Document:

Exhibit 10.9

Private and Confidential

CONFIRMATION MEMORANDUM — GASLOG SINGAPORE 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN
REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE
ASTERISKS (*****). 

GAS-two Ltd. (“Owner”) and Methane Services
Limited (“MSL”) agree upon the following charter on this 9
May 2011.

Owners
and MSL are parties to that certain Master Time Charter Party dated 9 May 2011
(the “Master Agreement”). Owners and MSL hereby agree that the terms and
conditions contained in the Master Time Charter party (i) shall apply to the
Charter of the Vessel identified in this Confirmation Memorandum and (ii) are
incorporated herein by reference. 

All
capitalized terms used in this Confirmation Memorandum shall have the meaning
set forth in the Master Time Charter party unless specifically defined herein. 

	
  

 	
  

 
	
 1.

 	
 OWNER

 
	
  

 	
  

 
	
  

 	
 The
 Owner shall be GAS-two Ltd, a corporation existing under the laws of Bermuda
 and having its registered office at Clarendon House, 2 Church Street,
 Hamilton HM11, Bermuda.

 
	
  

 	
  

 
	
 2.

 	
 VESSEL
 DETAILS

 

	
  

 	
  

 
	
 Vessel
 Name

 	
 GasLog Singapore

 
	
  

 	
  

 
	
 IMO
 Number

 	
 9355604

 
	
  

 	
  

 
	
 Vessel
 Size

 	
 154,800 m3 at
 100% fill, -163°C

 
	
  

 	
  

 
	
 Ship
 Management

 	
 Ceres LNG Services Ltd.

 
	
  

 	
  

 
	
 Flag

 	
 Bermuda

 
	
  

 	
  

 
	
 Classification
 Society

 	
 ABS

 
	
  

 	
  

 
	
 P&I
 Club

 	
 UK P&I Club

 

	
  

 
	

 

 
	
  

 
	
 Page
 1 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 
	
 3.

 	
 DELIVERY

 
	
  

 	
  

 	
  

 
	
  

 	
 The Vessel shall be
 tendered for delivery as is, where is, on
 [           ]

 
	
  

 	
  

 	
  

 
	
 4.

 	
 REDELIVERY

 
	
  

 	
  

 	
  

 
	
  

 	
 The Vessel shall be
 redelivered on ***** 2016 plus or minus up to ***** at Charterers’ option.

 
	
  

 	
  

 	
  

 
	
  

 	
 Charterers
 shall redeliver the Vessel to Owners at the pilot boarding station outbound
 at last discharge port unless otherwise mutually agreed. Charterers shall
 provide 30, 15, 10, 7, 3, 2, 1 days notice of redelivery.

 
	
  

 	
  

 	
  

 
	
 5.

 	
 EXTENSION
 OPTIONS

 
	
  

 	
  

 	
  

 
	
  

 	
 Charterers
 shall have the option to extend the Charter for ***** periods of ***** each from
 ***** 2016 up to ***** 2025 plus or minus up to ***** at Charterers’ option.
 Each charter extension period is to be nominated by Charterers at least *****
 before the end of each current charter period.

 
	
  

 	
  

 	
  

 
	
 6.

 	
 RATE OF
 HIRE

 
	
  

 	
  

 	
  

 
	
  

 	
 Subject
 as herein provided, Charterers shall pay for the use and hire of the Vessel
 at a daily hire rate, and pro rata for any part of a day, which shall consist
 of ***** referred to in Clause 10 (a), commencing at and from the time and
 date of her delivery (local time) to Charterers until the time and date of
 redelivery (local time) to Owners.

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 The ***** for the Vessel
 shall be fixed as United States Dollars ***** per day

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 The
 ***** for the Vessel shall be United States Dollars ***** per day and shall
 be*****; each anniversary year shall begin on 1 January 2011.

 
	
  

 	
  

 	
  

 
	
 7.

 	
 PAYMENT
 OF HIRE

 
	
  

 	
  

 	
  

 
	
  

 	
 To: 

 GAS-Two Ltd 

 DnB NOR Bank ASA London

 Swift Code:     DNBA GB 2L

 Correspondent

 Bank:     Bank of New York, New York

 Swift Code:     IRVT US 3N

 Account no:     63609001

 IBAN      GB43DNBA40511463609001

 
	
  

 	
  

 	
  

 
	
 8.

 	
 SHIP
 CONTACT DETAILS

 
	
  

 	
  

 	
  

 
	
  

 	
 The Vessel’s contact
 details are as follows:

 Phone F77: + 870 765 057 076 / 077 

 Phone VSAT: + 44 2031454704 

 Fax F77: +870 765 057 078

 

	
  

 
	

 

 
	
  

 
	
 Page
 2 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 
	
  

 	
 E-mail: sin@cereslng.com

 
	
  

 	
  

 	
  

 
	
 9.

 	
 PERFORMANCE
 GUARANTEES

 
	
  

 	
  

 	
  

 
	
  

 	
  (a)

 	
 Laden Leg
 Fuel Consumption

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Average
 Speed

 (Knots)

 	
  

 	
 Gas
 (tonnes)

 	
  

 	
 Fuel
 Oil (tonnes)

 
	

 

 	
  

 	

 

 	
  

 	

 

 
	
 19.5

 	
  

 	
 *****

 	
  

 	
 *****

 
	
 19.0

 	
  

 	
  

 	
  

 	
  

 
	
 18.5

 	
  

 	
  

 	
  

 	
  

 
	
 18.0

 	
  

 	
  

 	
  

 	
  

 
	
 17.5

 	
  

 	
  

 	
  

 	
  

 

	
  

 	
  

 	
  

 
	
  

 	
 No more than two tonnes of
 MDO as pilot fuel will be consumed per day. 

