News Releases in 2006

June 30, 2006

Nippon Yusen Kabushiki Kaisha (NYK; President: Koji Miyahara) will reorganize the company's ship-management system by establishing two ship-management companies, one in Tokyo and one in London, for the management of LNG (liquefied natural gas) carriers. Currently, the ship-management teams in the company's LNG Group handle maintenance and cost-control measures for LNG carriers. These operations will be transferred to the new companies.

NYK is currently engaged in the operation of 36 LNG carriers and the management of 17. The company is one of the largest LNG carrier operators in terms of transportation capacity. However, the LNG transportation field is seeing tremendous expansion in both the Pacific and Atlantic areas because worldwide demand for this clean energy continues to rise. In order to meet this demand, NYK is currently scheduled to increase the number of carriers operating in the Pacific area from 16 to 25 and those in the Atlantic area from 1 to 10.

In line with the increasing number of LNG carriers, the role of ship management becomes critically important in order to ensure safe and cost-competitive ship operations. Utilizing the company's ship-management expertise, which has continued to develop since 1983, NYK will establish dedicated, professional LNG ship-management companies that are best equipped for the specialized demands required by this field. These two companies will engage in ship management that makes use of NYK standards that have become recognized in the shipping industry as the strictest and safest.

Establishing these two new companies will allow NYK to strengthen its ship management for its expanding LNG fleet, and move closer to its goal of becoming the world's No. 1 service providing LNG carrier.

Outline of two new companies:

Name	NYK LNG Shipmanagement Ltd.
Headquarters	Tokyo
Opening	October 2006
Name	NYK LNG Shipmanagement (UK) Ltd.
Headquarters	London
Opening	May 2007