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MG Courage, a New Bulk Carrier, Delivered

June 7, 2007

On June 5, 2007, Nippon Yusen Kabushiki Kaisha (NYK; Head office: Chiyoda-ku, Tokyo; President: Koji Miyahara) took delivery of a new 205,000 DWT bulk carrier built by Imabari Shipbuilding Co. Ltd. (Head Office: Imabari City, Ehime Prefecture; President: Yukito Higaki).

The vessel was named MG Courage and will soon be put in service under two contracts. The first is a ten-year contract with Maanshan Iron & Steel Co. Ltd. (Head office: Maanshan, Anhui province, China)* for the transport of iron ore to China from Brazil for the first five years of the contract and from Western Australia for the next five years. The second contract is with SK Shipping Europe Ltd.,** will run concurrently with the first five years of the contract with Maanshan Iron & Steel, and makes efficient use of the vessel after iron ore is unloaded in China, when the ship is then sailed to Australia to transport coal and iron ore to Europe before returning to Brazil to repeat the Brazil - China - Australia - Europe cycle once again.

Immediately before the delivery of the vessel, a naming ceremony was held at the Saijo Shipyard of Imabari Shipbuilding. NYK managing corporate officer Hidenori Hono, among others, attended the ceremony. The bulk carrier then embarked on its first voyage.