Mr Mori, Mr Hiroyuki Maekawa (President/CEO of "K" Line), Mr Shigeru Sato (Consul-General/Ambassador of Japan), distinguished guests, ladies and gentlemen:

I am delighted to join you all this evening, and my sincere congratulation to "K" Line (Hong Kong) on its 40th Anniversary.

The importance of international shipping to the global economy and world trade hardly needs any emphasis. This is evidenced by the fact that seaborne trade is carrying the bulk of the world trade tonnage. Indeed, the global shipping industry has enjoyed the longest period of a buoyant shipping market seen in decades. An increasingly globalized and liberalized trading environment, fueled by the economic powerhouse of China, has sustained high demand for sea transport, and contributed to rapid expansion of the shipping industry and port infrastructure in the region. This owes in no small part to the contribution of "K" Line which has worked strenuously for Asia shipping since the turn of last century (established in 1919).

As a major player in the Asia Shipping scene, I also wish to congratulate "K" Line on their vision in establishing their branch in Hong Kong 40 years ago. Hong Kong is indeed fortunate to be situated right at the doorstep of China, making us the ideal gateway to the opportunities that have long attracted traders to this huge market. In 2007, "K" Line's operation in Hong Kong exceeded 710,000 TEU with about 600 shipping calls.

In the past century and a half, Hong Kong has grown steadily to transform ourselves from a small fishing village to what we are today, the 7th largest maritime centre and one of the busiest ports in the world. Our shipowners manage or operate more than 1,280 vessels, amounting to over eight percent of the world's merchant fleet in terms of deadweight tonnes. This is of course due in no small part to the hard work and entreprenurship of Hong Kong's shipping community. In this regard, we are also grateful for the staunch support of "K" Line for the Hong Kong Shipping Register.

In fact, the achievement of the Hong Kong Shipping Register is the results of the hard work of all of you present here today. We greatly value our partnership with ship-owners and shipping industry players, and with the above co-operation, I believe Hong Kong and our shipping industry will scale new heights in future.

In closing, I would like to wish the "K" Line (Hong Kong) Limited all the success in its future endeavours and all of you good health and prosperity.

Thank you.