Contract for Transport of Australian Coal Concluded with JSW Steel Limited

December 25, 2006 - TOKYO, Japan - Kawasaki Kisen Kaisha, Ltd. (“K” Line) concluded a contract with JSW Steel Limited (JSW; Corporate office : Mumbai , India ) of the O.P. Jindal Gr oup for the transport of raw coal by Panamax bulkers.

[Outline of Contract]

Period: 7 years commencing January 2007
Trade: Transport of raw coal from Eastern Australia to India
Transport Volume: Approximately 500,000 tons per year
Number of voyages: 7 voyages per year

JSW Steel Limited is the core company of the O.P. Jindal Group and has capacity to produce 3,800 ,000 tons of crude steel in 2006. With the exception of state-operated industries, JSW is second in scale only to Tata Steel in the field of civilian enterprises in India . This represents the first contract between JSW and “K” Line.

“K” Line has been accelerating its activities on overseas markets in line with our intermediate plan “K” LINE Vision 2008 + and this contract is one step in that process, representing our positive commitment to dry-bulk business in the Indian market, a market seen as having future growth potential.

For further information, please contact:

Kawasaki Kisen Kaisha, Ltd.
Kazutaka Imaizumi
General Manager, Drybulk Project Business Division
Tel: +81-3-3595-5587 Fax: +81-3-3595-5369