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NYK Maps Out Fleet Expansion Plan

December 24, 2003

10 Large Containerships / Bulk Carriers To Be Ordered from Shipbuilders in 3 Countries - Japan, South Korea and China
Long-Term Fleet Expansion Plan Envisages 160 Newbuildings over Five Years at Total Cost of Yen770 Billion

NYK has informally decided to place newbuilding orders for l0 vessels - eight large-sized 8,100-TEU containerships and two large-sized 175,000-ton bulk carriers - with shipbuilders in three countries - Japan, South Korea and China - in order to reinforce the competitiveness of its containership fleet and expand its bulker fleet under a policy for the global expansion of bulk and energy transport service.

In addition, NYK has mapped out a five-year fleet expansion plan for fiscal 2003 through fiscal 2007.

At a time when demand for marine transport is expected to increase worldwide - especially in the fast-growing Chinese and Asian markets - in almost all spheres, including the transport of containerized cargoes, automobiles, raw materials, and energy sources, NYK will embark on the expansion of its fleet with a total of 160 newbuildings over five years from fiscal 2003 through fiscal 2007 at a total cost of Yen770 billion in order to further expand its principal shipping business (excluding the acquisition of used vessels and short-term spot charter contracts).

Under this plan, NYK will enlarge its present fleet of about 540 vessels to approximately 650 vessels by the end of fiscal 2007 while pushing ahead with the renovation of its fleet through the disposal of superannuated vessels and the return of chartered ships.

NYK has so far expanded its fleet according to a basic policy of forming a well-balanced fleet. The new fleet expansion plan is also designed to ensure the "best mix" of NYK's own vessels and those chartered on a long- and medium-term basis with a view to establishing a fully-competitive fleet.