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Agreement with JSW Steel Limited for
Consecutive Voyage Charter for Coking Coal Transportation

September 29, 2007 -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)