“K” Line Concludes Long-term Contract with EDF

November 17, 2006 - TOKYO, Japan - Kawasaki Kisen Kaisha, Ltd. (“K” Line) has concluded a long-term time charter contract with Electricit é de France ( EDF), the largest power company in Europe , of a large bulk carrier.

The carrier for the time charter contract is a 170,000-180,000 DWT cape-sized bulk carrier under the wing of “K” Line and the contract comes into effect in 2009.

In “K” LINE Vision 2008 + , a new interim management plan, “K” Line ranks enhancement of dry bulk business as one of the most important management issues.

Our priority issues include fleet reinforcement and business structure globalization of the Coal & Iron Ore Carrier Group in particular. We are slated to achieve 10% of the world share in Coal & Iron Ore transportation in the first half of 2010s. The contract with EDF this time is made in line with this aspiring new management plan.

In addition, the fleet upgrading plan of our Coal & Iron Ore Carrier Group is as follows:

2006	9 vessels (including vessels already delivered)
2007	6 vessels
2008	5 vessels
2009	5 vessels
2010 and later	13 vessels
Total	38 vessels

For further information, please contact:

Kawasaki Kisen Kaisha, Ltd.
Osamu Saegusa
Manager, Coal & Iron Ore Team No.2, Coal & Iron Ore Carrier Group
Tel: +81-3-3595-5406 Fax: +81-3-3595-5369