SERVICE ANNOUNCEMENT

20 April, 2004

MOL to Introduce Direct Service Between U.S. East Coast and East Coast of South America

Concord, CA - MOL (America) Inc. is pleased to announce the expansion of its Americas service profile.  In May 2004, MOL will be adding a new service, the Americas Container Express (ACE), which will call the U.S. East Coast, Northern Caribbean, and the East Coast of South America.  MOL has operated an extensive, South America service network for nearly 90 years.  However, this is the first time the company has offered a direct service link between the East Coasts of North and South America.  

The southbound leg of the ACE service is scheduled to commence with the sailing of the Zim Buenos Aires Voyage 101S, from New York on May 1, 2004 and the northbound leg will commence with sailing of the MOL Americas Voyage 101N from Montevideo on May 12, 2004.  The service will include five (5) 1700 TEU class vessels and offer an eight (8) to nine (9) day sailing frequency.  MOL anticipates the addition of a sixth vessel in the near future, which will facilitate an increase in the sailing frequency to a weekly, fixed-day schedule.

The new service will offer two slightly different sailing patterns, each to be called on alternate weeks.  Pattern one (1) will feature a southbound call at Rio de Janeiro and a northbound call at Fortaleza.  Pattern two (2) will feature a southbound call at Vitoria and a northbound call at Fortaleza.  Port rotation for each pattern is as follows:

Pattern 1: New York - Norfolk - Savannah - Port Everglades - Kingston - Port Cabello - Rio de Janeiro - Santos - Montevideo - Rio Grande - Itajai - Santos - Fortaleza - Kingston - New York

Pattern 2: New York - Norfolk - Savannah - Port Everglades - Kingston - Port Cabello - Fortaleza - Santos - Montevideo - Rio Grande - Itajai - Santos - Vitoria - Kingston - New York

MOL's ACE service will feature highly competitive transit times.  ACE will offer one of the industry's fastest transit times between the U.S. and Santos, including 14 days from Santos to New York and 17 days from New York to Santos.

MOL's vast network in the region also includes the following services:

• CSW service:  Weekly, fixed-day service between East Coast South America and South Africa and between South America and Asia.
• CWL service:  Weekly, fixed-day service between Mexico, West Coast South America, and Asia.
• ISA service: Service between East Coast South America and Peru and Ecuador.
• CX1 service: Weekly, fixed-day Intra-Latin America/Northern Caribbean service, with service to/from Manaus, Brazil, and connections to/from Asia, Europe, and North America.
• GEX service:  Weekly, fixed-day service between Houston, Mexico, and Latin America / Northern Caribbean.
• NCA service:  Weekly, fixed-day Intra-Latin America/Northern Caribbean service, with connections to/from Asia, Europe, and North America.

MOL is one of the world's largest multi-modal shipping companies, operating a diverse network of container shipping and logistics services around the globe.  Please visit the company's website at www.MOLpower.com.

For additional information, please contact Ann Elleflot, Manager, Advertising/Communications, MOL (America) Inc., by telephone (925/688-2604) or e-mail (ann.elleflot@MOLamerica.com