Red Sea & Suez Update

The situation and operations for carriers in the Red Sea / Suez area remains fluid, as is the
service and routing options that the carriers are able to operate.

General Rate Increases (GRI) and Operational Cost Recovery Surcharges have been introduced to reflect the higher costs incurred by carriers due to re-routing and safety of vessels sailing to northern destinations.

LNG vessel departs Australia Pacific LNG terminal

Origin Energy Limited (Origin) confirms that the LNG vessel that had lost power and was unable to leave the Australia Pacific LNG facility has now departed.

An operation to move the vessel to safe anchorage so further repairs can be undertaken by the ship’s owner commenced early this morning, led by Gladstone Ports and Marine Safety Queensland in conjunction with the Australian Maritime Safety Authority.

Downstream operator of Australia Pacific LNG, ConocoPhillips, is now working to return the LNG facility to normal operations which will allow cargoes to recommence loading overnight.

Origin, as upstream operator, will commence ramping up production to return the flow of gas to the LNG facility to normal levels.

In total, three LNG cargoes were unable to be loaded during this event.