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NYK to Move into LNG Transportation in Nigeria - First Japanese Shipping Company to Exclusively Receive Order from Overseas

August 25, 2004

NYK has concluded a long-term charter agreement for two new large-sized liquefied natural gas (LNG) carriers with Nigeria LNG Limited and a shipbuilding contract for the said carriers with Samsung Heavy Industries Co., Ltd. of South Korea. This is the first move for the NYK's LNG Group to conduct business in Nigeria. Moreover, NYK is the first Japanese shipping company which has received an order of an exclusive LNG transportation project from an overseas company.

With a focus on the expansion of the energy transportation business overseas, particularly in the Atlantic area, in 2002, the Company newly established NYK Global LNG, which specializes in the marketing of LNG transportation with two bases in the U.K. (London) and the U.S.A. (Houston). More recently in July 2004, a long-term charter agreement for a newly built LNG carrier was concluded with Gaz de France. NYK continues to proactively expand its overseas business in addition to its domestic business.

Nigeria, the world's sixth largest LNG exporter, draws attention as a key supplier especially for the North American market, where an extensive rise in demand is expected. Viewing this trend, Nigeria LNG Limited plans to further fortify its business by adding three LNG liquefaction plants to its existing 3 operational plants, bringing the total to six, and 14 LNG charters to the current 10, increasing the total number of LNG charters to 24.