs and have

changed the game in sharing the

benefits of US LNG with our allies

around the world. I am glad the

Department is doing our part to

empower the Plaquemines project

and other energy infrastructure

to progress quickly.”

Plaquemines LNG now has

permission to export up to

3.4 bill cu ft per day of LNG

from the proposed terminal

on the Mississippi River.

The US Federal Energy Regulatory

Commission (FERC) authorised

its siting, construction, and

operation in September. n

Elba has come a step closer Source: Fearnleys (16/10/19)

LNG weekly rate assessmentsSpot Market (155,000-165,000 cu m)

($ per day) Weekly change

East of Suez $130,800 (no change)

West of Suez $120,000 -$10,000

12 months t/c $83,000 (no change)

Nakilat takes over four Q-Flex’s Nakilat has acquired the full ownership of four Q-Flex LNGCs from its joint-venture partner, International Seaways (INSW).

This follows the execution of a

sale and purchase agreement for

the acquisition of the remaining

49.9% ownership interest in

these vessels from INSW.

It raises the number of vessels

wholly-owned by Nakilat from 25

to 29 LNGCs, out of its overall

fleet of 74 LNG and liquefied

petroleum gas (LPG) carriers,

operated by the Qatari company.

With a cargo carrying capacity

of 217,000 cu m each, the four

LNGCs have been operated and

managed in-house by Nakilat’s

ship management arm, Nakilat

Shipping Qatar Limited (NSQL),

since 2014, in addition to the

other 10 LNG and 4 LPG carriers

under NSQL management.

Nakilat CEO, Eng Abdullah

Al Sulaiti, said: “The 100%

ownership acquisition of these

four vessels comes as part of

Nakilat’s long-term strategy

to capitalise on such strategic

investment opportunities.

“These vessels are chartered

to our long-standing partner

Qatargas, the world’s largest

exporter of clean energy.

Owning the vessels that we

manage allows Nakilat to

consolidate its fleet, provides

greater operational flexibility

and optimisation of resources,

leading to the realisation of cost

savings with minimal risks and

strengthens our customer focus.

“In addition, this transaction

affirms the strong financial

standing of the company and our

commitment to maximise value

for our shareholders, in alignment

with our vision to be a global

leader and provider of choice

for energy transportation and

maritime services,” he said. n

Name Segment Yard Containment Capacity Propulsion Delivery Ordered Primary System Date Owner

DFDE = dual fuel diesel engines, STRH = steam turbine reheat / ultra steam turbine, MEGI = marine electric gas injection, DRL = slow speed diesel, FSRU = vessel with regas capacity, FLNG = floating LNG production unitData last updated = 6th August 2019

WORLD LNG CARRIER ORDERBOOK

Name Delivery Capacity Propulsion Containment Primary Owner Yard Ordered

Energy Universe 01/08/2019 165000 TFDE SPB MOL Japan Marine United 01/02/2014

Georgiy Ushakov 11/09/2019 172000 TFDE - Azipod GT NO 96 Teekay LNG DSME 01/07/2014

Nikolay Urvantsev 15/07/2019 172410 TFDE - Azipod GT NO 96 MOL DSME 01/07/2014

Yakov Gakkel 25/10/2019 172000 TFDE - Azipod GT NO 96 Teekay LNG DSME 01/07/2014

Marvel Pelican 15/12/2019 155000 TFDE Moss MOL Kawasaki 01/09/2014

Marvel Heron 20/09/2019 177000 STaGE Moss MOL Mitsubishi H.I. 01/01/2015

Marvel Swan 15/10/2021 178000 MEGI K-Line Imabari 15/05/2015

BW Pavilion Aranda 10/09/2019 173400 MEGI GT NO 96 BWGas DSME 01/09/2015

Daewoo 2466 15/10/2019 173400 MEGI GT NO 96 Maran Gas Maritime DSME 01/06/2016

Daewoo 2467 15/10/2019 173400 MEGI GT NO 96 Maran Gas Maritime DSME 01/06/2016

Gaslog Windsor 15/04/2020 180000 XDF GTT Mark III Flex GasLog Samsung 01/09/2016

Daewoo 2469 01/04/2020 173400 MEGI GT NO 96 Maran Gas Maritime DSME 16/12/2016

Rias Baixas Knutsen 15/07/2019 180000 MEGI GTT Mark III Flex Knutsen Hyundai 01/03/2017

