1. Adam Larsson, Project Manager, DNV 26 May 2011 Oshima ECO-ship 2020 The open hatch bulk carrier of the future

2. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 2 Oshima ECO-ship 2020 - Objectives  Environmental friendly  Energy efficient  Cost-effective  Flexible operations

3. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 3 Design basis  Market and logistics study - Basis for selection of main particulars and technical solutions  Operational profiles and trading routes identified - Basis for fuel consumption calculations  Open Hatch Bulk Carrier segment: - Many port calls - Pulp trades - Few ballast voyages - Average load level 77%

4. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 4 Concept overview  Main features: - LNG fuelled – LNG as only fuel on board - Wide air lubricated twin skeg hull - Flexible propulsion and power generation systems - Waste heat recovery - Composite hatch covers - Large capacity electric deck cranes

5. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 5 Hull  Optimised to fit operational profile  Wide twin skeg hull  Seaworthy Bow  Air lubrication  Flipper fins Reduced fuel consumption Low total resistance -Calm water -Waves High propulsive efficiency

6. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 6 LNG fuelled LNG only, no fuel oil for propulsion or power generation Fully compliant with existing and future expected emission requirements - ECA and EU port regulations -IMO Tier III regulations -No SO x and particulate emissions - Significant reductions of CO 2 Clean working environment No risk for accidental oil pollution  LNG tank location in aftship  4 C-type pressurised tanks  Total tank capacity 3,000 m 3

7. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 7 Machinery and propulsion systems by Rolls-Royce Marine  2 lean-burn 4-stroke medium speed gas engines, 2 x 4,000 kW  1 auxiliary gas engine, 1 x 1,400 kW  Hybrid Shaft Generators, PTI/PTO mode  Frequency converters  Waste heat recovery  PROMAS, integrated propeller and rudder Low fuel consumption High energy efficiency Twin screw redundancy Flexible propulsion and power generation Excellent manoeuvrability

8. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 8 Operational solutions All-electric deck machinery  Large capacity electric jib cranes, 4 x 75t High cargo handling efficiency Reduced energy consumption Composite materials  Hatch covers Significant weight reduction Easy handling by deck crane (no hydraulic systems) Less maintenance

9. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 9 The ECO-Ship is commercially viable  Compared to a conventional Oshima OHBC, the ECO-ship requires an additional investment of about 23 MUSD  This extra investment is expected to be earned back within 10 years  The ECO-ship improves the expected net present value before tax by 38 MUSD over a lifetime of 25 years

10. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 10 Concluding remarks Environmental friendly -No emissions of SOx or particulates -90% NOx reductions -CO2 reductions of at least 50% compared to base case Energy efficient -LNG fuelled -Waste heat recovery -Electric deck machinery Cost-effective -10 years pay-back time -Improved lifetime net present value of 38 MUSD Flexible operations -Machinery and propulsion system -Large capacity deck cranes -Composite hatch covers

11. © Det Norske Veritas AS. All rights reserved. Oshima ECO-Ship 2020 26 May 2011 11 Safeguarding life, property and the environment www.dnv.com