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November 27, 2003
Kawasaki Kisen Kaisha, Ltd.

"K"LINE Participating in Marine Transport of Cars in China

Kawasaki Kisen Kaisha, Ltd. ("K"LINE) is participating in the foundation of a new company named "Orient Sea Highway Services Co., Ltd." with "China Shipping (Group) Company" headquartered in Shanghai, China.
On November 25, 2003, a signing ceremony for this joint venture contract took place at Shanghai International Conference Center participated in by Messrs. Sakinaga, President of "K"LINE, and Capt. Li Ke Lin, President of "China Shipping (Group) Company."

This new joint venture corporation is aimed to respond to a future increasing demand for marine transport of Chinese vehicles capitalizing on synergetic effects created by combining "K"LINE's marine transport technology gained through its long-time experience and "China Shipping (Group) Company"s business strength in the Chinese market.

< Outline of the new Joint Venture Corporation >

Corporate Name Orient Sea Highway Services Co., Ltd.
Capital US$ 10,000,000
Proportion of Capital KLINE 49% : China Shipping (Group) Company 51%
Location of Head Office Shanghai, China

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