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Notice on Revision of Forecast of Mid-term and Whole-term Business Results

November 7, 2002

We hereby would like to revise, as follows, the mid-term and whole-term projections of our business results for the year ending in March 2003, which were published at the time of the announcement of our earnings report as of May 17, 2002:

1. Revision of Forecast of Consolidated Results
   
   1) Revision of Forecast of Mid-term Business Results (April 1, 2002-September 30, 2002)

   
   

   (Millions of yen)

   	Revenues	Operating income	Ordinary income	Net income
   Previously announced forecast (A) (announced on May 17, 2002)	570,000	34,000	24,000	7,000
   Newly revised forecast (B)	614,600	41,300	30,500	7,800
   Increase/decrease (B-A)	44,600	7,300	6,500	800
   Increase/decrease rate (%)	7.8	21.5	27.1	11.4
   Mid-term business results in the previous term (ended March 31, 2002)	585,299	41,223	29,872	15,499

   2) Revision of Forecast of Whole-term Business Results (April 1, 2002-March 31, 2003)

   
   

   (Millions of yen)

   	Revenues	Operating income	Ordinary income	Net income
   Previously announced forecast (A) (announced on May 17, 2002)	1,150,000	68,000	50,000	15,000
   Newly revised forecast (B)	1,194,000	68,000	46,000	14,000
   Increase/decrease (B-A)	44,000	0	-4,000	-1,000
   Increase/decrease rate (%)	3.8	0.0	-8.0	-6.7
   Business results in the previous term (ended March 31, 2002)	1,142,934	65,558	50,107	17,538

2. Revision of Forecast of Non-consolidated Results
   
   1) Revision of Forecast of Mid-term Business Results (April 1, 2002-September 30, 2002)

   
   

   (Millions of yen)

   	Revenues	Operating income	Ordinary income	Net income
   Previously announced forecast (A) (announced on May 17, 2002)	360,000	25,000	22,500	6,000
   (announced on May 17, 2002)	370,899	30,223	26,517	7,677
   Increase/decrease (B-A)	10,899	5,223	4,017	1,677
   Increase/decrease rate (%)	3.0	20.9	17.9	28.0
   Mid-term business results in the previous term (ended March 31, 2002)	390,689	28,577	26,645	16,388

   2) Revision of Whole-term Business Projections (April 1, 2002-March 31, 2003)

   
   

   (Millions of yen)

   	Revenues	Operating income	Ordinary income	Net income
   Previously announced forecast (A) (announced on May 17, 2002)	675,000	50,000	45,500	13,500
   Newly revised forecast (B)	692,000	47,000	42,000	12,000
   Increase/decrease (B-A)	17,000	-3,000	-3,500	-1,500
   Increase/decrease rate (%)	2.5	-6.0	-7.7	-11.1
   Business results in the previous term (ended March 31, 2002)	748,995	46,379	43,079	13,225

   3) Dividend (no change from the previous projection)

   Dividend per share	Mid-term	End-term	Whole-term
   	Yen 3.75	Yen 3.75	Yen 7.50

3. Reasons for Revision
   (1) Non-consolidated

   During the half-year term under review, our business environment became severe owing to not only a surge in bunker oil prices and the appreciation of the yen, but also to the deterioration of the market. Despite these circumstances, however, we were able to avoid deterioration in our business results through further intensifying our company-wide cost reduction campaign, "Project C", and by stepping up our sales efforts. Meanwhile, the method for calculating ship-related expenses and long-term ship charter fees in the tramp division was changed to a voyage completed basis . Consequently, for the half-year term under review non-consolidated operating income is now projected at 30,200 million yen and ordinary income at 26,500 million yen, both surpassing previous projections.

   As regards the second half of the year under review, there are various uncertainties, such as seasonal factors, possible developments in the Middle East including Iraq, persistent high bunker oil prices, the strength of the yen and stagnation in the market. Nevertheless, we expect to achieve an operating income of 47,000 million yen and ordinary income of 42,000 million yen for the whole term by further stepping up our sales efforts and actively pursuing the "Project C" campaign.

   (2) Consolidated

   Taking into consideration the smooth growth in business of our subsidiaries in such sectors as terminal operation and logistics, as well as the upwardly revised non-consolidated business forecast discussed above, we project operating income and ordinary income for the half-year term under review at 41,300 million yen and 30,500 million yen, respectively, both surpassing original projections. In view of the likely stagnation of the shipping market and the uncertain outlooks for the political and economic situations both at home and abroad in the second half of the year under review, we project whole-term operating income at 68,000 million yen and whole-term operating income at 46,000 million yen.