22 September 2016
Kawasaki Kisen Kaisha, Ltd.
Representative Director, President＆CEO
RE: False Statement by APL Logistics Ltd
We express our gratitude that you are always users of our services.
On 20 September, the false emails stating a potential bankruptcy of K Line were circulated by APL Logistics Ltd (a Singapore based company) (“APLL”) to their customers. We are bound to say that the message disseminated by APLL is unfounded without basis of any financial analysis and it is a false statement. We have strongly protested to APLL at a meeting yesterday, who admitted that the statement was false and promised to send to their customers a message to retract such statement. We are also considering to take any necessary legal measures that we may have against the concerned parties.
Our financial condition is sound as shown in the link below, more specifically: As of 30 June 2016, the Cash and deposits is JPY 214,304 mil; Total net asset is JPY 330,392mil; equity ratio is 29.1%; and liquidity ratio is 154.5%, and moreover, we maintain the credit rating at the same sound and viable level as other shipping companies. It is evident also from these figures that the messages sent by APLL to its customers are erroneous.
We have been providing and will assure to continuously provide our customers with our high quality services, and thus we request you to keep good relation with us.