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June 3, 2002
Kawasaki Kisen Kaisha, Ltd.

Opening a Business Base in Europe for Bulk/Energy Transport Business

Kawasaki Kisen Kaisha, Ltd. (hereunder referred to as "K" Line) takes pleasure in announcing the opening of a business base in London to strengthen bulk/energy transport business performed in Europe, i.e. related to bulk carriers, LNG carriers, etc. "K" Line (Europe) Ltd., an overseas subsidiary, has established a "Bulk & Gas Division" effective May 31, 2002.

According to the previously announced KV-Plan, the new 3-year management plan, promotion of local regional business plays a vital role in the strategy to extend on a global basis the many shipping services, which the company successfully operates.

This development will also enable "K" Line to enhance services for exiting customers within Europe and to develop the Company's business activities in this important regional market.

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