IINO KAIUN KAISHA

IR News ( IR )

Election of New Representative Director and Board Directors

May. 13, 2004

1. Change in Representative Director
This is to inform you that, at a meeting of the Board of Directors on May 13, 2004, senior managing director Shoji Noguchi was nominated chairman, and managing director Katsuyuki Sugimoto was nominated president. These nominations are expected to be approved by a resolution of the Board of Directors following a vote by shareholders at the general shareholders' meeting to be held on June 29, 2004.

Notice

Name and Profile of New Representative Director

New Position	Chairman of the Board
Name	Shoji Noguchi
Birthdate	July 9, 1943
Birthplace	Tokyo
Education	March 1967	Graduated from Tokyo University, Department of Economics
	October 1971	UCLA, Master of Science in Business Administration
Work experience	June 2003	Iino Kaiun Kaisha, Ltd. Senior Managing Director
	April 2002	Mizuho Corporate Bank, Ltd. Senior Managing Executive Officer in charge of Americas
	June 1998	Managing Director and General Manager, New York Branch
	June 1995	Director and General Manager, International Business Department
	April 1967	Joined The Industrial Bank of Japan, Ltd

Name and Profile of New Representative Director

New Position	President
Name	Katsuyuki Sugimoto
Birthdate	September 3, 1944
Birthplace	Yamaguchi Prefecture
Education	March 1967	Graduated from Kansei Gakuin University, Department of Commerce
Work experience	October 1997	Managing Director
	June 1997	Iino Kaiun Kaisha, Ltd. Director
	June 1995	Iino Fudosan Kaisha, Ltd. Director and General Manager, Business Department
	June 1991	Iino Fudosan Kaisha, Ltd. General Manager, Business Department
	April 1967	Joined Iino Kaiun Kaisha, Ltd

In addition, president and representative director Takeo Ohta will terminate his office and become counselor following the forthcoming general shareholders' meeting.

2. Newly Elected Board Directors

The Board of Directors today announced a list of director nominees to be presented for approval by the general shareholders' meeting on June 29, 2004 and the board of directors' meeting to be held thereafter. The Board of Directors has also passed a resolution to introduce an executive officer system.

(1) Directors (As of June 29, 2004)

Change of Position

New Position	Name	Present Position
Chairman of the Board	Shoji Noguchi	Senior Managing Director
President	Katsuyuki Sugimoto	Managing Director
Director	Kei Koga	Managing Director
Director	Takahiko Matsumoto	Managing Director
Director	Toshikazu Watanabe	Managing Director
Director	Mitsuhiko Aiba	Director
Director	Munetsugu Yamauchi	Director

Newly Elected

New Position	Name	Present Position
Director	Tomoyuki Sekine	Group Manager, No.1 Gas Tanker Group
Director	Kenichi Hoshino	Group Manager, Personnel Group

Retired

Present Position	Name	Position following Retirement from Board of Directors
President	Takeo Ohta	Counselor
Senior Managing Director	Takao Kobayashi	Senior Advisor
Senior Managing Director	Takatoshi Hayase	Senior Advisor
Managing Director	Takaaki Tamura	President, Iino UK Ltd.

(2) Executive Officers (as of June 29, 2004)

New Position	Name	Present Position
Chairman Executive Officer	Shoji Noguchi	Senior Managing Director
President Executive Officer	Katsuyuki Sugimoto	Managing Director
Senior Managing Executive Officer	Kei Koga	Managing Director
Senior Managing Executive Officer	Takahiko Matsumoto	Managing Director President, Iino Marine Service Co., Ltd.
Managing Executive Officer	Toshikazu Watanabe	Managing Director
Managing Executive Officer	Takaaki Tamura	Managing Director
Managing Executive Officer	Mitsuhiko Aiba	Director
Executive Officer	Munetsugu Yamauchi	Director President, Chiyoda Petroleum Co.,Ltd.
Executive Officer	Yutaka Tagawa	Group Manager, Stakeholder Relations Managemnt Group
Executive Officer	Kazuo Kawahara	Group Manager, Finance & Accounting Group
Executive Officer	Osamu Yamane	Managing Director, Iino Marine Service Co., Ltd.
Executive Officer	Hiroyuki Ishikawa	Group Manager, Property Group
Executive Officer	Kenji Asada	Group Manager, Oil Tanker Group
Executive Officer	Tomoyuki Sekine	Group Manager, No.1 Gas Tanker Group
Executive Officer	Kenichi Hoshino	Group Manager, Personnel Group
Executive Officer	Youichirou Anzai	Group Manager, Chemical Tanker Group

(3) Duties and Responsibilities of Directors and Executive Officer

Position	Name	Duties and Responsibilities
Chairman of the Board Chairman Executive Officer	Shoji Noguchi
President President Executive Officer	Katsuyuki Sugimoto
Director Senior Managing Executive Officer	Kei Koga	Management of Oil Tanker Group In charge of Dry Cargo Group, Overseas Office
Director Senior Managing Executive Officer	Takahiko Matsumoto	President, Iino Marine Service Co., Ltd. In charge of Seamen Group
Director Managing Executive Officer	Toshikazu Watanabe	Management of Finance & Accounting Group, Property Group, Stakeholder Relations Managemnt Group
Managing Executive Officer	Takaaki Tamura	President, Iino UK Ltd.
Director Managing Executive Officer	Mitsuhiko Aiba	In charge of Research Group,Operation Group, Chemical Tanker Group
Director Executive Officer	Munetsugu Yamauchi	President, Chiyoda Petroleum Co.,Ltd.
Executive Officer	Yutaka Tagawa	Group Manager, Stakeholder Relations Managemnt Group
Executive Officer	Kazuo Kawahara	Group Manager, Finance & Accounting Group
Executive Officer	Osamu Yamane	Managing Director, Iino Marine Service Co., Ltd.
Executive Officer	Hiroyuki Ishikawa	In charge of Property Group
Executive Officer	Kenji Asada	Group Manager, Oil Tanker Group
Director Executive Officer	Tomoyuki Sekine	In charge of No.2 Gas Tanker Group Group Manager, No.1 Gas Tanker Group
Director Executive Officer	Kenichi Hoshino	In charge of General Affaires & Planning Group, Administration Group Group Manager, Personnel Group
Executive Officer	Youichirou Anzai	Representative, Dubai Office