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June 11, 2002
Kawasaki Kisen Kaisha, Ltd.

Shipbuilding Contracts for Snøhvit LNG Project Become Effective

Kawasaki Kisen Kaisha, Ltd. ("K" Line) has established two new companies together with Statoil ASA, Mitsui & Co., Ltd. and Iino Kaiun Kaisha, Ltd.

"K" Line is also pleased to announce that the Long-Term Time Charter of two liquefied natural gas (LNG) carriers, entered into by "K" Line and the Snøhvit Shippers (Statoil, Petoro, TotalFinaElf, Norsk Hydro, Amerada Hess, RWE-DEA, Svenska Petroleum Exploration) on December 2001, became effective as of May 31, 2002. At the same date the Shipbuilding Contracts with Mitsui Engineering & Shipbuilding Co., Ltd. and Kawasaki Heavy Industries, Ltd became effective. The two LNG carriers will be delivered November 2005 and April 2006 respectively.

The two new companies owning the LNG carriers, Northern LNG Transport Co., I/II Ltd have entered into 20 years charter parties with the Snøhvit Shippers who will exploit the gas resources from the Snøhvit field in the Barents Sea. The gas from the Snøhvit field will be transported through a pipeline to Melkoya outside Hammerfest in Northern Norway were it will be liquefied in a new LNG plant and transported by LNG carriers to customers in US and Spain.

The Snøhvit LNG Project represents a first milestone for "K" Line's LNG transportation in the North Atlantic area, and "K" Line has established a Bulk & Gas Division in "K" Line (Europe) Ltd., a subsidiary company in Europe, in order to expand and strengthen its LNG transportation operations in the Atlantic Basin in response to ever-increasing needs for LNG transportation worldwide.

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