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Definitions

Ammonia/NH3
Used as raw material for fertilizer production.

Cbm 
Cubic meter. The most common capacity nomination for gas vessels

CoA
Contract of Affrightment. A CoA is an agreement between ship owner and customer for the transportation of a min-max volume of cargo at a given rate per ton, normally for one or several years.

Dry docking
Normally related to a vessels periodic maintenance according to class requirements. The intervals are normally 5 years for newer vessels

ESE
Evergas Solvang Ethylene. 50/50 joint venture between Solvang and Evergas for marketing of ethylene ships.

FFJV
Fully Fledge Joint Venture.

Freight rates
The rate paid by customer to owners for the transportation service provided. Calculated either per ton basis or per days basis.

HSEQ
Health, safety, environment and quality

IFRS
International Financial Reporting Standards. All Norwegian companies quoted at the Oslo Stock Exchange are required to follow this accounting standard.

IGC
International Gas Carriers AS. Marketing company for Solvang's LGC and VLGC vessels.
   KPI
Key Performance Indicators.

LGC
Large Gas Carrier. LPG vessels between 50.000 cbm and 70.000 cbm. Normal size for newer vessels is 60.000 cbm.

LIBOR
London Interbank Offered Rate

LPG
Liquefied Petroleum Gas.

LTI
Lost Time Incident Ratio measuring the level of injuries in a company or an operation.

Panamax VLGC
Very Large Gas Carrier with a beam of 32.2 meter enabling the vessels to trade through the Panama canal.

Petrochemical Gases
Gases used as input/feedstock in petrochemical industry.

Semiref/Ethylene vessel
A gas carrier capable of transporting cargoes both under high pressure and with full refrigeration.

Spot rate
The rate obtained when chartering out a vessel for a single voyage.

TC 
Time Charter. A contract between ship owner and customer for anything between 2 months and several years. All voyage cost such as bunkers, canal and harbour fees are payable by the customer. Operating Cost is for the owner’s account.

VLGC
Very large Gas Carrier. LPG carriers with over 75,000 cbm load capacity. The normal size for modern vessels is 82,000 cbm. As opposed to Panamax VLGC, these vessels cannot sail through the Panama Canal.