News Releases in 2006

December 5 2006

NYK, together with Dalian Port^*1 and China Shipping,^*2 has entered into a memorandum of understanding for the establishment of a joint venture for the development of a container terminal during the third phase of Dalian's Dayao Bay terminal expansion and the later operation of the new terminal.

Details, including the structure and further consideration of the proposed joint venture, are still subject to negotiations and approval by the government of the People's Republic of China.

The NYK Group has been focusing on potential business opportunities in Dalian. In April 2006, the group successfully participated in an IPO for Dalian Port (PDA) Company Ltd., the majority shareholder of Dalian Port Container Co. Ltd., and became the second largest shareholder with a holding of about 4 percent. NYK also jointly runs a Ro-Ro terminal (with Dalian Port Corporation Ltd.) that began operations in July 2006 in Dayao Bay.

*1	Dalian Port refers to Dalian Port Container Co. Ltd., which is a subsidiary of Dalian Port (PDA) Company Ltd. and has business operations that handle container terminal development and operations in Dayao Bay.
*2	China Shipping refers to China Shipping Terminal Development Co. Ltd. and its Hong Kong-registered subsidiary China Shipping Terminal (Hong Kong) Development Co. Ltd., both of which are part of the China Shipping Group and specialize in terminal investments and operations.