Spreadsheet: vkaminski__40808__LNG Contract Summary
Sheet: EXMAR

LNG Ship Time Charter Party Contract Summary
Ship: EXMAR
Buyer: | Enron LNG Shipping Company
[NAME]: | Solaia Shipping Inc.
Term: | 25 years (Starting between August 2002 and February 2003)
Extension: | Buyer may extend the term and conditions of this agreement for 3 months to 10 years
 | with notification of extension due on or before 1095th day before the end of the term.
Ship Specs: | LNG Capacity - 138,000 cubic meters
 | Fuel Oil Capacity - 5,900 cubic meters
 | Diesel Capacity - 350 cubic meters
 | Guaranteed Speed - 18.4 knots
Hire Rate (Price): | Fixed Rate---------> |  | $51,850 / day
 | O&M Rate---------> |  | $10,790 / day
 |  |  | To be adjusted as of the delivery date
 |  |  | To be adjusted at least 60 days before the beginning of each year.
 | Buyer also agrees per the other sections of contract to pay other actual costs incurred as covered
 | by this contract.
Buyer's Right to Terminate: | Buyer has the right to terminate for convenience within 3 years of the delivery date by payment of
 | $74,500,000 to seller and redelivery of ship to seller, unless, buyer has previously assigned the ship
 | to an affiliate or entered into a designated trade.
Sub-Charter: | Buyer has the right to sub-charter the vessel.
Primary Terminals: | [NAME] |  |  | ADGAS, Abu Dhabi
 | [NAME], USA |  |  | [NAME], Qatar
 | Elba Island, USA |  |  | Qatargas, Qatar
 | CMS Trunkline, USA |  |  | Oman, Oman
 | EcoElectrica, Puerto Rico |  |  | Dabhol Power Company, India
 | Atlantic LNG, Trinidad
 |  |  | assumes use of Boil off Gas
Guarenteed Fuel Consumption: |  |  | Speed | Laden/Ballast
 |  |  | 19.5 | 195 Tons
 |  |  | 19 | 183
 |  |  | 18.4 | 168
 |  |  | 18 | 158
 |  |  | 17 | 142
 |  |  | 16 | 134
 | Fuel consumption higher than above results in payments from owner to charterer.
Boil-Off: | Seller agrees to use boil-off as fuel for the main engine as much as possible.  For purposes of this
 | deal, each cubic meter of LNG boil off is equal to [NAME] of fuel oil.  [NAME] guarentees'
 | maximum boil-off per day of .15% of capacity based on specific gravity of .46
Failure to Deliver: | If seller fails to deliver on time due to fault of seller then buyer may collect actual damages from
 | seller.  If late delivery is due to fault of builder then buyer may collect damages from seller as per
 | the schedule below:
 |  |  |  | Days Late | Penalty per day
 |  |  |  | 31-80 | 30000
 |  |  |  | 81-130 | 45000
 |  |  |  | 131-180 | 60000
 |  |  |  | >180 | 0
 | If the delivery is delayed by more than 180 days then the buyer may elect to cancel the charter.
Longevity Study: | Between 3.5 and 4 years before the end of the term, the seller must provide a Longevity study
 | on the ship unless the buyer has already informed the seller that the extension option will not
 | be exercised.  This Longevity study will be used by buyer to determine the economic feasability
 | of exercising the extension.  The cost of the study will be equally shared by the buyer and seller.
Regulatory Changes: | If governmental regulations cause added repairs necessary to maintain the ships rating then
 | the buyer is liable for an aggregate of $3,000,000 of repairs.  If the aggregate of the repairs is
 | in excess of $3,000,000 then the owner has the right to pay for the excess or cancel the
 | charter.  If the owner elects to cancel then the buyer has the right to pay for the excess and
 | continue the charter.
Sales Contract Force Majeure: | If a force majeure event occurs that is expected to be less than 24 months then it is considered
 | to be Temporary Force Majeure.  Under Temporary Force Majeure, the seller will allow buyer to
 | find other means of utilizing the vessel and the buyer will continue to pay hire per schedule 1.1.
 | If the force majeure event is expected to last longer than 24 months then the buyer has the right
 | to cancel the charter and pay the Permanent Force Majeure Termination Payment which is
 | $74,500,000 from now until 3 years after beginning of charter and $47,500,000 from 3 years after
 | beginning of charter until the end of the term.
Off-Hire: | If seller causes an event to occur that results in an Event of Off-Hire (Section 14.1) then the
 | seller will cease to charge hire during this time with the exception that buyer agrees to allow up
 | to 3 days per calendar year of off hire events without reducing hire payments.
Consequential Damages: | NONE  (Section 22.5)