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January 6, 2004
Kawasaki Kisen Kaisha, Ltd.

Establishment of New Tugboat Company in Nagoya

It is a pleasure to announce that Kawasaki Kisen Kaisha, Ltd. (hereunder named "K" LINE) has founded a new Tugboat Company in Nagoya.

The "K"LINE Group as a whole has already established tugboat operations covering extensive domestic areas as well as the Keihin and Hanshin areas. However we had not previously completed necessary preparatory procedures to enter into this business in the Chukyo area.
Port of Nagoya is one of the most important base-ports for "K"LINE in Japan with "K"LINE's vessels such as containerships, pure car carriers and other non-liner vessels now calling very frequently at Port of Nagoya.
In recent years more than 700 port calls by "K"LINE vessels are being made annually at Port of Nagoya, which is ranked as No.1 among many ship operators.
Participation in this business in Port of Nagoya has been our long-time desire.

The newly-founded company is financed 100% by "K"LINE. Actual operation is expected to start in April 2004 and our plan is to charter one newly-built 3500PS Tugboat to Nagoya Port Authority.
We are very happy that we will be able to further contribute to the development of Port of Nagoya by carrying out this plan.

Outline of the new company is as follows:

Name KLine Port Service., Co. Ltd.
Capital en 20,000,000 (100% "KLINE)
Date of foundation January 5, 2004.
Office location 9-27 Meiko 2-chome, Minato-Ku, Nagoya 455-0037 Japan
President Eiichi Murakami (General Manager of Nagoya Branch, "KLINE)
Expected month of starting operations April, 2004
Main item of business Tugboat business in Port of Nagoya


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