CORPORATE ANNOUNCEMENT

23 April, 2003

MOL Launches Enhanced Global Liner Division Website

Mitsui O.S.K. Lines (MOL) is pleased to announce the launch of a new version of its global liner division website, http://www.MOLPower.com. The new version features enhancements designed to provide customers with functions intended to further facilitate the ordering process and improve shipment visibility.

The enhanced website offers a variety of e-commerce tools under its Navi-Gator® brand. In addition to the standard fare, such as sailing schedules and service profiles, customers can now efficiently transact business online. MOL customers who already posses a Navi-Gator® User ID have immediate access to the site’s e-commerce enhancements. To obtain a Navi-Gator® User ID, simply go to the website, click the “MY NAVI-GATOR” tab, then click the “REGISTER” link, and then complete and submit the registration form.

A User ID gives MOL customers access to the following Navi-Gator® tools:

Bookings: Customers can request bookings online.
Shipping instructions: Customers can produce and submit shipping instructions online.
Printouts of online bills of lading: Customers can print negotiable and non-negotiable B/Ls or Waybills from the Internet onto MOL issued paper. Customers also have the option to receive their B/Ls or Waybills via email.
Global cargo tracking: Customers can track their shipments anywhere in the world.
Shipment reports: Customers can view standard or customized shipment reports.

By advancing its e-business capabilities, MOL has diversified and strengthened the flexibility of all its communication channels. Services can now be scaled to each customer’s specific needs. A customer can now specify a mix of face-to-face, telephone, fax, email, Internet, and EDI communication channels to reflect their preferences.

MOL is one of the world’s largest multi-modal shipping companies, operating a diverse network of container shipping and logistics services worldwide. MOL is a founding carrier partner in GT Nexus, an e-logistics solutions company. Please visit the company’s website at www.MOLpower.com.

For further information, please contact:

Japan:     MOL Tokyo
                Masaya Yamada
                Manager, Liner Div.
                Liner Administration Group
                Tel.: 81-3-3587-7131
                Fax.: 81-3-3587-7728
                e-mail: LADMO@mail.mol.co.jp

Americas:   MOL (America) Inc.
                    Ann Elleflot,
                    Manager, Advertising/Communication
                    Tel.: 1-925-688-2604
                    Fax.: 1-925-688-2669
                    e-mail: ann.elleflot@MOLAmerica.com

Europe, Africa:   MOL (Europe) B.V.
                            Mark Mol
                            Deputy General Manager
                            Trade, Marketing
                            Tel.: 31-10-201-3161
                            Fax.: 31-10-201-3169
                            e-mail: mark.mol@mol-europe.nl

Asia, Oceania:    MOL (Asia) Ltd.
                            Margaret Lam
                            Manager, Public Relations & General Affairs
                            Tel.: 852-2823-6818
                            Fax.: 852-2529-9989
                            e-mail: margaret.lam@molasia.com