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Agreement with Glovis Co., Ltd. for Consecutive Voyage Charter
for Iron Ore Transportation

February 29, 2008 - Kawasaki Kisen Kaisha, Ltd., Tokyo (hereinafter "K" Line) is proud to announce that an agreement was made in the end of August last year with Glovis Co., Ltd. (hereinafter Glovis), a Seoul-based logistics arm of Hyundai Motor Company Group, for a 20-year consecutive voyage charter (CVC) contract with a dedicated VLOC (Very Large Ore Carrier) to transport iron ore consigned to Hyundai Steel Company. Outline of the charter agreement is as per below:

Agreement:	Consecutive voyage charter of a VLOC for 20 years commencing from
	2012
Services:	Marine transportation of Iron Ore, from western coast of Australia to
	South Korea
Vessel:	A dedicated VLOC 250,000 DWMT

Glovis is responsible for the ocean transportation of iron ore and coking coal consigned to Hyundai Steel Company, and to serve for that purpose, the logistics company has last year fixed five long-term contracts. With this very first contract for "K" Line with Glovis, "K" Line will partly participate in the ocean transportation for Hyundai Steel Company by transporting approximately 3mtpa of iron ore.  

In line with the mid-term management plan, "K" Line is accelerating its activities in overseas markets, and aims to further strengthen its presence in continuously growing Korean market.

For further information, please contact:

Kazutaka Imaizumi
General Manager, Drybulk Project Business Division
Daisuke Yamagishi
Drybulk Project Business Division
Kawasaki Kisen Kaisha, Ltd., Tokyo