CORPORATE ANNOUNCEMENT

11 September, 2003

MOL Joins Korea — Haiphong Service

TOKYO - Mitsui O.S.K.Lines (MOL) today announced that it will start offering a Pusan (Korea) — Haiphong (Vietnam) service through a space charter agreement with Heung-A Shipping Co., Ltd. The service, in response to increasing customer demand in the Korea-Vietnam trade, will take effect in early October.

Two 1,000-TEU class container ships will be used for this service, which will call at Pusan (Fri/Fri), Hong Kong (Mon/Tue), and Haiphong (Wed/Thu.

This service will enable MOL to operate more competitively in the region, and reduce transit time from Pusan to Haiphong to only five days.

The new service will start with the October 3 departure of the Mare Doricum from Pusan.

By launching this new service linking Pusan and Haiphong, in addition to the Korea(Busan) — Ho Chi Minh service MOL already offers, MOL commits to a more effective Korea-Vietnam service network to meet regional economic expansion and the growing needs of customers.

For further information, please contact:
 
    Akihito Okimura
    Director, Trade Planning and Management
    Trade Management Department
    MOL (Asia) Ltd.
    TEL: +852-2823-6802
 
    Tomoyuki Suzuki
    Manager, Strategic Planning & Asset Management Group
    Liner Division
    Mitsui O.S.K. Lines., Ltd.
    TEL: +813-3587-7083