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July 30, 2004
Kawasaki Kisen Kaisha, Ltd.

Amendments to Financial Prospects and Dividend for Fiscal 2004
(Consolidated and Non-Consolidated)

In consideration of improved performance which became available recently, Kawasaki Kisen Kaisha, Ltd. ("K" LINE) is pleased to announce our revised prospects for both revenue and profit as well as dividend of Fiscal 2004 that were announced back on May 13, 2004. The details are as follows:


1. Revised Financial Prospects (Consolidated)

1)Half-Year Financial Prospects (from April 1, 2004 through September 30, 2004)

(Unit: Millions of Yen)

Operating
Revenues
Operating
Income
Income before
Income Taxes and
Extraordinary Items
Net Income
Previously-announced prospects (A) 370,000 38,000 37,000 23,000
Present prospects (B) 397,000 56,000 56,000 33,000
Difference (Increase/decrease) (B-A) 27,000 18,000 19,000 10,000
Ratio of Increase/decrease (%) 7.3% 47.4% 51.4% 43.5%
(guidance) Half-Year financial results
as of September 30, 2003
362,106 34,305 30,427 15,941

2)Full-Year Financial Prospects (from April 1, 2004 through March 31, 2005)

(Unit: Millions of Yen)

Operating
Revenues
Operating
Income
Income before
Income Taxes and
Extraordinary Items
Net Income
Previously-announced prospect (A) 760,000 76,000 74,000 46,000
Present prospects (B) 790,000 98,000 97,000 57,000
Difference (Increase/decrease) (B-A) 30,000 22,000 23,000 11,000
Ratio of Increase/decrease (%) 3.9% 28.9% 31.1% 23.9%
(guidance) Full-Year financial results
as of March 31, 2004
724,666 70,534 62,564 33,196

2. Revised Financial Prospects (Non-consolidated)

1)Half-Year Financial Prospects (from April 1, 2004 through September 30, 2004)

(Unit: Millions of Yen)

Operating
Revenues
Operating
Income
Income before
Income Taxes and
Extraordinary Items
Net Income
Previously-announced prospects (A) 300,000 29,500 29,000 18,000
Present prospects (B) 320,000 45,000 45,000 28,000
Difference (Increase/decrease) (B-A) 20,000 15,500 16,000 10,000
Ratio of Increase/decrease (%) 6.7% 52.5% 55.2% 55.6%
(guidance) Half-Year financial results
as of September 30, 2003
295,026 28,221 25,118 12,450

2)Full-Year Financial Prospects (from April 1, 2004 through March 31, 2005)

(Unit: Millions of Yen)

Operating
Revenues
Operating
Income
Income before
Income Taxes and
Extraordinary Items
Net Income
Previously-announced prospects (A) 600,000 57,000 56,000 34,000
Present prospects (B) 620,000 75,000 75,000 46,000
Difference (Increase/decrease) (B-A) 20,000 18,000 19,000 12,000
Ratio of Increase/decrease (%) 3.3% 31.6% 33.9% 35.3%
(guidance) Full-Year financial results
as of March 31, 2004
584,958 55,068 49,670 24,452

3.Background for the revision

During the 1st Quarter (April - June 30, 2004), both Bulk carrier and Tanker freight market went up sharply due to extremely strong demand for space. In Containership business, there was a very strong cargo movement globally especially in Asia/Europe trade and freight rate has been restored in most of the trades. Improvement in efficiency of re-deployment of ships and cost management is another reason for the improved performance. Consequently, "K" LINE's overall performance has improved in all areas, namely operating revenues, operating income and net income.
For the 2nd Quarter (July- September, 2004), Containership business remains strong towards coming peak summer season; Bulk Carrier business showed somewhat weak market for a while but is now showing a sign for the recovery, Tanker business is expected to stay with higher market level for sure. All these factors encourage us to expect greatly improved operating revenues, operating income and net income for the first half of 2004(April-September, 2004) as compared with our previous announcement.

As far as the second half of 2004(October, 2004-March, 2005) is concerned, overall market is expected to remain favorable or stable for the entire shipping industry. Keeping mind that there is a likelihood of hike in fuel prices, hike of ship-charter rate and increase of interest rate, etc, we are cautiously optimistic about the financial performance for the second half as well and we are in fact, expecting it will be slightly better than previous announcement.


4. Amendment to prospect for payment of per share dividend (from April 1, 2004 through Mach 31, 2005)

(Unit per dividend : Yen)

Intermediate payment
of per share dividend
Payment of Fiscal Year
per share dividend
Annualized payment of
per share dividend
Previously-announced prospects (A) 5.0 5.0 10.0
Present prospects (B) 7.5 7.5 15.0
Actual results of last year
as of Mach 31, 2004
5.0 5.0 10.0

Regarding intermediate payment of dividend, taking above financial prospects into consideration, it has been resolved that we are going to pay a dividend of ¥7.5 per share which represents a 2.5 increase per share.
On the assumption that business achievements during the 2nd half are to advance as well as announced at present, we are going to pay a similar 7.5 per share, another increase of 2.5 per share. We prospect payment of an annualized dividend of 15 per share, representing a 5 increase per share.

The content on this website is provided as a convenience for our investors for informational purpose only. This is not intended to solicit investors to buy our company's stock. This information may include forecasts, projections and strategies that are based on the assumptions. Number of risks and uncertainties may cause actual results to differ from the description in this website. The final decision and responsibility for investments rests solely with the user of this site.

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