Flex Courageous 15/08/2019 173400 MEGI GT NO 96 Flex LNG DSME 02/03/2017

MOL Hudong-Zhonghua 1/4 15/12/2019 174000 MEGI GT NO 96 MOL Hudong-Zhonghua 01/07/2017

MOL Hudong-Zhonghua 2/4 01/03/2020 174000 MEGI GT NO 96 MOL Hudong-Zhonghua 01/07/2017

MOL Hudong-Zhonghua 3/4 15/07/2020 174000 MEGI GT NO 96 MOL Hudong-Zhonghua 01/07/2017

MOL Hudong-Zhonghua 4/4 01/10/2020 174000 MEGI GT NO 96 MOL Hudong-Zhonghua 01/07/2017

Gaslog Warsaw 15/07/2019 180000 XDF GTT Mark III Flex GasLog Samsung 01/12/2017

Daewoo 2478 15/05/2020 173400 MEGI GT NO 96 Maran Gas Maritime DSME 06/12/2017

Elisa Larus 30/03/2020 174000 XDF GTT Mark III Flex NYK Hyundai 01/01/2018

SHI #1 15/07/2020 174000 XDF GTT Mark III Flex Cardiff Marine Samsung 01/01/2018

SHI #17 15/10/2020 174000 XDF GTT Mark III Flex Cardiff Marine Samsung 01/01/2018

HHI / Total 15/01/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 04/01/2018

HHI / Total / Sovc 28/02/2020 174000 XDF GTT Mark III Flex Sovcomflot Hyundai 04/01/2018

BW Magnolia 15/12/2019 173400 MEGI GT NO 96 BWGas DSME 01/02/2018

BW Pavilion Aramhera 15/06/2020 173400 MEGI GT NO 96 BWGas DSME 01/02/2018

HHI / Cardiff #1 15/02/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 01/02/2018

HHI / Cardiff #2 15/04/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 01/02/2018

Flex Reliance 15/07/2020 173400 MEGI GT NO 96 Flex LNG DSME 28/02/2018

Flex Resolute 15/08/2020 173400 MEGI GT NO 96 Flex LNG DSME 28/02/2018

Flex Amber 15/07/2020 174000 XDF GTT Mark III Flex Flex LNG Hyundai 01/03/2018

Flex Aurora 15/05/2020 174000 XDF GTT Mark III Flex Flex LNG Hyundai 01/03/2018

SHI Gaslog #1 15/04/2020 180000 XDF GTT Mark III Flex GasLog Samsung 01/03/2018

Samsung 2271 15/04/2020 174000 XDF GTT Mark III Flex Cardiff Marine Samsung 09/03/2018

DSME Minerva #1 15/01/2021 173400 MEGI GT NO 96 Minerva Marine DSME 15/03/2018

DSME Minerva #2 15/04/2021 173400 MEGI GT NO 96 Minerva Marine DSME 15/03/2018

Traiano Knutsen 15/06/2020 180000 MEGI GTT Mark III Flex Knutsen Hyundai 23/03/2018

DSME 2483 15/08/2020 173400 MEGI GT NO 96 Alpha Gas DSME 28/03/2018

DSME 2484 01/12/2020 173400 MEGI GT NO 96 Alpha Gas DSME 28/03/2018

SHI Gaslog #2 15/07/2020 180000 XDF GTT Mark III Flex GasLog Samsung 30/05/2018

DSME 2487 15/01/2021 173400 MEGI GT NO 96 Maran Gas Maritime DSME 05/06/2018

Maran Gas DSME 15/09/2020 173400 MEGI GT NO 96 Maran Gas Maritime DSME 05/06/2018

DSME 2485 15/04/2021 173400 MEGI GT NO 96 Alpha Gas DSME 07/06/2018

3 October 2019 LNG Shipping News NEWS l 9NEWS LNG Shipping News17 October 2019 9

DFDE = dual fuel diesel engines, STRH = steam turbine reheat / ultra steam turbine, MEGI = marine electric gas injection, DRL = slow speed diesel, FSRU = vessel with regas capacity, FLNG = floating LNG production unitData last updated = Data last updated = 6th August 2019

Cool Discoverer 15/08/2020 174000 XDF GTT Mark III Flex Thenamaris Hyundai 19/06/2018

Flex Vigilant 15/03/2021 174000 XDF GTT Mark III Flex Flex LNG Hyundai 30/06/2018

