Agreement with JSW Steel Ltd. for Consecutive Voyage Charter

September 28, 2007

Agreement with JSW Steel Limited

for Consecutive Voyage Charter for Coking Coal Transportation

Kawasaki Kisen Kaisha, Ltd., Tokyo (hereinafter "K" Line) is proud to announce that an agreement was reached with JSW Steel Limited, a Mumbai-based company of O. P. Jindal, an Indian group, for a 15-year consecutive voyage charter (CVC) of a Panamax or Post-Panamax type coking coal carrier.

Outline of the charter agreement is as per below:

Agreement:	Consecutive voyage charter of coking coal carrier for 15 years commencing from 2nd quarter of 2008
Services:	Marine transportation of coking coal from Australia, South Africa, and China to India
Vessel:	A Panamax or Post-Panamax type coking coal carrier

JSW Steel Limited is the number two private-owned steel company in India, with crude steel production of approx 4 million MT per year, and is importing approx 4 million MT of coking coal. This CVC is the second long-term contract with JSW Steel Limited, with which a 7-year COA was signed last year, and is the third one including a CVC for Indonesian thermal coal signed in June 2007 with JSW Energy Limited, another company within JSW group.

In line with "K" LINE Vision 2008⁺, the newly implemented mid-term management plan, "K" Line is accelerating its activities in overseas markets, and the fixture of this agreement is a fruit of such activities. "K" Line will further actively involved in Indian market, a fast growing economy with expectation of substantial growth.

For further information, please contact:

Kazutaka Imaizumi

General Manager, Drybulk Project Business Division

Kawasaki Kisen Kaisha, Ltd., Tokyo

Tel: +81-3-3595-5587

Fax: +81-3-3595-5369

(from left to right: Mr. V. P. Garg, JSW Steel Ltd. Vice President (Commercial),
Mr. Eiichi Suzuki, "K" Line Vice President)

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