News Releases in 2006

September 20, 2006

Nippon Yusen Kabushiki Kaisha (NYK; Head office: Chiyoda-Ku, Tokyo; President: Koji Miyahara) has secured a six-year charter contract with Gaz de France * for a newly built liquefied natural gas (LNG) carrier.

This contract is the second contract with GDF after the 20 years contract with GDF which have made in 2004. Gas de France highly evaluated NYK's long-term performance in safe vessel management as well as its initiatives on the safety and efficiency of LNG carrier operations.

Additionally, NYK holds a 20 percent ownership in Gazocean, a ship management company under the Gaz de France Group, and participates in vessel management. Over the years, both companies have built a close and trustworthy partnership in LNG transportation.

On September 20, Vice President Gas Supply Edouard Sauvage of Gaz de France heading a three-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 Vice President Yasushi Yamawaki and Corporate Officer Yuji Semba.

NYK will continue its drive to develop LNG transportation business opportunities with power supplier and gas supplier in Europe and around the world.

From Left Vice President Yasushi Yamawakai, Vice President Gas Supply of GDF Mr.Edouard Sauvage

From Left Head of Department LNG Shipping of GDF Mr.Jacques Blanchard, President Koji Miyahara, Vice President Gas Supply of GDF Mr.Edourard Sauvage, Vice President

[Outline of a New LNG Carrier]

Shipbuilder	Hyundai Heavy Industry of South Korea
Owner	Joint Company of NYK and Mitsui & Co.
Date of completion	May 2008
Tank & Capacity	Membrane type (MK III) 149,700m³
Propulsion system	Steam turbine

Gaz de France (GDF):
* Listed in July 2005, former French state-controlled gas company (80 percent of shares owned by the French government), GDF is one of the largest gas companies in Europe, employing over 53,000 people. It recorded revenue of € 2,239,400 million in 2005.