TOKYO(June5,2002)--On May 31, Nissho Iwai Corporation, together with Eifuku Kaiun Co., Ltd. (Head office: Kure-shi, Hiroshima; President: Takumi Watanabe), will take receipt of a new 52,000 DWT (dead weight ton) bulk carrier ship (length: 182.87 meters, breadth: 32.26 meters, gross tonnage: 30,053 tons) from Tsuneishi Heavy Industries (CEBU), INC (THI) in the Philippines. An influential Singaporean operator will take this ship on long term charter in order to use it to transport mainly grain and coal.

As part of Tsuneishi group's overseas strategies, Tsuneishi Shipbuilding Co., Ltd. (Head office: Numakuma-gun, Hiroshima; President: Katsushige Kambara) established a shipyard in Cebu City, Philippines in 1997. Nissho Iwai and Eifuku Kaiun evaluated the technological reliability of THI, which has accumulated bulk carrier shipbuilding experience, and in February 2001 an order for the subject ship was placed with THI, which had strong competitiveness. After due evaluation of technical capabilities, Nissho Iwai aims to develop businesses not only with Japanese shipyards but also with competitive shipyards overseas.