Flex Volunteer 15/11/2020 174000 XDF GTT Mark III Flex Flex LNG Hyundai 30/06/2018

Aristarchos 15/03/2021 174000 XDF GTT Mark III Flex Capital Gas Hyundai 01/07/2018

Aristidis I 15/11/2020 174000 XDF GTT Mark III Flex Capital Gas Hyundai 01/07/2018

Aristos I 15/10/2020 174000 XDF GTT Mark III Flex Capital Gas Hyundai 01/07/2018

Attalos 15/06/2021 174000 XDF GTT Mark III Flex Capital Gas Hyundai 01/07/2018

Flex Freedom 15/10/2020 173400 MEGI GT NO 96 Flex LNG DSME 05/07/2018

Celcius #1 15/10/2020 180000 XDF GTT Mark III Flex Celcius Shipping Samsung 01/08/2018

Celcius #2 15/12/2020 180000 XDF GTT Mark III Flex Celcius Shipping Samsung 01/08/2018

HHI 3037 15/09/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 15/08/2018

SHI 2300 15/10/2020 174000 XDF GTT Mark III Flex GasLog Samsung 15/08/2018

SHI 2301 15/12/2020 174000 XDF GTT Mark III Flex GasLog Samsung 15/08/2018

HHI 3038 15/11/2020 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 15/09/2018

Cool Racer 15/01/2021 174000 XDF GTT Mark III Flex Thenamaris Hyundai 27/09/2018

SHI NYK 15/04/2021 174000 XDF GTT Mark III Flex NYK Samsung 28/09/2018

SHI Minerva #1 15/01/2021 174000 XDF GTT Mark III Flex Minerva Marine Samsung 15/10/2018

HHI 3039 15/03/2021 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 15/11/2018

HHI 3112 15/01/2021 174000 XDF GTT Mark III Flex Cardiff Marine Hyundai 15/11/2018

HHI Latsco #1 15/02/2021 174000 XDF GTT Mark III Flex Latsco Shipping Hyundai 25/11/2018

HHI Latsco #2 15/08/2021 174000 XDF GTT Mark III Flex Latsco Shipping Hyundai 25/11/2018

SHI 2306 15/09/2021 174000 XDF GTT Mark III Flex NYK Samsung 03/12/2018

SHI 2307 15/11/2021 174000 XDF GTT Mark III Flex NYK Samsung 03/12/2018

DSME 2496 15/02/2021 174000 MEGI GT NO 96 BWGas DSME 05/12/2018

DSME 2497 15/06/2021 174000 MEGI GT NO 96 BWGas DSME 05/12/2018

DSME 2495 15/05/2021 173400 MEGI GT NO 96 Nakilat DSME 10/12/2018

HHI NYK DG #1 15/09/2020 174000 XDF GTT Mark III Flex NYK Hyundai 11/12/2018

HHI NYK DG #2 15/05/2021 174000 XDF GTT Mark III Flex NYK Hyundai 11/12/2018

HHI NYK DG #3 15/06/2021 174000 XDF GTT Mark III Flex NYK Hyundai 11/12/2018

DSME Dec #1 15/12/2020 180000 MEGI GT NO 96 MOL DSME 15/12/2018

DSME Dec #2 15/02/2021 180000 MEGI GT NO 96 MOL DSME 15/12/2018

SHI Navigare 15/03/2021 173400 XDF GTT Mark III Flex Navigare Samsung 15/12/2018

HHI Sovcom #1 30/08/2020 174000 XDF GTT Mark III Flex Sovcomflot Hyundai 19/12/2018

HHI Sovcom #2 15/12/2020 174000 XDF GTT Mark III Flex Sovcomflot Hyundai 19/12/2018

Alpha Gas 15/06/2021 174000 MEGI GT NO 96 Alpha Gas DSME 27/12/2018

SHI Gaslog CE #1 15/06/2021 180000 XDF GTT Mark III Flex GasLog Samsung 27/12/2018

SHI Gaslog CE #2 15/08/2021 180000 XDF GTT Mark III Flex GasLog Samsung 27/12/2018

SHI #18 15/03/2021 174000 XDF GTT Mark III Flex Cardiff Marine Samsung 31/12/2018

Celcius #3 15/02/2021 180000 XDF GTT Mark III Flex Celcius Shipping Samsung 15/01/2019

Celcius #4 15/04/2021 180000 XDF GTT Mark III Flex Celcius Shipping Samsung 15/01/2019

