Chartering Case Study - Q4 2024

Adding TC to enable JKTC diversions of US-NWE cargos

1 Oct 2024
Executive Summary: Chartering Case Study
Base Portfolio
Is chartering of a 3rd vessel in Q4 2024 profitable to • 22 US supply cargos delivered to NWE or Asia
capture the TTF/JKM spread between Europe and Asia?
• 2 x 174k vessels

Adding the Third Vessel

Adding a third vessel allows spot deliveries to Asia (diversions from regular US-NWE shipping strategy), increasing portfolio P&L

Monthly variations

• It only makes sense to charter a 3rd vessel in Nov and Dec 2024, where the JKM-TTF spread is sufficiently high
• Not profitable to charter the 3rd vessel in Oct 2024 due to lower JKM-TTF spread

Launch X-LNG

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Detailed Parameters of the Case Study
INVESTIGATING CHARTER RATE BREAK-EVEN FOR NEW TC

Supply (Q4 2024) Demand (Q4 2024)

Loading: Sabine Pass, 22 cargos Spot: Gate (NWE flex) or Futtsu (JKTC flex)
Indexation: 115% HH + $ 3.5 tolling fee Indexation: 100% TTF; 100% JKM

Fleet Prices
2 x 174k vessels Forward Curve based on Futures
+ 1 TC-In 174k (Spark 30 Rate: $ 64,000 /day) (HH, TTF, JKM)

Scenario for Portfolio Optimisation

Optimised ops schedule provided in
• Impact of monthly JKM-TTF spread on
X-LNG for every one of following cases
chartering

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 Base Portfolio
SABINE PASS – GATE/FUTTSU (22 CARGOS, 2 VESSELS)
Profit

$ 130,560,786
Cargo flow

X-LNG’s output operational schedule is our proprietary asset due to its robust and comprehensive features
Schedule

Unlock your own optimised operational plan at https://calypso-commodities.com

Launch X-LNG
Experience the power of X-LNG firsthand

With shipping length of 2 vessels, NWE is a more favourable spot market due to shorter shipping distance.
Next

Next, 3rd vessel with different 30-day charter windows is added

Leveraging X-LNG for Chartering Optimisation.
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Chartering an Additional Vessel
Base Case Q4 2024 Oct 2024 / Same P&L & Cargo Flows as Base Case (2 Vessels)

$ 130,560,786
Cargos Cargos
$ 130,560,786 Delivered Third Vessel Used? Delivered
(No P&L increase
through TC-In)
û
4 Gate 2 Futtsu 4 Gate 2 Futtsu
Nov 2024 Dec 2024

$ 134,696,454 $ 133,229,865
Cargos Cargos
Third Vessel Used? Delivered Third Vessel Used? Delivered
(P&L Increase
through TC-In)
ü (P&L Increase
through TC-In)
ü
1 Gate 5 Futtsu 2 Gate 4 Futtsu
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Effects of Monthly Variations in JKM-TTF Spread
TTF & JKM Futures for Oct 2024 – Jan 2025 (USD/MMBtu)
14.5
• The 3rd vessel charted in Nov
and Dec 2024 will discharge
14.0 their last cargo at the start of Dec
2024 and Jan 2025 respectively
• The JKM/TTF spread is
13.5
sufficiently high in Dec 2024 and
Jan 2025 to justify chartering a
13.0
3rd vessel to enable cargo
deliveries to Asia, requiring
additional shipping length
12.5 • This is not the case in Oct, where
the spread is relatively small
• The profitability of additional
12.0
JKTC cargos/overall portfolio
increases with JKM-TTF spread
11.5
Oct 24 Nov 24 Dec 24 Jan 25
TTF JKM
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About Calypso Commodities
SCALING TO 30 FTES IN 2024 WITH PLANNED OFFICE IN SINGAPORE
Calypso Commodities is a tech company developing AI-
• Global presence
based solutions for LNG scheduling, shipping & trading
optimisation, saving millions of USD and GHG emissions.
Calypso’s X-LNG is globally used by energy majors, • Growth leader
utilities, and hedge funds to optimise LNG tanker schedules OFFICES IN LONDON
& portfolios, value origination deals, and make trading BERLIN & • >25 tech team
decisions. With a growing team of over 25 top-tier
mathematicians, software engineers, & LNG specialists, • Innovating LNG & AI
we’ve built the leading AI scheduling & optimisation SINGAPORE (Q4)
solution for the LNG industry – supported by ideas & • ISO 27001 certified
feedback from a variety of industry majors.

