IINO KAIUN KAISHA

IR News ( IR )

changes in senior management responsibilities

Nov. 04, 2003

Dear Sirs,

Iino Kaiun Kaisha, Ltd.
General Affairs and Planning Group

Announcement of changes in senior management responsibilities following the establishment of Dubai representative office

I Establishment of Dubai Representative Office (opened on October 20, 2003)

1.Name of the Office:
Iino Kaiun Kaisha, Ltd., Dubai Office

2.Location of the Office:
c/o The Kanoo Group, KBC Office No.10, P.O.Box 290, Dubai, U.A.E.

3.Contact
Telephone: +971-4-3931919
Fax: +971-4-3930986
E-mail: iinodxb@emirates.net.ae

4.Representative:
Mitsuhiko Aiba

5.Purpose of establishment of the new office:
Exporters of natural resources in the Middle East are the major clients of our Chemical Tanker Group. In addition, our Gas Tanker Group is involved in a number of new LNG projects in the Middle East. In view of our active involvement in the Middle East, the Company has decided to establish a representative office in Dubai (U.A.E), a center of business in the Middle East, in order to have our representatives contact directly with consignors and attend to new projects in the Middle East.

II Changes in the assignment of senior management responsibilities (effective as of October 20, 2003)

Name	Previous position and responsibilities	New position and responsibilities
Takatoshi Hayase	Representative Director/Senior Managing Director In charge of: Oil Tanker Group, No.1 Gas Tanker Group, No.2 Gas Tanker Group, Dry Cargo Group Responsible for: Research Group, Chemical Tanker Group, Operation Group	Representative Director/Senior Managing Director In charge of: Oil Tanker Group, Dry Cargo Group Responsible for: Research Group, Chemical Tanker Group, Operation Group, No.1 Gas Tanker Group, No.2 Gas Tanker Group
Takaaki Tamura	Managing Director Responsible for: Oil Tanker Group, Overseas Offices	Managing Director Responsible for: Oil Tanker Group, Overseas Offices Secondary responsible for: No.1 Gas Tanker Group, No.2 Gas Tanker Group
Mitsuhiko Aiba	Director Responsible for: No.1 Gas Tanker Group, No.2 Gas Tanker Group	Director Representative of Dubai Office

This announcement is dated today, as the Company was informed today by
the Government of Dubai of the approval of the establishment of its
Dubai representative office effective October 20, 2003.