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MARAN GAS MARITIME Inc. 1 The Impact of the Growing LNG Trade on the Conventional Oil Tanker Industry.

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Presentation on theme: "MARAN GAS MARITIME Inc. 1 The Impact of the Growing LNG Trade on the Conventional Oil Tanker Industry."— Presentation transcript:

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2 MARAN GAS MARITIME Inc. 1 The Impact of the Growing LNG Trade on the Conventional Oil Tanker Industry

3 MARAN GAS MARITIME Inc. 2 Guide to the presentation Introduction Energy Consumption Overview & Future Trends Natural Gas Segment of Total Energy LNG Fundamentals LNG Impact on Oil Tanker Industry Conclusions

4 MARAN GAS MARITIME Inc Introduction

5 MARAN GAS MARITIME Inc. 4 ANGELICOUSSIS SHIPPING GROUP THE FLEET DRY CARGO TANKERS LNG NODWT Operating317,227,251 On Order2640,000 Total337,867,251 NODWT Operating222,510,418 On Order61,032,000 Total283,542,418 NODWT Operating-- On Order4292,400 Total4292,400 Fleet as at 13 April 2005 (Including Managed vessels)

6 MARAN GAS MARITIME Inc Energy Consumption Overview & Future Trends

7 MARAN GAS MARITIME Inc. 6 Energy Consumption Overview

8 MARAN GAS MARITIME Inc. 7 World Primary Energy Consumption 2002

9 MARAN GAS MARITIME Inc. 8 Energy, Million Tons of Oil Equivalent (MTOE) Source : IEA 2004

10 MARAN GAS MARITIME Inc. 9

11 10 3. Natural Gas Segment of Total Energy

12 MARAN GAS MARITIME Inc. 11

13 MARAN GAS MARITIME Inc. 12

14 MARAN GAS MARITIME Inc. 13 Proven Natural Gas Reserves Total: 180 tcm as of Jan 2004 Source : IEA 2004

15 MARAN GAS MARITIME Inc. 14 LNG Pipeline Vs LNG Carrier

16 MARAN GAS MARITIME Inc. 15

17 MARAN GAS MARITIME Inc. 16 7% per year growth ( ) LNG is about 6% of worldwide natural gas consumption and about 94% of natural gas consumption in Japan.

18 MARAN GAS MARITIME Inc. 17 LNG Demand through 2015 Source : Gastech 2005

19 MARAN GAS MARITIME Inc. 18 LNG Supply through 2015 Source : Gastech 2005

20 MARAN GAS MARITIME Inc LNG Fundamentals

21 MARAN GAS MARITIME Inc. 20 Characteristics of the “OLD” LNG Market Individual Projects Long Term Contracts Shipping Tightly Linked Reliability Paramount Concern Relatively Slow Growth

22 MARAN GAS MARITIME Inc. 21 Characteristics of the “NEW” LNG Market New Growth Phase – Common View Many More Projects - Expansions Cross - Project Competition More Players and Assets - New Green Field Increased Cost Focus

23 MARAN GAS MARITIME Inc. 22 More Political Government Ownership Every Liquefaction plant has host government ownership interest (Except in Kenai, Alaska) Governments benefit by : Tax Revenue Job creation Royalties Infrastructure Improvements

24 MARAN GAS MARITIME Inc. 23 Public Opinion : “LNG is environmentally friendly – but scary”

25 MARAN GAS MARITIME Inc. 24 Public Opinion : “LNG is environmentally friendly – but scary” LNG facilities and terminals have a 45-year record of operation without serious incident Worldwide, there have been more than 33,000 LNG carrier voyages without serious incident LNG is not explosive because it is not stored under pressure, and it is not toxic LNG itself does not burn because it contains no oxygen, which is needed for combustion. If LNG is released into the air, the liquid immediately warms up and converts back to a gas. Initially, the gas is colder and heavier than the air, so it freezes any water vapour in the air. This can temporarily create an icy fog. As the gas continues to warm, it dissipates and rises harmlessly into the air. Facts :

26 MARAN GAS MARITIME Inc. 25 Competitive Alternatives - 1. CNG CNG is a domestically-produced by product of crude production or from gas wells. At the moment, th automotive industry uses natural gas that has been compressed (called compressed natural gas or CNG) and stored in high-pressure cylinders.

27 MARAN GAS MARITIME Inc. 26 Gas To Liquids (GTL) production is based on the Fischer-Tropsch process, which involves the conversion of natural gas to higher hydrocarbons like kerosene, gasoline, and naphtha, depending upon the operating conditions and catalysts used Competitive Alternatives - 2. GTL

28 MARAN GAS MARITIME Inc. 27 Gas clathrates, commonly called gas hydrates, are ice-like mixtures of gases and water, in which the gas molecules are trapped within a framework of cages of water molecules. Each volume of hydrate may contain as much as volumes of gas. Competitive Alternatives - 3. Bulk Balls - Gas hydrates

29 MARAN GAS MARITIME Inc LNG Impact on Oil Tanker Industry

30 MARAN GAS MARITIME Inc. 29 Oil Routes Oil Routes, 2004 Oil Routes, 2010 Seaborne trade with other commodities will be increasingly dependant on China, but within the next 10 years the supply situation will be basically the same as today. Source : DNV MARKET OUTLOOK - Shipping Market Development Trends

31 MARAN GAS MARITIME Inc. 30 Oil Trade flows 2002 & 2030 Source : IEA 2004

32 MARAN GAS MARITIME Inc. 31 Gas Routes Key Global Gas Trades, 2004Expected Global Gas Trades, 2010 International trade in LNG is set to double to 200 Mt in The strong growth is also expected to continue beyond Some industry watchers believe a global LNG trade of 300 Mt in 2020 is a distinct possibility. Based on the supply/demand situation two markets will develop, one Pacific and one Atlantic Basin market. Source : DNV MARKET OUTLOOK - Shipping Market Development Trends

33 MARAN GAS MARITIME Inc. 32 Gas Trade flows 2002 & 2030 Source : IEA 2004

34 MARAN GAS MARITIME Inc. 33

35 MARAN GAS MARITIME Inc. 34 Oil & Gas Demand as a % of Total Energy Demand

36 MARAN GAS MARITIME Inc. 35 World Energy Consumption by Fuel

37 MARAN GAS MARITIME Inc. 36 Constraints To Growth Financing Man Power –Management –Sea Going Officers & Crew Shipbuilding Capacity

38 MARAN GAS MARITIME Inc. 37 Available Newbuilding Capacity MCgt S. Korea Japan China Europe ROW SAI Source: AWES

39 MARAN GAS MARITIME Inc CONCLUSIONS

40 MARAN GAS MARITIME Inc. 39 CONCLUSIONS World Energy demand will continue to grow strongly All forms of energy supply will be needed to meet this growing demand Competition will be for building berths, man-power, financing, – impacting on costs and rates China’s continuing development will increase energy demand, but also add to ship production base. The LNG industry will not cannibalize the Oil Tanker industry


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