"K" LINE inks another charter agreement with J&S Cheniere for a new 154,200m3 LNG Carrier

September 1, 2004

"K" LINE inks another charter agreement with J&S Cheniere for a new 154,200m³ LNG Carrier

Kawasaki Kisen Kaisha, Ltd. ("K" Line) announced the execution of the second time charter agreement with J&S Cheniere S.A. (*) for a period up to 10 years, through an affiliated company jointly established with Shoei Kisen Kaisha, Ltd. and others. The vessel to be chartered by the affiliated company is a 154,200m³ LNG Carrier (**) to be built by Imabari Shipbuilding Co., Ltd. with delivery scheduled in 4^th quarter of 2007. "K" Line group will provide the ship management services.

The 154,200m³ LNG Carrier featuring a membrane cargo containment system will be one of the largest LNG Carriers in the world. J&S Cheniere S.A., as the time charterer, will utilize the vessel to serve their LNG receiving terminals to be built in the US and other terminals to fulfill the increasing demands for worldwide LNG trading.

The global demand for LNG continues to grow rapidly, especially in Europe and the US. In response to these demands, "K" Line will step up its endeavors to further strengthen its transport capabilities and will flexibly and positively respond to the increasing and diversified global LNG shipping demands.

(*) J&S Cheniere S.A.:

J&S Cheniere was incorporated in 2003 as a joint venture between J&S and Cheniere Energy Inc., for the purpose of trading LNG worldwide. J&S Holding Limited (www.jandsgroup.com/us/main.html) is a privately-owned company, active through its various subsidiaries, predominantly in 4 segments of the world energy markets: crude oil & oil refined products, petrochemical products, liquefied natural gas and electricity. Cheniere Energy Inc. (www.cheniere.com/) is a Houston-based developer of LNG receiving terminals and a Gulf of Mexico E&P company. Cheniere Energy Inc. is developing Gulf Coast LNG receiving terminals near Sabine Pass, LA and near Corpus Christi, TX. Cheniere is also a 30% limited partner in Freeport LNG Development, L.P., which is developing an LNG receiving terminal in Freeport, Texas.

(**) Ship Particulars:

LOA: Approx 289.9 m

Breadth: Approx 44.7 m

Cargo tank capacity: Approx 154,200m³

Builder: Imabari Shipbuilding Co., Ltd.

For further details, please contact:

Kawasaki Kisen Kaisha, Ltd. ("K" Line):
Hiromichi Aoki	General Manager, LNG Group
	Tel : +81-3-3595-5478 Fax : +81-3-3595-5512

Toshio Yamazaki	Manager, LNG Project Development Team, LNG Group
	Tel : +81-3-3595-5484 Fax : +81-3-3595-5512

J&S Cheniere S.A.:
Karim Souki	Director
	Tel : +44 (0)20 7529 4412 Fax : +44 (0)20 7529 4436

J&S Holding Limited:
Jarek Astramowicz	Group CEO
	Tel : +357 24 66 49 30 Fax : +357 24 66 49 31

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