“K” Line and Hanjin Shipping Purchase Each Other's Company Stock

December 6, 2006 - TOKYO, Japan - Kawasaki Kisen Kaisha, Ltd. (“K” Line: President: Hiroyuki Maekawa) and Hanjin Shipping Co., Ltd. (Hanjin: President: Park, Jung-Won) today announced an agreement on purchasing each other's company stock.

“K” Line is to purchase about 3% of Hanjin's stock and Hanjin in turn will purchase a similar amount of “K” Line stock as capital investment. This reciprocal stock purchase will further solidify our partnership and bring our mutual objectives even closer than at present.

The two companies are thereby expecting to make more timely and most appropriate management decisions for each organization in today's dynamic business environment.

Our CKYH Alliance in the global containership business will continue to enjoy its unprecedented solidarity and an even greater spirit of cooperation in the future following the steps which are to be taken as outlined above.

For further information, please contact:

Kawasaki Kisen Kaisha, Ltd. (“K” Line)
Masato Yamaguchi, General Manager, IR & PR Group
Tel: 81-3-3595-5141 Fax: 81-3-3595-5001

Hanjin Shipping Co., Ltd.
Jeong Woog Ko, Manager, PR Team
Tel: 82-2-3770-6070 Fax 82-2-2287-3463