 
	
  

 	
  

 	
  

 
	
  

 	
  (b)

 	
 Ballast
 Leg Fuel Consumption 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Average
 Speed

 (Knots)

 	
  

 	
 Gas
 (tonnes)

 	
  

 	
 Fuel
 Oil (tonnes)

 
	

 

 	
  

 	

 

 	
  

 	

 

 
	
 19.5

 	
  

 	
 *****

 	
  

 	
 *****

 
	
 19.0

 	
  

 	
  

 	
  

 	
  

 
	
 18.5

 	
  

 	
  

 	
  

 	
  

 
	
 18.0

 	
  

 	
  

 	
  

 	
  

 
	
 17.5

 	
  

 	
  

 	
  

 	
  

 
	
 17.0

 	
  

 	
  

 	
  

 	
  

 
	
 16.5

 	
  

 	
  

 	
  

 	
  

 
	
 16.0

 	
  

 	
  

 	
  

 	
  

 
	
 15.5

 	
  

 	
  

 	
  

 	
  

 
	
 15.0

 	
  

 	
  

 	
  

 	
  

 
	
 14.5

 	
  

 	
  

 	
  

 	
  

 
	
 14.0

 	
  

 	
  

 	
  

 	
  

 
	
 13.5

 	
  

 	
  

 	
  

 	
  

 
	
 13.0

 	
  

 	
  

 	
  

 	
  

 

	
  

 	
  

 
	
  

 	
 No more than
 two tonnes of MDO as pilot fuel will be consumed per day.

 
	
  

 	
  

 
	
  

 	
 Consumption figures in the
 above sub-clauses 8(a) and 8(b) shall be *****. 

 

	
  

 
	

 

 
	
  

 
	
 Page
 3 of 17

 

	 
	 

	10.
	EXISTING TIME CHARTER PARTIES

Private and Confidential

Upon
signature of this Confirmation Memorandum, the current Time Charter of the
Vessel between GAS-two Ltd. and Methane Services Limited dated 19 August 2008
shall with effect on and from the date hereof be novated pursuant to the Master
Time Charter party and this Confirmation Memorandum both dated 9 May 2011. 

IN WITNESS WHEREOF, the Parties have executed this Confirmation Memorandum on the date
stated above. 

	
  

 	
  

 	
  

 
	
 Agreed
 and signed by Owners

 	
  

 	
 Agreed
 and signed by Charterers

 
	
  

 	
  

 	
  

 
	
 /s/ J. Jensen

 	
  

 	
 /s/ Martin Houston

 
	

 

 	
  

 	

 

 
	
 Name:   J.
 Jensen

 	
  

 	
 Name:  Martin
 Houston

 
	
  

 	
  

 	
  

 
	
 Title:  Chairman
 & Director

 	
  

 	
 Title:  Attorney-in-Fact

 
	
  

 	
  

 	
  

 
	
 Date:  9 May
 2011

 	
  

 	
 Date:  9 May
 2011

 

	
  

 
	

 

 
	
  

 
	
 Page 4 of 17

 

Private and Confidential

ANNEX A

GAS FORM C

DESCRIPTION OF THE VESSEL

SHI – HULL 1642

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 GENERAL

 	
  

 	
  

 	
  

 
	
  

 	
 1.1

 	
 Vessel Name and Hull
 Number

 	
  

 	
 :

 	
 GASLOG SINGAPORE

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 SHI – HN 1642

 
	
  

 	
 1.2

 	
 Builder and Yard

 	
  

 	
 :

 	
 Samsung Heavy Industries

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Geoje Island, Korea

 
	
  

 	
 1.3

 	
 Year Built

 	
  

 	
 :

 	
 2010

 
	
  

 	
 1.4

 	
 Containment System

 	
  

 	
 :

 	
 Membrane Type GTT Mark III

 
	
  

 	
 1.5

 	
 Country of Registry

 	
  

 	
 :

 	
 Bermuda

 
	
  

 	
 1.6

 	
 Port of registration

 	
  

 	
 :

 	
 Hamilton

 
	
  

 	
 1.7

 	
 Classification Society

 	
  

 	
  

 	
 American Bureau of
 Shipping

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 X A1 E, Liquefied gas carrier, Ship type
 2G(Membrane tank, Maximum pressure 25 kPaG and Minimum Temperature -163oC),
 SH, SH- DLA, SHCM, RES, X AMS, X
ACCU, SFA(40), NIBS, X APS, X ES, PORT, POT, CRC, DFD, UWILD.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 :

 	
  

 
	
  

 
	
 2.

 	
 DIMENSIONS,
 TONNAGE

 	
  

 	
  

 	
  

 
	
  

 	
 2.1

 	
 Length Overall

 	
  

 	
 :

 	
 285.0 metres

 
	
  

 	
 2.2

 	
 Length between
 Perpendiculars

 	
  

 	
 :

 	
 274.0 metres

 
	
  

 	
 2.3

 	
 Beam (moulded)

 	
  

 	
 :

 	
 43.40 metres

 
	
  

 	
 2.4

 	
 Depth to upper deck,
 moulded

 	
  

 	
 :

 	
 26.0 metres

 
	
  

 	
 2.5

 	
 Scantling Draft, moulded
 (in seawater of specific gravity of 1.025)

 	
  

 	
 :

 	
 12.5 metres

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.6

 	
 Design Draft, moulded (in
 seawater of specific gravity of 1.025)

 	
  

 	
 :

 	
 11.5 metres

 
	
  

 	
 2.7

 	
 Summer Draft (extreme)

 	
  

 	
 :

 	
 12.1 metres

 
	
  

 	
 2.8

 	
 Air Draft

 	
  

 	
 :

 	
 Maximum 50.00m A/B with
 radar mast in lowered position and about 56.00m A/B with radar mast in raised
 position.

 

	
  

 
	

 

 
	
  

 
	
 Page
 5 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 3.

 	
 TONNAGE

 	
  

 	
  

 	
  

 
	
  

 	
 3.1

 	
 Deadweight at Design
 Draft, extreme 

 	
  

 	
 :

 	
 74,600 metric tonnes

 
	
  

 	
  

 	
 at Summer Draft, extreme

 	
  

 	
 :

 	
 80,900 metric tonnes

 
	
  

 	
 3.2

 	
 Lightweight

 	
  

 	
 :

 	
 31,300 metric tonnes

 
	
  

 	
 3.3

 	
 Displacement at Summer
 Freeboard

 	
  

 	
 :

 	
 112,200 metric tonnes

 
	
  

 	
 3.4

 	
 Gross Tonnage
 (International)

 	
  

 	
 :

 	
 98,000

 
	
  

 	
 3.5

 	
 Net Register Tonnage

 	
  

 	
 :

 	
 31,000

 
	
  

 	
 3.6

 	
 Suez Canal Gross Tonnage

 	
  

 	
 :

 	
 N/A. It is calculated
 around delivery

 
	
  

 	
 3.7

 	
 Suez Canal Net Tonnage

 	
  

 	
 :

 	
 N/A. It is calculated
 around delivery

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 4.