SHI Minerva #2 15/09/2021 174000 XDF GTT Mark III Flex Minerva Marine Samsung 15/01/2019

CSSC #1 15/09/2021 178000 XDF GT NO 96 CSSC Hudong-Zhonghua 30/01/2019

CSSC #2 15/02/2022 178000 XDF GT NO 96 CSSC Hudong-Zhonghua 30/01/2019

DSME Maran 15/05/2021 174000 MEGI GTT Mark III Flex Nakilat DSME 15/02/2019

Samsung Feb #1 15/03/2022 174000 XDF GTT Mark III Flex Samsung 15/02/2019

Name Delivery Capacity Propulsion Containment Primary Owner Yard Ordered

l NEWS LNG Shipping News 3 October 201910 NEWS LNG Shipping News 17 October 201910

DFDE = dual fuel diesel engines, STRH = steam turbine reheat / ultra steam turbine, MEGI = marine electric gas injection, DRL = slow speed diesel, FSRU = vessel with regas capacity, FLNG = floating LNG production unitData last updated = Data last updated = 6th August 2019

Samsung Feb #2 15/03/2022 174000 XDF GTT Mark III Flex Samsung 15/02/2019

Samsung Feb #3 15/03/2022 174000 XDF GTT Mark III Flex Samsung 15/02/2019

Capital Gas #5 15/07/2021 174000 XDF GTT Mark III Flex Capital Gas Hyundai 25/02/2019

DSME Maran #2 15/08/2021 173400 XDF GTT Mark III Flex Nakilat DSME 25/02/2019

DSME Maran #3 15/10/2021 173400 XDF GTT Mark III Flex Nakilat DSME 25/02/2019

SHI Mar19 15/03/2022 174000 XDF GTT Mark III Flex Nisshin Shipping Samsung 20/03/2019

DSME Maran 2504 15/01/2022 174000 MEGI GT NO 96 Maran Gas Maritime DSME 01/04/2019

H Samho NYK 15/03/2022 174000 XDF GTT Mark III Flex NYK Hyundai 01/04/2019

HHI Samho Edison 15/01/2022 174000 XDF GTT Mark III Flex NYK Hyundai 10/04/2019

Capital Gas #6 15/09/2021 174000 XDF GTT Mark III Flex Capital Gas Hyundai 15/04/2019

Samsung N/A 15/01/2022 174000 XDF GTT Mark III Flex Minerva Marine Samsung 01/05/2019

DSME May19 15/05/2022 174000 MEGI GT NO 96 Maran Gas Maritime DSME 14/05/2019

DSME MOL #3 15/07/2021 173400 MEGI GT NO 96 MOL DSME 15/05/2019

Hyundai European #1 15/03/2022 180000 XDF GTT Mark III Flex Dynagas Hyundai 22/05/2019

Hyundai European #2 15/06/2022 180000 XDF GTT Mark III Flex Dynagas Hyundai 22/05/2019

Samsung 2019 #10 15/06/2022 174000 XDF GTT Mark III Flex Morgan Stanley Samsung 08/06/2019

Samsung 2019 #9 15/01/2022 174000 XDF GTT Mark III Flex Morgan Stanley Samsung 08/06/2019

HHI SK E&S 15/09/2021 180000 XDF GTT Mark III Flex SK Shipping Hyundai 10/07/2019

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Name Delivery Capacity Propulsion Containment Primary Owner Yard Ordered

3 October 2019 LNG Shipping News NEWS l 11NEWS LNG Shipping News17 October 2019 11

WORLD SMALL SCALE LNG FLEET*

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

For more information please visit http://small-lng.com*Includes multi-gas, ethylene and LNG bunker ships with 40,000 cubic metres LNG cargo capacity or lessTBN = To Be Nominated indicates ships are still at construction/planning stage** = project shelved † =Data to be verified Data last updated = 3rd October 2019

