News Releases in 2006

June 6, 2006

From left to right. Shen Wen Fu Managing Director   Shagang Shipping Co.,Ltd. Koji Miyahara President   NYK Line Shen Wen Ming Vice President   Jiangsu Shagang Group Co.,Ltd. Hidenori Hono Managing Corporate Officer

On June 2, Vice President Shen Wen Ming of China's Jiangsu Shagang Group Co. Ltd., heading an eight-member group delegation, paid a courtesy call to the head office of Nippon Yusen Kaisha (NYK) in Tokyo and met with NYK President Koji Miyahara and Managing Corporate Officer Hidenori Hono.

The delegation, also including Managing Director Shen Wen Fu of Shagang Shipping Co. Ltd., a Jiangsu Shagang Group company, confirmed the Chinese steelmaker's intention of further reinforcing their relationship with NYK.

Jiangsu Shagang Group Co. Ltd., headquartered in Zhangjiagang, Jiangsu Province, is China's fifth largest private steelmaker, producing 10.46 million tons of crude steel in 2005. NYK has concluded two contracts with the company for the transport of iron ore from Australia to China?that is, a three-year COA (Contract of Affreightment) for shipments from October 2005 and a eleven-year consecutive voyage charter contract from January 2006.

At the meeting, NYK President Miyahara expressed gratitude to the Chinese steelmaker for the conclusion of the two contracts and explained NYK's plan for the expansion of its Capesize bulk carrier fleet. He also expressed NYK's readiness to continue to cooperate with Chinese steelmakers in the transport of steel materials.

In response, Vice President Shen thanked NYK for its cooperation in the stable transport of steel materials and expressed strong hope for further collaboration.

---Contracts with Jiangsu Shagang Group Co. Ltd.---

1. Three-year COA for transport from Western Australia to China (from October 2005)
2. Eleven-year consecutive voyage charter contract for transport from Western Australia to China (from January 2006)