 	
 MACHINERY

 	
  

 	
  

 	
  

 
	
  

 	
 4.1

 	
 Propelling Machinery,

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type, Make, MCR

 	
  

 	
 :

 	
 3sets x 4-stroke,
 non-reversible, turbocharged and inter-cooled dual fuel engine (Wartsila
 12V50DF: 11,400 kW at MCR, 514 RPM)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 1 set x 4-stroke, non-reversible,
 turbocharged and inter-cooled dual fuel engine (Wartsila 6L50DF: 5,700 kW at
 MCR, 514 RPM)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 2sets x electric
 propulsion motors (type: dual winding, air to fresh water heat exchanger,
 designed to suitable for connect to gear box and designed for a propulsion
 converter controlled drive)
Output Power: 12,650kW

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 4.2

 	
 Main Boilers

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type, Make and Number

 	
  

 	
 :

 	
 Two (2) Oil fired,
 vertical, forced draft, marine boiler Aalborg

 
	
  

 	
  

 	
 Maximum Evaporation

 	
  

 	
 :

 	
 5,000 kg/h

 
	
  

 	
 4.3

 	
 Electrical Generating Plan

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type, Maximum Output per

 	
  

 	
 :

 	
 3sets x totally enclosed (IP44) generators (F.W. cooled)
Rated Output: 11,000 kW
Rated Voltage: 6,600
 VAC, 60 Hz, 3 Phase

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 1set x totally enclosed (IP44) generator (F.W. cooled)
Rated Output: 5,500kW
Rated Voltage: 6,600
 VAC, 60 Hz, 3 Phase

 

	
  

 
	

 

 
	
  

 
	
 Page
 6 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 lset x
 enclosed (IP32) self-ventilated emergency generator Rated Output: 850kW
Rated Voltage: 450V AC, 60Hz, 3 Phase

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 1set x
 4-stroke, direct injection, trunk piston emergency generator, 850kW, 1800 RPM
 (LINDENBERG)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 4.4

 	
 Bow Thruster

 	
  

 	
 :

 	
 Controllable
 Pitch Propeller 

 
	
  

 	
  

 	
 Electric
 motor

 	
  

 	
 :

 	
 (C.P.P.)

 
	
  

 	
  

 	
 No of blades

 	
  

 	
 :

 	
 2,000 kW,
 6,600V

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Four (4)
 (Ni-Al-Bronze)

 

	
  

 	
  

 
	
 5.

 	
 OWNERS
 GUARANTEE SPEEDS 

 

Service speed shall be *****
knots at the designed draught of 11.5m and at propulsion shaft power of 24,950
kW including 19.5% sea margins. 

	
  

 	
  

 
	
 6.

 	
 FUEL
 CONSUMPTION RATE 

 

The specific fuel
consumption of each main generator engine with engine driven pumps shall be
measured at manufacturer’s shop trial with 5% tolerance. The figures below
shall be based on arithmetic average value of total engines. If the shop trial
conditions are different from the conditions below, the results shall be
corrected in accordance with the manufacturer’s standards. 

Gas operation 
Specific energy consumption
value at MCR with engine driven pumps shall be 7,640 kJ/kWh, with 1.0g/kWh for
pilot fuel. 

Operation on back-up fuel: marine gas oil (MGO) 
Specific fuel oil consumption
value at MCR with engine driven pumps shall be 189g!kWh. Fuel consumption at
MCR shall be measured according to ISO 3046/1-1995, using MGO with lower heat
value of 42,700 Id/kg. 

Fuel switch over 

Each engine is to be capable
of burning either Gas, Diesel oil or HFO. Fuel change over from Gas to HFO, or
HFO to gas, for all engines, is to be completed within 3 hours. 

Specific details on fuel
change over shall be provided in Charterer’s voyage instructions for each
voyage, as is more fully set forth in Clause 13. 

Switch over of engines fuel
systems is to be simultaneous and concurrent. Failure to complete the switch
over with in the allowable 3 hours will result in a deduction being made equal
to the cost of the excess diesel oil used in the change over. 

	
  

 
	

 

 
	
  

 
	
 Page
 7 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 7.

 	
 CARGO
 TANKS

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.1

 	
 Total Capacity 98.5% full

 	
  

 	
 :

 	
 152,480 cubic metres at
 maximum allowable cargo tank fill ratio of 98.5% and reference temperature
 according to IGC Code 15.1.2-4

 
	
  

 	
 7.2

 	
 Number of Cargo Tanks

 	
  

 	
 :

 	
 4

 
	
  

 	
 7.3

 	
 Maximum S.G.

 	
  

 	
 :

 	
 470 kg/m3

 
	
  

 	
 7.4

 	
 Minimum Temperature

 	
  

 	
 :

 	
 -163oC

 
	
  

 	
 7.5

 	
 Normal Tank Operating
 Pressure

 	
  

 	
 :

 	
 106 kPa absolute

 
	
  

 	
 7.6

 	
 Relief Valve Settings

 	
  

 	
 :

 	
 25 kPa gauge

 
	
  

 	
 7.7

 	
 Capacity at -163oC 100%
 full

 	
  

 	
 :

 	
 154,800 m3

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 No. 1 tank

 	
 :

 	
 20,400 m3

 	
  

 	
 No. 2 tank

 	
 :

 	
 44,800 m3

 
	
  

 	
 No. 3 tank

 	
 :

 	
 44,800 m3

 	
  

 	
 No. 4 tank

 	
 :

 	
 44,800 m3

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

	
  

 	
  

 	
  

 
	
  

 	
 7.8

 	
 The Vessel’s cargo tanks
 can be cooled down from ambient temperature to the loading condition in less
 than 10 hours (-130oC, mean temp. of cargo tanks).

 
	
  

 	
  

 	
  

 
	
 8.

 	
 CARGO
 LOADING AND DISCHARGE PERFORMANCE

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 The ship shall be able to
 load the bulk of the cargo (excluding slow starting and topping off) through
 three (3) liquid manifolds in approximately 12 hours at pressure of 230
 kPa(G) inboard of the manifold strainer.

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The ship shall be able to
 discharge the bulk cargo through three (3) liquid manifolds in approximately
 13 hours (excluding slow starting and stripping) against a backpressure of
 420kPaG measured inboard of the manifold strainer with cargo tanks at
 mid-level.

