| November 24, 2006 |
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| "K" Line Makes Change in Management
of LNG Carriers |
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| Kawasaki Kisen Kaisha, Ltd. ("K" Line:President
Hiroyuki Maekawa) announced today that management of its LNG carriers trading mainly in
the Asia Pacific region will be transferred from "K" Line Tokyo headquarters to "K"
Line Ship Management Co., Ltd. (KLSM), a ship management subsidiary owned 100% by "K"
Line. |
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| KLSM is one of the key in-house ship management
companies in the "K" Line Group and is currently engaged in the management of LPG
carriers, oil and product tankers in addition to containerships. |
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| "K" Line has participated in LNG transport
as the first Japanese owner and operator since 1983, and has made continuous efforts to
expand its business during the past quarter of a century. As of today, "K" Line owns
31 LNG carriers and undertakes the management of 7 of them (4 from Tokyo and 3 from
London). Consistent with the continually strong worldwide demand for LNG as a clean energy
source, "K" Line is succeeding in expanding its participation in this business, and
will increase its LNG ship fleet to a total of 48 by the year 2009, with 15 of them to be
managed by the "K" Line Group. |
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| "K" Line recognizes the importance of its
role as an ocean transporter in promoting the value of LNG in the energy chain. As a
result of making every possible effort to provide safe and reliable transportation
services, its LNG ship operations have achieved a "zero accident" track record. In the
process of its business expansion, "K" Line is restructuring its organization and
transferring ship management handled by Tokyo headquarters to KLSM in order to enhance the
company´s overall LNG ship management system and provide the safest, most efficient and
effective ship operations, concentrating on the expertise, technical information,
management techniques and know-how cultivated by both companies, especially with regard to
gas carriers and oil/product tankers. Concurrent with this restructuring and ship
management transfer, the company is further developing and promoting its dedicated
educational programs for attracting and securing the best qualified seafarers possible for
service on vessels operated worldwide by any member of the "K" Line Group. |
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| (1) Profile of KLSM |
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1. |
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Founded |
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: |
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February 16, 1972 (renamed KLSM in 1994) |
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2. |
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Address |
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: |
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2-9, Nishi-Shinbashi 1-chome, Minato-ku, Tokyo 105-8421 |
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3. |
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Executive Officers |
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: |
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| President |
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Shuichiro Maeda |
| Senior Managing Director |
|
Hisao Urai |
| Managing Director |
|
Shigeru Kojima |
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4. |
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Paid-in-capital |
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: |
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75 million yen (100% owned by "K" Line) |
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5. |
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Number of ships |
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: |
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43 ships (incl. 14 LPG Carriers, Oil and Product Tankers) |
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6. |
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Number of employees |
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: |
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about 90 (as of January 1, 2007) |
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| (2) Transfer of Business |
| Transfer procedures
will be completed by the end of 2006 and KLSM will start business as ship manager of LNG
ships effective January 1, 2007. |
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| For further information,
please contact: |
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| Kawasaki Kisen Kaisha, Ltd. ("K" Line) |
| Hiromichi Aoki (General Manager, LNG Group) |
| Tel: +81 3 3595-5484 Fax: +81
3 3595-5512 |
| Kazutoshi Sakamoto (Manager,
LNG Ship Management Team, LNG Group) |
| Tel: +81 3 3595-5635 Fax: +81 3 3595-5154 |