Largest tech-team in the industry

Innovation & technology leader

Tailor-made & exclusive components - 7

About X-LNG
X-LNG HELPS LNG PLAYERS LEVERAGE AI SOLUTIONS IN PORTFOLIOS

Bespoke Solution
X-LNG was designed specifically for portfolio-level calculations and
optimisations in LNG Trading.

Market Leadership
Unlike any other tool on the market, X-LNG models the value of each
contract on a portfolio level, offering unparalleled precision in
operational planning and a truly holistic valuation & optimisation.

Actionable Plans
For each optimised portfolio, X-LNG delivers a real-time, actionable
operational plan, ensuring day-to-day usability and efficiency.

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Powerful Features of X-LNG
DATA INPUT & OPTIMAL OPERATION PLAN

Comprehensive data input Holistic valuation Optimal output

contracts, vessels, charter to value contracts and maximising P&L, ensure
rates, prices, spot market optimise P&L from a full scheduling & ops
assumptions, FX rates and portfolio perspective, incl. feasibility, and comply
more shipping & optionalities with constraints

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Powerful Features of X-LNG
SUPERIOR CAPABILITIES

Detailed Unmatched Scalable Cloud Robust Scenario

operational Transparency through Solution with world- Management to run
plans for all recalculation & optional class user interface for numerous scenarios
scenarios manual verification any portfolio size simultaneously

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Powerful Features of X-LNG
EXPERT TEAM & SERVICES

Highly Qualified Team with Comprehensive Consultancy for AI-

over 25 AI & LNG experts, based portfolio optimisation provided
including mathematicians, by Calypso in addition to X-LNG,
physicists, and computer ensuring clients achieve maximum
scientists values and P&L

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AI in LNG Trading & Shipping
1 PORTFOLIO MODULE SCHEDULING MODULE 2

• Long & Short side, FOB/DES, equity prod. • Vessel capacity & Location
• Optionalities (ports, DQT/UQT, time) • BOG, Bunker Fuel, & Consumption
• Price Indexation (gas spot markets) • Port & berth compatibility
Contract Tanker
Portfolio Fleet

AI
Models

OUR AI TECH OPERATIONS MODULE 3

• Matching of Long & Short positions Infrastructure • Generation of loading windows

• Scheduling of cargos & tanker fleet • Gas production with dynamic profile
• Optimisation of route, speed, bunker, idling • Bottlenecks: Suez, Panama, terminal
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X-LNG Use-Cases: Trading & Portfolio Module

Deal Valuation Portfolio Valuation Risk Management

Optionalities Long & Short Portfolio

Valuation Matching Optimisation

Drag & Drop Emissions Valuation of

for Contracts Optimisation Regas Capacities

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X-LNG Use-Cases: Shipping & Ops Module

ADP-Creation (Re)-Scheduling Route Optimisation

Counterparty Speed Idle-time / TC-out

Nominations Optimisation Optimisation

Identify Missing Time Window Discharge Amount

Shipping Length Rescheduling Optimisation

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 Your Team
INDUSTRY LEADERS IN AI PAIRED WITH OIL & GAS
Operations Optimisation
Management
Department Department
Michael Schach Eugen Tereschenko • Dr. M Camara
• B Wiedenmann, CEO CTO (Head of
Head of Finance Optimisation)
• Sarah Blau, • Dr. J Rezacek
Client Coordinator (Lead Quantum)

Business & Analytics Department IT & Software Department

• Andreas Simmeth,j kk • Thomas Schien, Head j
• Mehdy Touil, Lead LNG Specialist
Head of IT Architecture of Full-Stack Development
• Dr. Fabian Smetak, Lead Valuation & Risk
• Dr. Richard Schöffauer, Project Manager • Carmen Leira, • Dr. Sebastian Horn,
• Leonhard Abt, Senior Analyst Lead UI/UX Developer Full-Stack Developer
• Lilian Barrier, LNG Portfolio Analyst • S Schmidbauer, DevOps • Shahrukh Shahid,
• Jacopo Prescianotto, LNG Portfolio Analyst • Simon Hackler, DevOps Full-Stack Developer
• Nikoloz Shurghaia, LNG Portfolio Analyst • Martin Weikl, DevOps • Timothee Mahamoodally,
• Nitheesh Velayan, LNG Portfolio Analyst • A Vijaypurkar, DevOps Junior Developer
• Xuehong Yolanda Yu, LNG Portfolio Analyst
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