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 9.

 	
 BOIL-OFF
 RATE

 	
  

 	
  

 	
  

 
	
  

 	
 9.1

 	
 Guarantee Boil-off Rate

 	
  

 	
 :

 	
 Not to exceed 0.15% per
 day

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 10.

 	
 FRESH
 WATER

 	
  

 	
  

 	
  

 
	
  

 	
 10.1

 	
 Capacity of F.W.
 generators

 	
  

 	
 :

 	
 Two 30t/d - Alfa-Laval

 
	
  

 	
 10.2

 	
 Capacity of Tanks

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Fresh Water

 	
  

 	
 :

 	
 350 m3

 
	
  

 	
  

 	
 Distilled Water

 	
  

 	
 :

 	
 50 m3

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 11.

 	
 BUNKER CAPACITY

 	
  

 	
  

 	
  

 
	
  

 	
 11.1

 	
 Fuel Oil (100%)

 	
  

 	
 :

 	
  

 
	
  

 	
  

 	
 HFO Storage Tanks (incl.
 Low Sulphur)

 	
  

 	
  

 	
 4236.4 m3

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 122.5 m3

 
	
  

 	
  

 	
 HFO Service Tanks

 	
  

 	
  

 	
 168.4 m3

 
	
  

 	
  

 	
 HFO Settling Tanks

 	
  

 	
  

 	
  

 
	
  

 	
 11.2

 	
 Gas Oil (100%)

 	
  

 	
 :

 	
 6.16 m3

 

	
  

 
	

 

 
	
  

 
	
 Page
 8 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 11.3

 	
 Diesel Oil (100%)

 	
  

 	
 :

 	
  

 
	
  

 	
  

 	
 MDO Storage Tanks

 	
  

 	
  

 	
 1132.9 m3

 
	
  

 	
  

 	
 MDO Service Tanks

 	
  

 	
  

 	
 158.8 m3

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 12.

 	
 WATER
 BALLAST

 	
  

 	
  

 	
  

 
	
  

 	
 12.1

 	
 Tank Capacity (100%)

 	
  

 	
 :

 	
 53,500 m3

 
	
  

 	
 12.2

 	
 Number and Capacity of
 water ballast pumps

 	
  

 	
 :

 	
 3 X 2,500 m3/h
 at 30 mwc

 
	
  

 	
 12.3

 	
 The vessel is capable of
 loading/discharging ballast concurrent with cargo operations

 	
  

 	
 :

 	
 Yes

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 13.

 	
 CARGO
 PUMP

 	
  

 	
  

 	
  

 
	
  

 	
 13.1

 	
 Number

 	
  

 	
 :

 	
 8

 
	
  

 	
 13.2

 	
 Type and Make

 	
  

 	
 :

 	
 Electric motor driven
 pumps, centrifugal, single stage, submerged / Ebara

 
	
  

 	
 13.3

 	
 Rated Capacity of each
 Pump

 	
  

 	
 :

 	
 1,700 m3/h at
 145 mlc (S.G. 0.5)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 14.

 	
 STRIPPING/SPRAY
 PUMP

 	
  

 	
  

 	
  

 
	
  

 	
 14.1

 	
 Number

 	
  

 	
 :

 	
 5

 
	
  

 	
 14.2

 	
 Type and Make

 	
  

 	
 :

 	
 Electric motor driven,
 centrifugal, submerged / Ebara

 
	
  

 	
 14.3

 	
 Rated Capacity of each
 Pump

 	
  

 	
 :

 	
 50 m3/h at 145
 mlc (S.G. 0.5)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 15.

 	
 EMERGENCY
 CARGO PUMP

 	
  

 	
  

 	
  

 
	
  

 	
 15.1

 	
 Number

 	
  

 	
 :

 	
 1

 
	
  

 	
 15.2

 	
 Type and Make

 	
  

 	
 :

 	
 Centrifugal, single stage,
 removable type / Ebara

 
	
  

 	
 15.3

 	
 Rated Capacity

 	
  

 	
 :

 	
 550 m3/h at 155
 mlc (S.G. 0.5)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 16.

 	
 CARGO
 INSTRUMENTATION

 	
  

 	
  

 	
  

 
	
  

 	
 16.1

 	
 Liquid Level Gauge

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Primary

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type

 	
  

 	
 :

 	
 Radar

 
	
  

 	
  

 	
 Number per Tank

 	
  

 	
 :

 	
 1

 
	
  

 	
  

 	
 Accuracy

 	
  

 	
 :

 	
 Sensor +- 5.0 mm

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Level alarm: +-10

 
	
  

 	
  

 	
 Measuring range

 	
  

 	
 :

 	
 0 – 50m

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Secondary

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type

 	
  

 	
 :

 	
 Float / Whessoe

 
	
  

 	
  

 	
 Number per Tank

 	
  

 	
 :

 	
 1

 
	
  

 	
  

 	
 Accuracy

 	
  

 	
 :

 	
 +-7.5 mm

 
	
  

 	
  

 	
 Measuring range

 	
  

 	
 :

 	
 0 – 44m

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 16.2

 	
 Temperature Sensor

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type

 	
  

 	
 :

 	
 High Accuracy

 

	
  

 
	

 

 
	
  

 
	
 Page
 9 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Number per Tank

 	
  

 	
 :

 	
 5 pair

 
	
  

 	
  

 	
 Accuracy

 	
  

 	
 :

 	
 +0.2oC between -165oC and
 - 145oC, rising to +1.5oC at
 +50oC

 
	
  

 	
  

 	
 Measuring range

 	
  

 	
 :

 	
 -200 - +400

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 16.3

 	
 Pressure Sensor System

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Number per Tank

 	
  

 	
 :

 	
 1

 
	
  

 	
  

 	
 Accuracy

 	
  

 	
 :

 	
 +1% of span with deck temperature ranging
 between -30oC and +60oC

 
	
  

 	
  

 	
 Measuring range

 	
  

 	
 :

 	
 800 - 1,400 mbar

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 16.4

 	
 Ship shore communication
 system

 	
  

 	
 :

 	
 Fibre optic, electrical
 intrinsically safe and pneumatic types

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 17.

