Message-ID: <9184692.1075857513885.JavaMail.evans@thyme> Date: Wed, 10 Jan 2001 07:09:00 -0800 (PST) From: jeffrey.shankman@enron.com To: pierre.aury@enron.com Subject: Re: lng shipping Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Jeffrey A Shankman X-To: Pierre Aury X-cc: X-bcc: X-Folder: \Jeffrey_Shankman_Jun2001\Notes Folders\All documents X-Origin: Shankman-J X-FileName: jshankm.nsf However, I'm sure your french is 3000 times better than mine. I'm planning a trip to paris at end of jan beg. of feb, by the way. It really is the best city in the world to visit Enron Capital & Trade Resources Corp. - Europe From: Pierre Aury 01/10/2001 08:34 AM To: Jeffrey A Shankman/HOU/ECT@ECT cc: Subject: Re: lng shipping i am sure your english will be about 2000 times better than mine so please feel free to package the thing the way you think is best (perhaps a nice and impressive 3 or 4 lines paragraph on egm could be a good intro?) and just copy me with what you have sent . give us your dates in london and let us know if there is anything you want to discuss in details . pierre To: Pierre Aury/LON/ECT@ECT cc: Subject: Re: lng shipping Be happy to. I may take the liberty of a little word-smithing if you don't mind. (and will show it to you before i send it) I should be over within the next 4 weeks. Regards. Jeff Enron Capital & Trade Resources Corp. - Europe From: Pierre Aury 01/10/2001 03:18 AM To: Jeffrey A Shankman/HOU/ECT@ECT cc: Mike McConnell/HOU/ECT@ECT, Brad Hitch/EU/Enron@Enron, Eric Gonzales/LON/ECT@ECT, Stuart Staley/LON/ECT@ECT, George McClellan/HOU/ECT@ECT Subject: lng shipping jeff long time no talk on lng shipping matters. during the xmas/new year period we discussed a lot with brad and have come up with some clear ideas on how to proceed to drive quickly a market change in the field of lng shipping. the best bet at this stage looks like mosk the big japanese shipping co . they control directly or indirectly 40 lng vessels. the lng shipping market is so inefficient that about 20 pct of that fleet is either iddle or under utilized. the idea is to team up with mosk to have access to their idle fleet at marginal cost plus small margin. this would enable us to ask them to give us a ship every time we can develop a spot lng cargo : no capital outlay, no take or pay obligation, win /win situ as mosk would then make money (that s their incentive) out of an iddle fleet and we would then gain access to ships enabling us to make money on lng spot cargoes without entering long term comitment on the shipping front . mosk being japanese , in order to jump start the entire thing we need a fax to be sent from high level in enron to high level in mosk prior brad and myself go and meet these guys in tokyo to discuss the idea in more details (at lower level in mosk the idea is known and accepted/tentative date already set last days of jan/early feb for the first meeting) . would you mind to send such a fax along the lines i propose herebelow asap ? thanks in advance . any questions please feel free pierre quote to Mr Iwata , Executive Officer, LNG Division , MOSK cc Mr Hashimoto , Manager, Project Development team, LNG Division, MOSK both on fax number (81) 3 35 87 77 48 Mr Amine Hakim, MOSK London on fax number (44) 870 130 97 37 Dear Sir Enron, through its newly formed Enron Global Market business unit, is targeting the LNG commodity and shipping markets as being key markets for the coming years mainly on account of their growth potential but as well because these markets are ripe for a change in their very nature. MOSK , because of the sheer size of its LNG shipping fleet and Enron, because of its proven ability to make markets change, are uniquely positioned to team up and drive these changes rather than react to them. Enron would like to explore with MOSK if and how both companies could cooperate in the lng field to achieve this. Brad Hitch on the commodity front and Pierre Aury on the shipping front will be leading this efforts on the Enron side and you can expect to have them contacting you very shortly to start these discussions. Yours faithfully signed Jeffrey A Shankman or Mike McConnell tittle (in big letters please ...)