Fleet review and current state of the market
Per-Christian Fett, Fearnley Offshore
Among the bulk-liquid transport markets Fearnley's participates in, the company follows LNG shipping, supporting owners, charterers, yards and projects with market intelligence and expertise. In recent years, Fearnley's has tracked the spot and short-term LNG chartering market. Fett will discuss the supply and demand for ships over the coming years and their implications for charter rates.

Perspectives on Short-term and Spot Transport Markets
Mike Nakano, VP, Mitsui OSK Bulk Shipping
MOL is a world leader in LNG shipping, involved in about one-third of worldwide projects. In 1993, the company led a Japanese consortium that signed one of the largest LNG shipping contracts ever -- a 25-year deal in which 10 new ships would transport millions of tons of LNG annually from Qatar to Japan. MOL is also interested in short-term and spot transport markets. Nakano-san has been asked to provide his perspectives on where these markets are headed and key issues for the industry to consider.

Long Range Market Perspective : NYK WAY
Fukashi Sakamoto, Head of London Office, LNG Team, NYK Lines
NYK Lines, a large transporter of LNG, is one of the more innovative transportation companies. For example, its Yusen Terminals Inc. (YTI) subsidiary, has placed orders for the industry's first LNG-powered yard tractors as a means of reducing port emissions. Sakamoto-san will review and discuss foreseen expansion of LNG carrier fleet, discuss what actions ship owners are expected to take in order to maintain the quality of service, and special emphasis on the safety issues and explain the case of NYK.

Ship-Ownership Financial Structures, Government-Subsidized Debt, and Ways to Trim Borrowing Costs -- the Most Important Element in Fleet Profitability
Daniel Rogers, partner, King & Spalding LLP
An LNG ship costing $250 million must earn a net margin of about $75,000 per day 330 days per year to return a 10% rate on total capital employed. Recent charter rates have bounced between $20,000 and $100,000 per day. Is an expectation of 10% ROTCE too high? Can lower cost debt be found by some national competitors like the Japanese? What does this do for fleet economics and competition?

A Reality Check: Is LNG Ship-to-Ship Transfer a Good Idea?
John Egan, LNG marine consultant, Maritime Technology Institute
Egan, a former LNG ship captain and one of the few to have actually transferred an LNG cargo from one ship to another, will describe his experience, and from a practical standpoint the opportunities and challenges for safe-cargo transfer. This will frame up key issues for discussion in the two subsequent presentations by O'Sullivan and Markussen.

Crossing the Finish Line: The Final Stages of Ship-to-Ship LNG Transfer Technological Development
Jim O'Sullivan, senior vice president of strategy & marketing, Technip USA Corp.
Technip is demonstrating its cryogenic LNG hose in a full-scale test at the Montoir terminal in France. O'Sullivan will discuss the status of Technip's commercialization efforts and where the technology will be applied.

An All-Metal Technology for Cargo Transfer
Chris Pashalis, FMC Technology Inc.
FMC Technologies has developed with Shell Solutions in The Hague an all-metal technology for transferring LNG cargoes between ships. FMC has two orders for the system in fabrication. Pashalis has been asked to describe the technology, its application, economics and timing for implementation.