 	
 NITROGEN
 GENERATION

 	
  

 	
  

 	
  

 
	
  

 	
 17.1

 	
 Type and Make

 	
  

 	
 :

 	
 Membrane permeation type /
 Air Product AS

 
	
  

 	
 17.2

 	
 Capacity

 	
  

 	
 :

 	
 2 x 90 Nm3/h

 
	
  

 	
 17.3

 	
 Pressure Tank

 	
  

 	
 :

 	
 abt. 13 kg/cm2.g

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 18.

 	
 INERT GAS
 GENERATION

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 18.1

 	
 Type and Make

 	
  

 	
 :

 	
 Stoichiometric combustion
 of fuel oil & air/ Smit Gas System

 
	
  

 	
 18.2

 	
 Capacity

 	
  

 	
 :

 	
 14,000 Nm3/h inert gas or
 dry air

 
	
  

 	
 18.3

 	
 Quality of Gas

 	
  

 	
 :

 	
 Dew point -45oC at 760
 mmHg

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 O2

 	
 : max. 1.0% by vol.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 CO

 	
 : max. 100 ppm

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 :
 max. 10 ppm

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 NOx

 	
 : max. 100 ppm

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Soot

 	
 : Bacharach 0

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 HC

 	
 : 0%

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 CO2

 	
 : max. 14% by

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Remainder

 	
 : N2, H2, Ar

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 19.

 	
 GAS
 COMPRESSORS

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 19.1

 	
 High Duty

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type and Make

 	
  

 	
 :

 	
 Horizontal, single stage
 centrifugal / Cryostar

 
	
  

 	
  

 	
 Number and Capacity

 	
  

 	
  

 	
 2 x 26,000 m3/h

 
	
  

 	
  

 	
 Discharge Pressure

 	
  

 	
  

 	
 200 kPa A

 
	
  

 	
  

 	
 Suction Press and Temp

 	
  

 	
  

 	
 -140oC, 103 kPaA

 
	
  

 	
 19.2

 	
 Low Duty

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type and Make

 	
  

 	
 :

 	
 Horizontal, two stage
 centrifugal / Cryostar

 
	
  

 	
  

 	
 Number and Capacity

 	
  

 	
 :

 	
 2 x 3,100 m3/h

 

	
  

 
	

 

 
	
  

 
	
 Page
 10 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Discharge Pressure

 	
  

 	
 :

 	
 200 kPa A

 
	
  

 	
  

 	
 Suction Press and Temp

 	
  

 	
 :

 	
 -140oC-100oC, 103 kPa A

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 20.

 	
 FORCING
 VAPORIZER

 	
  

 	
  

 	
  

 
	
  

 	
 20.1

 	
 Capacity

 	
  

 	
 :

 	
 5,112
 kg/h from -163oC to -40oC / Cryostar

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 21.

 	
 DECK
 MACHINERY

 	
  

 	
  

 	
  

 
	
  

 	
 21.1

 	
 Winches

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Number, Position, Type
 (incl. windlass)

 	
  

 	
 :

 	
 5FWD (2 combined with
 windlass), 5 AFT, Electro-hydraulic motor driven type (self contained) Maker:
 TTS-Kocks

 
	
  

 	
 21.2

 	
 Holding Power of Brake

 	
  

 	
 :

 	
 Winch brake should be
 capable of holding 80% of the mooring line’s MBL, and adjustable between 80%
 and 60% and to be set at 60% at the vessel delivery time

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 21.4

 	
 Size of Wires and whether
 fitted with Tails 

 State Length, Material

 	
  

 	
 :

 	
 Mooring Rope: 22sets, each
 275 m long and 42 ram diameter (12-strand Dyneema SK-75 fiber) with MBL: 125t

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 One side of each mooring
 rope shall be fitted with eye splice Nylon tails, 11m long.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 21.5

 	
 Derrick, cranes, etc.

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Type and Capacity

 	
  

 	
 :

 	
 2 sets x self contained
 electro-hydraulic single jib cranes (hose handling on trunk deck mid part
 port and starboard side)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Hoisting Capacity: 5MT
 SWL.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 lset electro-hydraulic
 single jib, self contained crane Starboard (provision & engine room
 equipment)
Hoisting Capacity: 5.0 MT

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 lset electro-hydraulic
 single jib, self contained crane Port (provision & engine room equipment)
Hoisting Capacity: 10.0 MT

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 22.

 	
 NAVIGATION
 AND RADIO

 	
  

 	
  

 	
  

 

	
  

 
	

 

 
	
  

 
	
 Page
 11 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 22.1

 	
 Navigation Aids and Radio
 Equipment

 	
  

 	
 :

 	
 2 x Magnetic Compass
 (transmitting type) 
1 x Gyro Compass Steering Control / auto pilot
Rudder
 angle indicator
Echo Sounder
Speed Log
Radar (1 x X-Band, 1 x S-Band)
 Anemometer
Weather Facsimile
GPS Navigator
Loran-C Navigator
Integrated
 Navigation System
Navtex Receiver

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 23.

 	
 OTHER

 	
  

 	
  

 	
  

 
	
  

 	
 23.1

 	
 Bilge Oily Water Monitor

 	
  

 	
 :

 	
 1 X 10 m3/h (15
 ppm)

 
	
  

 	
 23.2

 	
 Incinerator

 	
  

 	
 :

 	
 1 forced draft, package
 type, 700,000kcal/h capacity, for solid garbage waste and sludge oil burning

 
	
  

 	
 23.3

 	
 Sewage Treatment Plant

 	
  

 	
 :

 	
 One (1) biological IMO
 type for 46 persons

 
	
  

 	
 23.4

 	
 CCTV system with 6 cameras
 and monitors in wheelhouse, engine control room, cargo control room and DF
 Engine area. Also: 

 
	
  

 	
  

 	
 Each one (1) - Camera near
 the Propulsion motor 

 
	
  

 	
  

 	
         One
 (1) - Camera near the GCU

 
	
  

 	
  

 	
 Each one (1) - Camera at
 Cargo manifold (P&S)

 
	
  

 	
  

 	
 Each one (1) - Camera at
 Mooring station (fore & aft)

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 23.5

 	
 One (1) set of loading
 computer, including hardware and software (on-line), installed in the central
 control room.

