It was formally announced at the NYK Line (North America) Board of Directors meeting, held on March 9, 2006, that Mr. Saburo Yamagata will become the new chairman of NYK Line (North America), Inc. Mr. Yamagata will assume the responsibilities previously held by Mr. Hiroyuki Shimizu who will be returning to NYK Tokyo headquarters in the position of Director & Managing Corporate Officer, in charge of NYK’s logistics division and the company’s Logistics Integrator Project.

Mr. Yamagata will also take responsibility as President & CEO, NYK Group Americas, Inc., as well as Chairman, NYK Logistics Americas Inc.

Mr. Yamagata has been associated with NYK Line since joining the company in 1991. Before NYK, he held numerous management positions in system development and in the bulk and liner divisions of Y.S. Line and Nippon Liner Services, which in 1991 merged with NYK Line. Before relocating to the US, Mr. Yamagata was Managing Director of NYK Logistics Europe and most recently, President and CEO of NYK Logistics (Americas), Inc., based in Long Beach, CA.