Agreement with Korea Western Power Co, Ltd for Consecutive Voyage Charter

January 30, 2008

Agreement with Korea Western Power Co, Ltd

for Consecutive Voyage Charter for Bituminous Coal Transportation

Kawasaki Kisen Kaisha, Ltd., Tokyo (hereinafter "K" Line) is proud to announce that an agreement was reached with Korea Western Power Co, Ltd, or KOWEPO, a Seoul-based power generation company, for a 10-year consecutive voyage charter (CVC) of a Capesize bulk-carrier.

The outline of the charter agreement is as per below:

Agreement:		Consecutive voyage charter of a Capesize bulk-carrier for 10 years
		commencing from the second half of 2011
Services:		Marine transportation of bituminous coal for electric power generation,
		from Australia, South Africa, Indonesia and Canada to South Korea
Vessel:		A Capesize bulk-carrier

KOWEPO is one of six South Korean electric power generation companies owned by Korean Electric Power Corporation, or KEPCO, with current coal generation capacity of 4,000MW (mega watts) besides oil, LNG and hydropower generation (8,800MW in total), and imports approximately 12 million metric tonnes of bituminous coal per annum.

This agreement is the second CVC with KOWEPO with whom "K" Line has concluded a 10-year CVC with a Panamax bulk-carrier in May 2007.

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. K. Imaizumi (General Manager, Drybulk Project Business Division), Mr. Y.Y. Park (Manager), KOWEPO, Mr. E. Suzuki (Vice President), Mr. I.J. Lee (Managing Director), KOWEPO, Mr. J. Asakura (Managing Executive Officer), Mr. J.H. Choi (Director), "K" Line (Korea) Ltd., Mr. D. Yamagishi

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