Nippon Yusen Kaisha (NYK) have agreed to launch the New North Asia to Australia trade together with Kawasaki Kisen Kaisha, Ltd. (‘K’ Line), Mitsui O.S.K. Lines (MOL), and COSCO Container Lines Co., Ltd. (COSCON).

Three loops are currently being offered from North Asia to Australia-South China-Australia loop, a North China-Australia loop, and a Japan-Korea-Australia-South China loop. COSCON operates the first loop, and NYK, ‘K’ Line, MOL, and P&O Nedlloyd operate the second loop and NYK, COSCON, ‘K’ Line, MOL, and P&O Nedlloyd operate the third loop.

All lines have agreed to the suspension of the North China-Australia loop and the addition of new tonnage to the Japan-Korea-Australia-South China loop, rationalizing the calling ports together with COSCON loop when P&O Nedlloyd exits this consortium next February 2006.

The new cooperation will boost service efficiency and ensure a continuity of service that is greatly valued by customers. Real strength and growth is expected to be seen in this trade, which provides an important link between North Asia and Australia.

New service details:

Loop 1 China-Australia Loop (Operated by COSCON)

Vessel Particulars:

Deploying five 1,700 teu containerships in a weekly service Ports of Call Xiamen-Qingdao-Shanghai-Ningbo-Sydney-Melbourne-Brisbane-Hong Kong-Xiamen

Loop 2 Japan-Korea-Australia-South China Loop (Operated jointly by NYK, ‘K’ Line, MOL)

Vessel Particulars:

Deploying five 2,400 teu containerships in a weekly service

Ports of Call:

Yokohama-Nagoya-Osaka-Pusan-Shanghai-Nansha-Shekou-Hong Kong-Melbourne-Sydney-Brisbane-Yokohama

The North China-Australia loop will be suspended. This loop includes calls at the ports of Xingang, Qingdao, Shanghai, Ningbo, Melbourne, Sydney, Brisbane, and Xingang.

A slot exchange will exist between the China-Australia loop and the

Japan-Korea-Australia-South China loop.