CORPORATE ANNOUNCEMENT

16 December, 2002

MOL News Highlights for 2002

TOKYO – Mitsui O.S.K. Lines, Ltd. (MOL; President Kunio Suzuki) today announced the company’s top news stories for 2002, as follows:

• MOL Expands LNG Transport New Contracts and Its Trade in Global Scale
  MOL concluded the following contracts, exceeding the initial goal set out in mid-term management plan MOL next. The company also established offices and sales networks assigning personnel specializing in LNG transport in Muscat (Oman), London, and Houston.
  • Contract to jointly own two LNG carriers with the government of the Sultanate of Oman and others. (January, July)
  • Participated in Algeria LNG project. (May)
  • Long-term charter contract for SNOHVIT Project of Norway. (September)
  • Time charter contract for Ras Laffan Liquefied Natural Gas Co., Ltd. II (October)
     
• Five 6,000-TEU Containerships Launched (February – June)
  Starting with the MOL Precision, MOL launched five 6,000-TEU P series containerships on the Asia-Europe loop. This move gave MOL the fastest, most advanced containership fleet.
   
• MOL Established Subsidiaries in India and Chile, which started operations in April and July, respectively.
   
• MOL Started New Containership Service between Europe and West Africa (June)
  MOL launched regular bi-weekly service linking Europe and West Africa. This allows the company to offer the services connecting Asia/northern West Africa, and Europe/ South Africa.
   
• MOL Established Internal Audit Office and Strengthened Corporate Governance (October)
  MOL proceeded to strengthen the corporate governance since the company established compliance regulations in November 2001. The company also established the Internal Audit Office to create a more efficient auditing structure and further strengthen corporate governance.
   
• MOL Enhances Crew Training Facilities
  MOL opened the MOL Training Center (Philippines) in February and the MOL Training Center (Montenegro) in September. Along with the MOL Training Center (Japan) in Chiba and the MOL Training Center (India), MOL provides a global crew training system that contributes to safe vessel operation in three locations around the world.
   
• Reorganization: MOL Introduced Group System (October)
  MOL abolished the conventional team and office under division organization and established a flatter structure to streamline decision-making and operational execution. In addition, this move helps the company respond more flexibly to operational issues and more effectively utilize human resources.
   
• MOL Chairman Masaharu Ikuta Appointed to Lead Postal Service Corporation (August)

For further information, please contact:
 
    Hidenori Onuki, Manager
    Public Relations Office
    Tel: 81-3-3581-7015
    Fax: 81-3-3581-7705
    E-mail: pblmo@mail.mol.co.jp