CORPORATE ANNOUNCEMENT

25 May, 2004

TNWA to Enhance Trans-Pacific Service

Seoul, Singapore, Tokyo – May 25, 2004  – The New World Alliance (TNWA), which consists of APL, Hyundai Merchant Marine (HMM) and MOL, announced today that the alliance will soon resume its pre-winter Trans-Pacific deployment. The deployment includes the return of the PSV service, as well as port rotation enhancements to several of its existing services. All changes were made to ensure that TNWA customers continue to receive optimum service coverage, frequency, and options. 

PSV service
TNWA will redeploy the PSV (South China/Los Angeles Express) service, commencing with the eastbound sailing of the M/V APL CAIRO from Hong Kong on June 6, 2004 and the westbound sailing of the M/V APL CAIRO from Los Angeles on June 23, 2004. In 2003, the PSV was deployed during the summer months to provide additional space and service during the busy peak season. TNWA now expects the PSV to remain a permanent, year-round service. The PSV port rotation will be:  Los Angeles, Hong Kong, Chiwan, Kaohsiung, return to Los Angeles. 

SAX service
Eastbound call at Chiwan will be removed from the SAX port rotation (eastbound Chiwan call will be covered by the PSV service). Commencing with the sailing of the APL SCOTLAND voy.126E, the new SAX port rotation will be: Los Angeles, Oakland, Kaohsiung, Hong Kong, Chiwan, Laem Chabang, Singapore, return to Los Angeles.

PS2 service
Call at Kaohsiung will be removed from the PS2 port rotation. Commencing with the sailing of the APL THAILAND voy.076E, the new PS2 port rotation will be: Los Angeles, Oakland, Dutch Harbor, Yokohama, Busan, Xiamen, Hong Kong, Yantian, return to Los Angeles. 

PS3 service
Call at Hong Kong will be removed from the PS3 port rotation. Additionally the positions of the Ningbo and Shanghai calls will be reversed. PS3 currently calls Ningbo prior to Shanghai. Commencing with the sailing of the MOL ENDEAVOR voy.012E.  PS3 will call at Shanghai prior to Ningbo. The new PS3 port rotation will be: Los Angeles, Seattle, Vancouver, Tokyo, Nagoya, Kobe, Shanghai, Ningbo, Kobe, Tokyo, return to Los Angeles. 

There will be no changes made to TNWA’s remaining Trans-Pacific West Coast services, PS1, GCX, PSW, and PNW or to TNWA’s Trans-Pacific All-Water East Coast services, NYX and APX . 

TNWA will continue to operate ten fixed-day weekly services in the Trans-Pacific trade. Eight services (SAX, PS1, PS2, PS3, GCX, PSV, PSW, PNW) will call the North America West Coast and two services (NYX, APX) will offer all-water service between Asia, Panama, and U.S. East Coast.  

TNWA also operates two fixed-day services in the Trans-Atlantic trade and three fixed-day services in the Asia-Europe trade. The three-member alliance co-ordinate some 100 containerships in the major East-West container trades.

For further information, please contact:
APL:    
Mr Paul Barrett

Tel: +65 6371 5541
e-mail: Paul.Barrett @apl.com

HMM:   Mr. Jin Il Chung
Tel: +82 2 3706 5474
e-mail: pccji@hmm.co.kr 

MOL:
Mr.Tsuyoshi Yoshida
Tel: +81 3 3587 7393
e-mail: lapln@mail.mol.co.jp