 
	
  

 	
 23.6

 	
 Shipboard management
 system

 	
  

 	
  

 	
  

 
	
  

 	
 23.7

 	
 Public address system

 	
  

 	
  

 	
  

 

	
  

 
	

 

 
	
  

 
	
 Page
 12 of 17

 

Private and Confidential

ANNEX B – LETTER OF QUIET ENJOYMENT

LETTER OF QUIET ENJOYMENT

To Methane Services Limited 

11th February 2010 

Dear Sirs, 

Re: Gaslog Singapore (the “Vessel”)

We refer to:

	
  

 	
  

 	
  

 
	
  

 	
 a.

 	
 the
 time charter dated 19 August 2008 (the “Time
 Charter”) made between GAS-two Ltd. as owner and you (the “Time Charterer”) as charterer in respect
 of the Vessel; 

 
	
  

 	
  

 	
  

 
	
  

 	
 b.

 	
 a
 loan agreement dated 17 November 2009 (the “Loan
 Agreement”) made between GAS-two Ltd. (the “Owner”) as borrower, us as agent (the Agent) and as security agent (the “Security Agent”), and the financial
 institutions named on the signature pages therein as lenders (together with
 the Agent and the Security Agent, the “Finance
 Parties”); and 

 
	
  

 	
  

 	
  

 
	
  

 	
 c.

 	
 the
 first priority mortgage to be executed by the Owner over the Vessel in our
 favour (the “Mortgage”). 

 
	
  

 	
  

 	
  

 
	
 1.

 	
 References
 in this Letter to the Time Charter or to the Loan Agreement and the Mortgage
 (together the “Finance Documents”)
 shall include such documents as amended, supplemented or varied from time to
 time so long as any such amendment, supplement or variation has been notified
 to, and agreed by, us. References to paragraphs are to paragraphs of this
 Letter. 

 
	
  

 	
  

 
	
 2.

 	
 The
 Security Agent confirms that:

 
	
  

 	
  

 
	
  

 	
 d.

 	
 it
 has received a copy of the Time Charter and is familiar with their terms; and

 
	
  

 	
  

 	
  

 
	
  

 	
 e.

 	
 it
 consents to the Owner’s execution of the Time Charter. 

 
	
  

 	
  

 	
  

 
	
 3.

 	
 In
 consideration of the sum of US$10.00 and for other good and valuable
 consideration (receipt and the sufficiency of which the Security Agent
 acknowledges), the Security Agent undertakes for itself and on behalf of the
 Finance Parties not without the Time

 
	
  

 	
  

 
	

 

 
	
  

 
	
 Page
 13 of 17

 

Private and Confidential

Charterer’s
prior written consent, but subject as provided below and subject to this
undertaking expiring on the expiry of the charter period to: 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 issue
 any arrest, detention or similar proceedings against the Vessel in any
 jurisdiction; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 exercise
 any power of sale or other disposal of the Vessel or of foreclosure to which
 the Security Agent may be entitled or make any application for the sale of
 the Vessel or any share therein in any part of the world whether by public
 auction or private treaty or otherwise (excluding, for the avoidance of
 doubt, any steps to be taken solely to protect the Finance Parties’ rights in
 any arrest proceedings or applications for sale made against the Vessel by
 any third parties, but only insofar as any such proceedings or applications
 are continuing and not permanently stayed, and subject to the condition that
 the Security Agent shall cease any such action upon the relevant proceedings
 or application being permanently stayed (and release any arrest, or caveat
 against release, upon the relevant third party arrest being released) and the
 Security Agent shall notify the Time Charterer in writing promptly upon
 taking or ceasing any such action); or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 take
 possession of the Vessel; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 appoint
 a receiver in respect of the Vessel; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 exercise
 against the Vessel any right or remedy which would diminish, prejudice or
 interfere with the Time Charterer’s rights, options, benefits or privileges
 under the Time Charter or otherwise interfere with the quiet use and
 enjoyment of the Vessel by the Time Charterer under the Time Charter; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 take
 any step to wind up, liquidate, or place in administration or receivership
 the Owner nor commence or continue any analogous proceedings in any
 jurisdiction (excluding, for the avoidance of doubt, proving in a liquidation
 commenced by any third party, but only insofar as any such proceedings are
 continuing and not permanently stayed, and subject to the condition that the
 Security Agent shall cease any such action upon the relevant proceedings
 being permanently stayed and the Security Agent shall notify the Time
 Charterer in writing promptly upon taking or ceasing any such action); 

 
	
  

 	
  

 	
  

 
	
  

 	
 SUBJECT
 ALWAYS: 

 
	
  

 	
  

 
	
  

 	
 (i)

 	
 to
 there having occurred no event under the Time Charter (a “Charterer’s Termination Event”) in
 consequence of which the Owner, is entitled to terminate and has lawfully
 terminated the Time Charter in accordance with their terms including, without
 limitation, withdrawal of the Vessel from the Time Charter by the Owner for
 non-payment of hire; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 to
 the Vessel not having become an actual, agreed, arranged or constructive
 total loss and being no longer available to the Owner; 

 
	
  

 	
  

 	
  

 
	

 

 
	
  

 
	
 Page
 14 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 
	
 4.

 	
 The
 Security Agent agrees that unless the Time Charterer is no longer entitled to
 the use and quiet enjoyment of the Vessel under paragraph 3 above, if the
 Security Agent enforces or exercises its rights pursuant to the Finance
 Documents in accordance with the terms thereof, the Security Agent may only
 sell or transfer the Vessel expressly subject to the terms of the Time
 Charter (a “Permitted Transfer”)
 and provided that: 

 
	
  

 	
  

 
	
  

 	
 (a)
 the rights of the Time Charterer under the Time Charter shall be fully
 preserved and protected following the Permitted Transfer; and 

 
	
  

 	
 (b)
 before the Permitted Transfer, if the Owner’s rights as “Owner” under the
 Time Charter are to be assigned or transferred to a third party, such third
 party (the “Substitute”) has
 assumed the rights and obligations of the Owner under the Time Charter; and 

 
	
  

 	
 (c)
 the Substitute is acceptable to the Time Charterer acting reasonably. 