1974 Seagas 187 LNG Sweden Yes AGA1988 Kayoh Maru 1,517 LNG Japan Yes Daiichi1993 Aman Bintulu 18,928 LNG Malaysia - Japan Yes Perbadanan/NYK1996 Surya Aki 19,475 LNG Indonesia - Japan Yes MCGC1997 Aman Sendai 18,928 LNG Malaysia - Japan Yes Perbadanan/NYK1998 Pelita Energy 18,800 LNG Malaysia - Japan Yes Perbadanan/NYK2000 Triputra 23,096 LNG Indonesia - Japan Yes MCGC2003 Pioneer Knutsen 1,100 LNG Norway Yes Knutsen2003 Shinju Maru No.1 2,540 LNG Japan Yes Shinwa2005 North Pioneer 2,500 LNG Japan Yes Japan Liquid Gas2007 Sun Arrows 19,531 LNG Malaysia - Russia - Japan Yes Mitsui2008 Kakurei Maru 2,536 LNG Japan Yes Hogaki Zosen2008 Shinju Maru No.2 2,540 LNG Japan Yes Shinwa2009 Coral Methane 7,551 LNG/LPG/Ethylene Northwest Europe/Baltics Yes, sometimes Anthony Veder2010 Coral Favia 10,000 LNG/LPG/Ethylene Worldwide No Anthony Veder2010 Coral Fraseri 10,000 LNG/LPG/Ethylene Worldwide No Anthony Veder2011 Akebono Maru 3,556 LNG Japan Yes Chuo Kaiun2011 Coral Furcata 10,000 LNG/LPG/Ethylene Worldwide No Anthony Veder2011 Coral Fungia 10,000 LNG/LPG/Ethylene Worldwide No Anthony Veder2011 Vision Spirit 12,000 LNG/LPG/Ethylene Worldwide No Teekay2011 Unikum Spirit 12,000 LNG/LPG/Ethylene Worldwide No Teekay2012 Coral Energy 15,600 LNG Northwest Europe/Baltics Yes Anthony Veder2013 JX Energy TBN 2,500 LNG Japan Yes JX Energy2013 Kakuyu Maru 2,500 LNG Japan Yes Tsurumi Sunmarine2013 Coral Anthelia 6,500 LNG/Ethylene Anthony Veder2014 LNG-Oil combi** 2,000 LNG Germany Yes Veka2014 Short Sea LNG Tanker ** 4,000 LNG Germany Yes Veka2015 LNG Inland bunker** 800 LNG Germany Yes Veka2015 LNG bunker barge 1† 2,250 LNG China Yes Anhui Huaqiang Natural Gas2015 LNG bunker barge 2† 2,250 LNG China Yes Anhui Huaqiang Natural Gas2015 LNG bunker barge 3† 2,250 LNG China Yes Anhui Huaqiang Natural Gas2015 LNG Barge TBN 3,000 LNG US Coast Yes LNG America2015 10 small carriers TBN** 5,000 LNG Bimantara Group2015 Jahre TBN** 6,200 LNG Norway Yes Donsotank/Jahre Marine2015 Norgas TBN** 17,000 LNG/LPG/Ethylene Worldwide Norgas Carriers2015 Norgas TBN** 17,000 LNG/LPG/Ethylene Worldwide Norgas Carriers2015 JS Ineos Ingenuity 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2015 JS Ineos Insight 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2015 JS Ineos Intrepid 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2015 TBN 1 27,500 LNG China? Danyang?2015 TBN 2 27,500 LNG China? Danyang?2015 TBN 3 27,500 LNG China? Danyang?2015 PetroChina TBN 30,000 LNG China PetroChina2016 Clean Jacksonville 2,200 LNG US Coast Yes CME2016 LNG Prime 2,250 LNG Northwest Europe Yes Veka Deen LNG2016 JS Ineos Indepence 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2016 JS Ineos Innvovation 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2016 JS Ineos Inspiration 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2016 Hai Yang Shi You 301 30,000 LNG Bali FSU Yes CETS (CNOOC)2016 Navigator Aurora 35,000 Ethane/Ethylene Markus Hood - Stenungsund Ethane, for Borealis Navigator2016 Gaschem Beluga 36,000 Ethane/Ethylene US - Teeside Ethane, for Sabic Gaschem Services2016 Gaschem Orca 36,000 Ethane/Ethylene US - Teeside Ethane, for Sabic Gaschem Services

l NEWS LNG Shipping News 3 October 201912 NEWS LNG Shipping News 17 October 201912

NEWS LNG Shipping News17 October 2019 13Built Name CBM Cargo Type Trading area Trading in LNG? Ship Owner / Operator

For more information please visit http://small-lng.com*Includes multi-gas, ethylene and LNG bunker ships with 40,000 cubic metres LNG cargo capacity or lessTBN = To Be Nominated indicates ships are still at construction/planning stage** = project shelved † =Data to be verified Data last updated = 3rd October 2019

