NYK, Mitsui OSK Lines, "K" Line launch New North Asia to Australia Loop.

Tokyo, Japan, Jan 6, 2006 - (JCN) - Nippon Yusen  Kaisha (NYK) today announced 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).

The new service, restructured in response to the withdrawal of P&O Nedlloyd (PONL) from the current consortium in February, will consist of two weekly loops and a slot exchange with COSCO. The current three loops will be combined into two loops for greater cost effectiveness and improved coverage for customers in the growing markets of Asia and Australia.

Three loops are currently being offered from North Asia to Australia - a 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 partners hope 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.

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