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December 15, 2004
Kawasaki Kisen Kaisha, Ltd.

"K"Line and Yara Agree on Long-Term Charter

Kawasaki Kisen Kaisha, Ltd. ("K"Line) concluded a long-term time charter of two Gas Carriers with Yara. "K"Line also concluded Shipbuilding Contracts for these two 38,000 cubic meter, fully refrigerated Ammonia/LPG Carriers with Daewoo Shipbuilding & Marine Engineering Co., Ltd. of South Korea. These are "K"Line's first contracts for this type of Gas Carrier.
As ammonia has similar characteristics of LPG, "K"Line has sought for business opportunity in the segment of Medium-sized Gas Carriers where "K"Line is capable of utilizing their shipping expertise accumulated in LPG and LNG transportation.
World demand for ammonia is expected to grow steadily in the future for fertilizers and other industrial uses. "K"Line will endeavour to strengthen their position in worldwide Ammonia/LPG transportation.

Yara is the world's leading supplier of mineral fertilizers and the only truly global player in the industry. This leadership position is, amongst others, based on ammonia, where Yara's combined strengths in production, trade, maritime storage and shipping are providing an unequalled platform for value creation.

Vessel particulars are as follows:

LOA Approx 180 m
Breadth Approx 29.2 m
Capacity Approx 38,000 m3
Builder Daewoo Shipbuilding & Marine Engineering Co., Ltd


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