Formation of New Marketing Entity for LNG Transportation

September 30, 2002

We are pleased to announce that as of October 1st, we will form the following two marketing entities in the UK and the US. These entities will specialize in LNG transportation. Demand for LNG continues to increase around the world, and through the following two marketing entities we will be able to enhance our marketing activities to better meet the demands for transporting LNG into and out of each of the these two regions.

U.K.
New Company: NYK Global LNG (Europe) Limited
Location: London
Personnel: Two (2) personnel will be seconded from NYK Tokyo
Marketing Area: Europe, Africa

U.S.A.
An LNG specialist will be placed in the NYK BULKSHIP (USA) INC. Houston Office
Location: Houston, Texas
Personnel: One (1) personnel will be seconded from NYK Tokyo
Marketing Area: North/Central/South America

With regard to the marketing entity in Houston, we may set up a new company, as we will do in the U.K., in the near future.

The news on this website is as of the date announced and may change without notice.