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Top News for NYK Group in 2004

December 21, 2004

1. Uniformly re-brands all NYK's logistics subsidiaries "NYK Logistics" (January)
2. NYK Bulkship (USA) Inc. concludes long-term contract with International Paper Company (IP) (March)
3. Nippon Airship Corporation purchases "Zeppelin NT"-type airship (March)
4. VLCC restarts port call to the U.S. (March)
5. NYK decides to build 2 Double-Hull VLCCs at Nantong COSCO KHI Ship Engineering Co. Ltd. (NACKS) in China (March)
6. New President Koji Miyahara inaugurated (April)
7. CSR Chamber inaugurated (April)
8. Establishes MTI (Monohakobi Technology Institute) for development of new technology (April)
   • Tests on device for removing soot/smoke from exhaust gas of marine engine begin (March)
   • Introduction of world's first clean burning LNG terminal tractors (August)
   • Eco Ship operation tests get underway (August)
   • Adopts fuel additives in diesel engines of cargo handling equipment (October)
9. Awarded charter contract for long-term coal transport with Korea East-West Power Co., Ltd. (June)
10. Restructures accounting system - Entrusts to NYK Accounting Co., Ltd. (June)
11. Establishes NYK Logistics (Japan) Co., Ltd. (July)
12. LNG business expanded overseas
    • NYK to construct cutting-edge LNG carrier with world's largest capacity with Gaz de France (July)
    • Receives exclusive order for LNG transportation in Nigeria (August)
    • Concludes long-term charter agreement for "Sakhalin II Project" (November)
13. Establishes Office of Corporate Citizenship (OCC) (October)
14. Concludes VLCC charter contract with China Oil (October)
15. NYK's ratings upgraded
• Standard & Poor's: to 'BBB' from 'BBB-' (October)
• Moody's: to 'A3' from 'Baa2' (November)
• Japan Credit Rating Agency: to 'AA' from 'AA-' (November)
16. Interim Consolidated Business Results for Fiscal 2004 (November)
    • Highest performance in its history in consolidated revenue, operating income, income before extraordinary items and interim net income
    • Interim dividend per share (executed) JPY 7.5
    • Annual dividend per share (forecast) JPY15.0
17. NYK to establish NYK Line Japan Ltd. (December)