LNG Global Economic Trends

Small scale: We seem to be beyond the worst chicken & egg discussions

● First motivation:

Lack of pipelines – this gave small ships and trucks • Now economic to transport by truck, in several places more than 500 km!

● Second motivation:

LNG as bunker fuel – reduce emissions of SOx and NOx • Local ferries, international ferries, merchant ships with base, deep sea ships next?

● Third motivation: LNG can be cheaper than oil over time – globally!

• Initially only new-builds – conversions next?

• BUT, what if oil stays low for a sustained period??

  Infrastructure is changing, too

● Taking proven technology from larger scale operations to small scale •Truck market and blending in biogas new trend in several countries

● From dedicated/ integrated to third party access – port services

Products and contracts

● Long term, binding volume & price – short, more standard, quick negotiations?