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March 8, 2002
Kawasaki Kisen Kaisha, Ltd.

New joint Transpacific and Asia/Europe- Mediterranean service

Kawasaki Kisen Kaisha, Ltd., Tokyo ("K"LINE) and Yang Ming Marine Transport Corp., Keelung (Yang Ming), are pleased to announce the details of their joint service commencing at end of March, 2002 as follows. The service consists of the latest Post-Panamax fleet of 20 x 5,500 TEU vessels, 10 x 3,500 TEU vessels and 5 x 2,800 TEU vessels and the lines are now in a position to offer more valuable service to their customers with wider scope of port coverage including direct port calls at Chinese ports such as Shanghai, Ningbo, Xiamen, Qingdao and Yantian, and better transit time such as from Hong Kong to Long Beach in 11days. It is remarked that the lines opted Port Said for East Mediterranean, Valencia for West Mediterranean Hub in their PDM service both East Bound and West Bound. On the 2nd loop for Europe, AES2, Malta functions as Hub for East and West Mediterranean. Malta is also called in both directions.

PSW-1/AES-1 Pendulum Service 12 x 5,500 TEU

Long Beach (Sat-Wed) - Oakland (Thu-Fri) - Kobe (Tue-Tue) - Shanghai ( Thu-Fri) - Ningbo ( Fri-Sat) - Hong Kong ( Sun-Mon) - Yantian ( Mon-Tue) - Singapore ( Fri-Fri) - Port Kelang ( Fri-Sat) - Suez Canal - Port Said ( Mon -Tue ) - Valencia ( Fri-Fri) - Rotterdam ( Mon -Tue) - Hamburg ( Wed - Thu) - Felixstowe ( Thu-Fri) - Antwerp ( Sat-Sat) - Valencia ( Wed -Wed ) - Port Said ( Sat-Sun) - Suez Canal- Port Kelang ( Tue -Wed) - Singapore ( Wed-Thu) - Yantian ( Sun-Sun) - Hong Kong ( Mon-Tue) - Xiamen ( Wed-Wed) - Long Beach (Sat)

PSW2 5 x 3,500 TEU

Los Angels ( Sat- Tue )- Oakland ( Wed -Fri) - Yokohama (Mon-Tue) - Keelung ( Thu-Thu) - Kaohsiung ( Fri-Sat) - Hong Kong (Sun-Sun) - Kaohsiung ( Mon-Tue) - Keelung ( Tue -Wed) - Los Angels ( Sat)

PSW3 5 x 3,500 TEU

Long Beach ( Sat-Mon) - Oakland ( Mon -Wed) - Tokyo ( Sat-Sun) - Nagoya (Mon-Mon) - Qingdao ( Thu -Thu) - Shanghai (Fri-Sun) - Kobe (Tue-Tue) - Nagoya (Wed-Wed) - Tokyo ( Thu-Thu) - Long Beach (Sat)

PNW 5 x 2800 TEU (continuation to the current schedule)

Tacoma ( Thu-Fri) - Vancouver ( Sat/Sun) - Portland (Mon-Tue) - Tokyo(Fri-Sat) - Nagoya (Sat-Sun) - Kobe (Sun-Mon) - Hong Kong ( Thu-Thu) - Kobe ( Sun-Mon) - Nagoya ( Mon-Tue) - Tokyo ( Tue-Wed) -Tacoma (Thu)

AES2 8 x 5,500 TEU

Rotterdam ( Tue -Wed) - Felixstowe ( Wed-Thu)- Hamburg (Fri-Fri) - Le Havre ( Sat-Sun) - Malta ( Thu-Fri) - Suez Canal - Singapore (Tue-Wed) - Hong Kong (Fri-Sat) - Kaohsiung (Sun-Sun) - Kobe (Wed-Thu)- Nagoya (Thu-Fri) - Tokyo ( Fri-Sat) - Kaohsiung ( Tue -Wed) - Hong Kong (Wed -Thu) - Singapore (Sat-Sun) - Suez Canal - Malta (Thu-Thu) - Rotterdam (Tue )

(First Vessels)

PSW1 (Pendulum) James River Bridge V. 01E At Yantian ETA Mar 24
AES1(Pendulum) Ming Pine V.09W At Shanghai ETA Mar 28
PSW2 Ming Green V.08E At Hong Kong ETA Mar 24
PSW3 Seto Bridge V.86E At Shanghai ETA Mar 23
AES2 Ming Cosmos V.11W At Kobe ETA Mar 20

With implementation of this new service the two lines intend to offer expanded and improved service through broader slot exchanges with both COSCON and Hanjin.

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