News Releases in 2006

July 27, 2006

Current co-own LNG Carriers for Tokyo Gas

Nippon Yusen Kaisha (NYK; President: Koji Miyahara) has secured a long-term charter contract with Tokyo LNG Tanker Co., Ltd. (Tokyo LNG Tanker).* The contract calls for shipments of LNG using a new LNG carrier to be built by Kawasaki Shipbuilding Corporation and jointly owned by NYK and Tokyo LNG Tanker.

From March 2009, this new LNG carrier will begin service for Tokyo Gas Co., Ltd. (Tokyo Gas) in an existing LNG project in Australia and Malaysia, and will later be used in other new LNG transportation projects for Tokyo Gas.

NYK, together with Tokyo LNG Tanker and several other maritime companies, already owns two LNG carriers used for Tokyo Gas. This new contract marks the first time that NYK will co-own an LNG carrier solely with Tokyo LNG Tanker.

NYK will continue to proactively provide LNG transportation for gas and electric companies in Japan by further striving to increase the efficiency and stability of LNG transportation.

Outline of charter contract:

Carrier used	153,000 m3 Moss-type LNG carrier
Ownership	Tokyo LNG Tanker: 70%; NYK: 30%
Shipbuilder	Kawasaki Shipbuilding Corporation
Term of contract	20 years from the end of March 2009
Ship management	NYK

*Tokyo LNG Tanker Co., Ltd. (Tokyo LNG Tanker)
Established in 1991, Tokyo LNG Tanker Co., Ltd. is wholly owned by Tokyo Gas Co., Ltd. and has a total capital of 1.2 billion yen. Tokyo LNG Tanker engages in the leasing and ownership of vessels, in addition to LNG and LPG transportation. The company manages and owns four carriers and has plans to incorporate three more.