CORPORATE ANNOUNCEMENT

15 October, 2003

MOL Expands Service in Fast-Growing ECSA/WCSA Trade

TOKYO – Mitsui O.S.K. Lines, Ltd. (MOL: President: Kunio Suzuki) today announced plans to expand East Coast South America (ECSA) and West Coast South America (WCSA) services to take advantage of huge potential for economic growth .

Until now, MOL has offered ECSA/WCSA service with its monthly South America/Oceania service.

MOL is upgrading the frequency to a nine-day interval, in cooperation with Buenos Aires-based Maruba S.C.A., with a combination of coastal space on MOL’s Asia-ECSA service and Maruba's Argentine-WCSA service.

The new service begins at the end of October. The port rotation for MOL-operated vessels is: Santos/Buenos Aires/Montevideo/Rio Grande/Sao Francisco do sul/Paranagua/Santos/Rio de Janeiro. For Maruba-operated vessels, the rotation is: Montevideo/Buenos Aires/San Antonio/Callao/Guayaquil/Callao/San Antonio/Montevideo

In addition, cargo to/from ports in northern Brazil (Fortaleza, Suape, Salvador, and Vitoria) will be accepted through MOL’s partnership with Navegacao Vale do Rio Doce S.A.(Docenave) . MOL continues to offer an expanding range of services to meet changing customer needs.

For further information, please contact:
 
    Mitsui O.S.K. Lines, Ltd.
    Osamu Sakurada
    South America & Africa Trade Management Group, Liner Division
    Tel: 81-3-3587-6508
    Fax: 81-3-3587-7736
    Email: samaf@mail.mol.co.jp
 
    MOL(Brasil) Ltda.
    Paulo M.Simoes
    Director
    Tel: 55-11-3145-3958
    Fax: 55-11-3145-3943
    Email: saoad-simoes@molbrasil.com.br