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May 7, 2004
Kawasaki Kisen Kaisha, Ltd.

"K"Line concludes Charter Contracts for VLCCs

"K"Line has concluded time charter contracts with Japanese oil companies for two newly built VLCCs (very large crude carrier) delivered in January and April this year.

1st VLCC (built in January and named M/T 'ISUZUGAWA' ) has been chartered by Showa Shell Sempaku K.K. since March this year.

2nd VLCC (built in April and named M/T 'FUJIKAWA') is to be deployed time charter for Nippon Oil Corporation this autumn.

"K"Line is presently operating 4 VLCCs. After these two engagement in effect, all VLCCs are to be deployed in time charter contract with Japanese local oil companies.

"K"Line's VLCC fleet is all double-hulled, averaged age just 2.5 years and being reflected state of the arts technologies.

"K"Line has also concluded 2 VLCCs' new building contract with their completion scheduled for 2006 and 2007 respectively and will keep upgrading service quality and expanding capability with paying keen attention to customers' needs and market situation as well.


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