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February 13, 2004
Kawasaki Kisen Kaisha, Ltd.

"K"Line (Europe) Ltd. orders new Capesize Vessels

"K"Line (Europe) Ltd., the London-based regional headquarters of Kawasaki Kisen Kaisha, Ltd. ("K"LINE), announces that its Bulk Department has placed an order for a new Capesize vessel of 185,500 DWT, and that they have also decided to charter-in two Capesizes and one Panamax vessel on long-term basis.
Since the "K"Line (Europe) Ltd. opened its own Bulk Department in May 2002, they have commenced self-managed operation of both Capesize and Panamax vessels, and have also successfully entered the Atlantic market in a full-dress manner. Such positive determination being exhibited by "K" Line (Europe) Ltd. is aimed at responding to needs of current customers as well as seeking expansion of opportunities through participation in newly explored markets mainly in Europe.

Details of the newbuilding are as follows:

Delivery Time the first half of 2006
Dockyard Kawasaki Shipbuilding Corporation
Main Particulars *DWT 185,500 MT on 17.95m SSW draft
LOA 290 m
Beam 47 m

* This shows that the ship has characteristics of a wider ship'sbottom and shallower draft as compared with the 170,000-ton-type vessels in general use. "K"Line (Europe) Ltd. decided to order this type based on their judgment of it being the type of greatest demand in Atlantic waters.

With a positive view to its conceived and foresighted efforts for strengthening its fleet with newbuildings, it is expected that "K"Line (Europe) will be operating a fleet of around 10 vessels under its own management by 2006, and thereby firmly consolidate its position as a Capesize operator in the Atlantic market.

In accordance with "K"LINE management's"KV-Plan," efforts have been underway in order to strengthen the business of marine transport of raw materials for steel manufacturers. Production of crude iron and steel is growing, demonstrated by the remarkable expansion of production in China. It is anticipated that movement of raw materials for steel production will continue to stay on the increase. In reply to such strong and increasing cargo movement on a global scale, "K" LINE and its group companies are positively endeavoring to reinforce their fleet with Capesize vessels.

"K"LINE Group plan for increasing the number of Capesize vessels during the period from Fiscal 2003 through Fiscal 2007 is shown in the following outline:

Outline for reinforcement of fleet

Newbuildings by type:

200,000 ton 6 vessels
170,000-185,000 ton 14 vessels
100,000 ton 1 vessel

This outline shows that towards the end of 2007, the Group's total number of Capesize vessels will have developed into a fleet of about 60 vessels from about 40 at present, being capable of carrying 80 million tons on an annual basis.
In order to maintain its reputation as an excellent and dependable global shipping company, "K"LINE is fully committed to responding to the increasing demand for marine transport of materials for iron and steel production.

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