 
	
  

 	
 The
 Time Charterer shall give its consent to the proposed Substitute if the Time
 Charterer is satisfied, acting reasonably, that the validity and
 enforceability of the Time Charter will not in any way be prejudiced, and if
 that Substitute (not being a competitor of the Time Charterer) has such (i)
 legal capacity (ii) technical competence and (iii) financial capability as
 are reasonably required to become a party and to perform the obligations of
 the Owner under the Time Charter, and, provided
 that (but without prejudice to such Substitute’s ability to meet
 the foregoing criteria in other circumstances): 

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 arrangements
 concluded with third parties by the proposed Substitute shall be taken into
 account in evaluating its technical competence and financial capability; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 in
 the case of any proposed Substitute which is an affiliate of the Security
 Agent or any other Finance Party, evidence that it is controlled by the Security
 Agent or any other Finance Party shall be sufficient evidence of financial
 capability for the purposes of this paragraph 4(a); 

 
	
  

 	
  

 	
  

 
	
  

 	
 The
 Owner undertakes not to make any claim against the Vessel and/or Substitute
 and/or the Time Charterer arising directly from a Permitted Transfer made
 under this Letter. 

 
	
  

 	
 The
 Time Charterer shall use all reasonable endeavours to co-operate with the
 Security Agent in order to effect a Permitted Transfer at the expense of the
 Security Agent. 

 
	
  

 	
  

 
	
 5.

 	
 By
 countersigning this Letter, the Time Charterer hereby acknowledges and agrees
 that: 

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 subject
 to the provisions of paragraphs 3 and 4, the enforcement, in accordance with
 the terms of the Finance Documents, by the Security Agent of any security
 interests granted in favour of the Security Agent pursuant to the Finance
 Documents or the sale or transfer of the Vessel pursuant to the Finance
 Documents to any other person shall not constitute a disturbance of the Time
 Charter or the Time Charterer’s use and quiet enjoyment of the Vessel in
 accordance with the terms of the Time Charter; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 the
 covenant by the Security Agent in this Letter is the sole covenant by the
 Security Agent in respect of quiet enjoyment and is in substitution for, and
 to the exclusion of, any other covenant for quiet enjoyment which may have
 otherwise been given by any other party or implied at law or otherwise. 

 
	
  

 	
  

 	
  

 
	

 

 
	
  

 
	
 Page
 15 of 17

 

Private and Confidential

	
  

 	
  

 	
  

 
	
 6.

 	
 The
 Time Charterer agrees that: 

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 without
 prejudice to any other rights the Time Charterer may have in respect of any
 default by the Owner of any of its obligations under the Time Charter, the
 Time Charterer will not take any enforcement action in respect of or
 otherwise terminate the Time Charter without first notifying the Security
 Agent in writing and giving the Security Agent the opportunity to remedy (or
 procure the remedy of) any default by the Owner of any of its obligations
 under or in connection with the Time Charter within the relevant period
 referred to below. Unless the Security Agent notifies the Time Charterer in
 writing that it does not wish to exercise any remedy rights, the Time
 Charterer will not terminate the Time Charter if the Security Agent does so
 remedy (or procure the remedy of) the default within thirty (30) days of the
 Time Charterer giving notice to the Owner (copied to the Security Agent) of
 the default by the Owner to perform its obligations under the Time Charter
 (which cure period shall be extended to sixty (60) days if it is demonstrated
 to the Time Charterer (acting reasonably) that the Security Agent is
 continuing to diligently remedy (or procure the remedy of) the default; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 if
 the Security Agent, pursuant to a Permitted Transfer, exercises the power of
 sale under the Mortgage and/or assigns or transfers the rights of the “Owner”
 under the Time Charter to the Substitute, the Time Charterer will not
 terminate the Time Charter by reason solely of such transfer (without
 prejudice to any accrued rights). In such circumstances, the Time Charterer
 agrees that the Substitute shall, with effect from the date of the Permitted
 Transfer and notwithstanding any other provisions thereof, become a party to
 the Time Charter in place of the Owner and shall be treated for all purposes
 as if the Substitute had originally been named a party in place of the Owner
 (without prejudice to any accrued rights). 

 
	
  

 	
  

 	
  

 
	
 7.

 	
 The
 Security Agent acknowledges that the Time Charterer is not a party to and is
 not bound by the provisions of any of the Finance Documents. 

 
	
  

 	
  

 
	
 8.

 	
 The
 Security Agent acknowledges that the terms of this Letter shall (subject to
 such beneficiary similarly confirming and consenting to the terms of this
 Letter) ensure to the benefit of the successors and assigns of the Time
 Charterer under the Time Charter. 

 
	
  

 	
  

 
	
 9.

 	
 The
 Security Agent confirms that it has been duly authorised to issue this Letter
 on behalf of the Finance Parties and that its issuance conforms with the Loan
 Agreement and, without limitation, the agency provisions described therein. 

 
	
  

 	
  

 
	
 10.

 	
 The
 terms of this Letter shall be governed by and construed in accordance with
 English law and the provisions of Clause 46 (Law
 and litigation) of the Time Charter shall apply, mutatis mutandis,
 to any dispute arising out of this Letter as if such provisions were set out
 in this Letter. 

 
	
  

 	
  

 
	
 Please
 acknowledge your receipt of and your agreement to the terms of this Letter by
 signing the attached copy where indicated and returning it to us.

 
	
  

 
	

 

 
	
  

 
	
 Page
 16 of 17

 

Private and Confidential

Each of the parties signing
this Letter intends that the agreement constituted by this Letter shall take
effect as a deed notwithstanding the fact that a party may only sign this
Letter under hand.

	
  

 	
  

 
	
 Yours faithfully, 

 	
  

 
	
  

 	
  

 
	

 

 	
  

 
	
 For and on behalf of 

 	
  

 
	
 DnB NOR
 BANK ASA

 	
  

 
	
  

 	
  

 
	
 as Security Agent on
 behalf of the Finance Parties 

 

We, METHANE SERVICES LIMITED, for the
consideration aforesaid, hereby confirm our agreement to the provisions of this
Letter.

