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August 7, 2003
Kawasaki Kisen Kaisha, Ltd.

Amendments to Prospect for Fiscal 2003 Financial Positions
(Consolidated and Non-Consolidated)

Kawasaki Kisen Kaisha, Ltd. ("K" LINE) takes pleasure in announcing our upward-revised prospect for Financial Positions of Fiscal 2003 that was publicized on May 15, 2003 together with Financial Highlights for the Fiscal 2002. Highlights of this announcement are as follows:


1. Prospect for First half Financial Position (Consolidated)

(from April 1, 2003 through September 30, 2003)

(Unit: Millions of Yen)

  Operating
Revenues
Operating
Income
Income before
Income Taxes and
Extraordinary Items
Net Income
Previously-announced prospect(A) 340,000 23,000 21,000 9,000
Present prospect (B) 355,000 30,000 28,000 17,000
Increased/decreased amount (B-A) 15,000 7,000 7,000 8,000
Ratio of Increase / decrease (%) 4.4% 30.4% 33.3% 88.9%
First half financial position
as of September 30, 2002
309,593 11,270 7,844 4,918

2. Prospect for Full-Year Financial Position (Consolidated)

(from April 1, 2003 through March 31, 2004)

(Unit: Millions of Yen)

Operating
Revenues
Operating
Income
Income before
Income Taxes and
Extraordinary Items
Net Income
Previously-announced prospect (A) 675,000 43,000 39,000 16,500
Present prospect (B) 700,000 55,000 51,000 30,000
Increased/decreased amount (B-A) 25,000 12,000 12,000 13,500
Ratio of Increase / decrease (%) 3.7% 27.9% 30.8% 81.8%
Full-Year financial position
as of March 31, 2003
632,725 29,282 23,672 10,373

3. Prospect for First half Financial Position (Non-consolidated)

(from April 1, 2003 through September 30, 2003)

(Unit: Millions of Yen)

  Operating
Revenues
Operating
Income
Income before
Income Taxes and
Extraordinary Items
Net Income
Previously-announced prospect (A) 270,000 18,000 17,000 7,000
Present prospect (B) 286,000 24,000 23,500 11,500
Increased/decreased amount (B-A) 16,000 6,000 6,500 4,500
Ratio of Increase / decrease (%) 5.9% 33.3% 38.2% 64.3%
Full-Year financial position
as of September 30, 2002
244,300 7,179 5,152 2,781

4. Prospect for Full-Year Financial Position (Non-consolidated)

(from April 1, 2003 through March 31, 2004)

(Unit: Millions of Yen)

  Operating
Revenues
Operating
Income
Income before
Income Taxes and
Extraordinary Items
Net Income
Previously-announced prospect (A) 530,000 32,000 30,000 11,000
Present prospect (B) 560,000 43,000 41,000 19,000
Increased/decreased amount (B-A) 30,000 11,000 11,000 8,000
Ratio of Increase / decrease (%) 5.7% 34.4% 36.7% 72.7%
Full-Year financial position
as of March 31, 2003
499,791 19,843 16,434 6,535

5. Reasons for upward amendments to prospect

In Containership Business, it is prospected that business achievement will improve with a view to (1) Recovery of the U.S. economy being expected, (2) Cargo movement staying so stable from China to Europe and the U.S.A., (3) Stabilization of ocean freight and (4) Strong possibility of further cost/expense reduction through rationalization of services.
Market is expected to successively maintain a high level in the business of Bulk Carriers, Car Carriers, Energy Transportation and Tanker Service as well. We are now expecting better prospect by business expansion supported with our ongoing efforts for efficient vessel operation and overall cost/expense reduction.
In terms of dividends for Fiscal 2003, we are going to pay ¥3.00 per share for interim dividend as announced on May 15, 2003. Regarding the annual dividends, we are planning to pay ¥6.00 per share, about which final decision will be made in a proposal shareholders at the Fiscal 2003 Annual Shareholder's Meeting with a view to prospect for the future.

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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