2016 Ocean Yield TBN** 36,000 Ethane/Ethylene US - Teeside Ethane, for Sabic Gaschem Services2017 Oizmendi 600 LNG Bilbao Yes Itsas Gas2017 CME TBN† 2,200 LNG US Coast Yes CME2017 CME TBN† 2,200 LNG US Coast Yes CME2017 ENGIE Zeebrugge 5,000 LNG Northwest Europe Yes NYK2017 Coralius 5,800 LNG Northwest Europe/Baltics Yes, for Skangas Anthony Veder2017 Cardissa 6,500 LNG Northwest Europe Yes Shell2017 LNG-Gorskaya TBN 7,300 LNG Russia Yes LNG-Gorskaya2017 LNG-Gorskaya TBN 7,300 LNG Russia Yes LNG-Gorskaya2017 LNG-Gorskaya TBN 7,300 LNG Russia Yes LNG-Gorskaya2017 Coral EnergICE 18,000 LNG Northwest Europe/Baltics Yes Anthony Veder2017 JS Ineos Invention 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2017 JS Ineos Intuition 27,500 LNG/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2017 Coral Encanto 30,000 LNG China Yes Anthony Veder2017 Navigator Eclipse 35,000 Ethane/Ethylene US Ethane Navigator2017 Navigator Nova 35,000 Ethane/Ethylene US Ethane Navigator2017 Navigator Prominence 35,000 Ethane/Ethylene US Ethane Navigator2018 HUA XIANG 8 13,720 LNG China Yes Zhejiang Huaxiang2018 CME TBN† 2,200 LNG US Coast Yes CME2018 LNG London 3,000 LNG Northwest Europe Yes Shell2018 Shell Bunker Barge TBN 2 6,500 LNG Northwest Europe Yes Shell2018 Shell Bunker Barge TBN 3 6,500 LNG Northwest Europe Yes Shell2018 Kairos 7,500 LNG Baltic Yes Bernhard Schulte2018 Qi Yuan 28,000 LNG China Yes Dalian Inteh Group2018 Evergas TBN 32,000 Ethane/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2018 Evergas TBN 32,000 Ethane/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2018 Evergas TBN 32,000 Ethane/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2018 Evergas TBN 32,000 Ethane/Ethylene Markus Hook - Rafnes Ethane, for Ineos Evergas2018 Bunker Breeze 0 LNG Barcelona Yes Suardiaz Energy Shipping2019 KLine TBN 7,500 LNG Korea Yes Korea Line2019 KLine TBN 7,500 LNG Korea Yes Korea Line2019 Stolt TBN 7,500 LNG Mediterranean Yes Stolt-Nielsen Gas2019 Stolt TBN 7,500 LNG Mediterranean Yes Stolt-Nielsen Gas2020 Q-LNG 4000 4,000 LNG US Coast Yes Q-LNG Transport/Harvey Gulf2020 Stolt TBN (option) ** 7,500 LNG Yes Stolt-Nielsen Gas2020 Stolt TBN (option) 7,500 LNG Yes Stolt-Nielsen Gas2020 Total TBN 18,600 LNG NWE Yes MOL2020 FuelLNG TBN 7,500 LNG Singapore Yes FuelLNG2020 CLS TBN 3,500 LNG Japan Yes CLS2020 Elenger TBN 6,000 LNG NWE Yes Elenger2020 ENN TBN 8,500 LNG China Yes ENN2021 Stolt TBN (option) 7,500 LNG Yes Stolt-Nielsen Gas2021 Knutsen TBN 30,000 LNG Mediterranean Yes Knutsen OAS2021 Gazprom Neft TBN 5,800 LNG Russia Yes Gazprom Neft2021 PE TBN 12,000 LNG Singapore Yes MOL2021 JMU TBN 2,500 LNG Japan Yes JMU2022 Stolt TBN 20,000 LNG Worldwide Yes Stolt-Nielsen Gas2022 Stolt TBN 20,000 LNG Worldwide Yes Stolt-Nielsen Gas2022 PNE TBN 5,400 LNG USG Yes PNE2024 Stolt TBN (option) 20,000 LNG Worldwide Yes Stolt-Nielsen Gas2024 Stolt TBN (option) 20,000 LNG Worldwide Yes Stolt-Nielsen Gas2026 Stolt TBN (option) 20,000 LNG Worldwide Yes Stolt-Nielsen Gas2026 Stolt TBN (option) 20,000 LNG Worldwide Yes Stolt-Nielsen Gas

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