	
  

 	
  

 
	
 Dated: 04 MARCH 2010

 	
  

 
	
  

 	
  

 
	
 /s/ BA Bhat DIRECTOR

 	
  

 
	

 

 	
  

 
	
 for and on behalf of 

 	
  

 
	
 METHANE
 SERVICES LIMITED

 
	
  

 	
  

 
	

 

 
	
  

 
	
 Page 17 of 17EXHIBIT 10.20

APPENDIX TO THE PRIVATE AGREEMENT OF PROFESSIONAL HIRING

Today in Piraeus December 1st
2010, between the below contributing parties:

From one side NEA DIMITRA KTIMATIKH
KAI EMPORIKH SA (V.A.T. 094048112) based in Piraeus – 69 Akti Miaouli Street, represented by Mr Georgios A. Katsikas (VAT
020019501), referred hereafter “leaser”

and

on the other side CERES LNG SERVICES
(V.A.T. 999237870) based in Bermuda, which installed its office premises in Piraeus under AN 89/67 law, represented by Mr Georgios
V. Lagonikas (V.A.T. 031915509), referred hereafter “leasee”,

have agreed and accept the followings:

The below conditions of the private
agreement of professional hiring 01/02/2010 are modified as:

1.  LEASE OBJECT

The leaser stated that holds the
absolute ownership, distribution and possession of the below mentioned spaces:

1.   459,75 m2 ground floor

2.   414,50 m2 1st floor 

3.   47,53 m2 2nd floor

4.   387,43 m2 3rd floor

5.   243,93 m2 4th floor

6.   587,43 m2 5th floor

7.   549,85 m2 6th floor

of the high rise office building
of its property at 69 Akti Miaouli street, as well as spaces of total surface 768,58 m2 on the ground floor, on the
mezzanine, on the 3rd, 4th, 5th, 6th and 7th floor and on 1st,2nd
and 3rd basement of the high rise office building of its property on 12-14 Euploias street.

The above mentioned described spaces
of total surface 3.459,00 m2 which will be called hereafter “lease object” in the present agreement, are
leased from the leaser to the leasee, with all the existing office furniture, under the below mentioned conditions.

 

3. RENT

I. For the period December 1st
2010 until December 31st 2011, the monthly rental is determined to forty one thousands five hundred and eight euro (€
41.508,00). The agreed rent includes nine (9) parking spaces in the building’s basement and the use of building’s dining
area.

II. Continuing and especially from
January 1st 2012 onwards, the monthly rental will be determined at the anniversary date of the agreement and for a period
of twelve months after an agreement between the contributing parties has been succeeded.

III. The amount that corresponds
to three (3) month’s rent is agreed and paid in the first fifteen (15) days of each calendar quarter by check to the leaser
or a person, which is indicated in written by the leaser or with a deposit of the rent credited to the account number 0/441575/009
held by the leaser at CITIBANK Piraeus. The payment of rent will be proved only with a collection receipt or a promissory note
deposit to the above mentioned account, excluding any other sort of payment evidence, even the one of oath.

IV. Taxes and fees like T.A.P.,
F.M.A.P., V.A.T., council taxes and any other sort of taxes related to the income of the lease object, even towards the leased
itself, borne only the leaser. Especially, the stamp rental tax (3% plus 20% O.G.A.) bornes only the leaser.

All the other conditions of the
above mentioned agreement remains invariable.

The present appendix was fixed
by both the contributing parties, under the principles of good will, transacting morals, and the social and economical purpose
of each party.

After having agreed and accept
all the above mentioned conditions, in verification and proof of them, we wrote the present appendix to three (3) parts of equal
value to the original, we read it and signed it.

One prototype was given to the
leaser, one to the leasee, while the third one will be immediately submitted within the legal deadline to the competent D.O.Y.
for approval.

CONTRIBUTING PARTIES

	LEASER
	LEASEE

In Piraeus today October 1st 2011, between the below contributing parties:

From one side NEA DIMITRA KTIMATIKH KAI EMPORIKH SA (V.A.T. 094048112) based in Piraeus – 69 Akti Miaouli street, represented by Mr Georgios A. Katsikas (VAT 020019501), referred hereafter “leaser”

and

on the other side CERES LNG SERVICES (V.A.T. 999237870) based in Bermuda, which installed its office premises in Piraeus under law AN 89/67, represented by Mr Georgios V. Lagonikas (V.A.T. 031915509), referred hereafter “leasee”,

have agreed and accept the followings:

The below conditions of the private agreement of professional hiring 01/02/2010 are modified as:

1. LEASE OBJECT

The leaser stated that holds the absolute ownership, distribution and possession of the below mentioned spaces:

	  	
1.     	
42,00 m2 underground parking
	
	 	
2.	
47,53 m2 2nd floor
	
	 	
3.	
343,50 m2 4th floor
	
	 	
4.	
587,43 m2 5th floor
	
	 	
5.	
549,85 m2 6th floor
	

of the high rise office building of its property at 69 Akti Miaouli street, as well as spaces of total surface 266,10 m2 on the mezzanine, and on the 4th and 5th floor of the high rise office building of its property on 12-14 Euploias street.

The above mentioned described spaces of total surface 1.836,41 m2 which will be called hereafter “lease object” in the present agreement, are leased from the leaser to the leasee, with all the existing office furniture, under the below mentioned conditions.

3. RENT

I. For the period October 1st 2011 until December 31st 2011, the monthly rental is determined to twenty two thousands and forty euros (€ 22.040,00). The agreed rent includes two (2) parking spaces in the building’s underground parking and the use of building’s dining area, auditorium and gym.

II. Continuing and especially from January 1st 2012 onwards, the monthly rental will be determined at the anniversary date of the agreement and for a period of twelve months after an agreement between the contributing parties has been succeeded.

III. The amount that corresponds to three (3) month’s rent is agreed to be paid within the first fifteen (15) days of each calendar quarter by cheque to the leaser or a person, which is indicated in writting by the leaser or with a deposit of the rent credited to the account number 0/441575/009 held by the leaser at CITIBANK Piraeus. The payment of rent will be proved only with a collection receipt or a proof of deposit to the above mentioned account, excluding any other sort of payment evidence, even the one of oath.

IV. Taxes and fees like T.A.P., F.M.A.P., V.A.T., council taxes and any other sort of taxes related to the income of the lease object, even towards the leased itself, borne only the leaser. Especially, the stamp rental fee (3% plus 20% O.G.A.) bornes only the leaser.

All the other conditions of the above mentioned agreement remains invariable.

The present appendix was fixed by both the contributing parties, under the principles of good will, transacting morals, and the social and economical purpose of each party.

After having agreed and accept all the above mentioned conditions, in verification and proof of them, we wrote the present appendix to three (3) parts of equal value to the original, we read it and signed it.

One original was given to the leaser, one to the leasee, while the third one will be immediately submitted within the legal deadline to the competent tax office for verification.

CONTRIBUTING PARTIES

		
	
LEASER	
      LEASEE

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