CORPORATE ANNOUNCEMENT

May 31, 2004

MOL Upgrades Japan/Taiwan/Hong Kong/South China (JHC) Service

TOKYO - Mitsui O.S.K. Lines, Ltd (MOL; President: Kunio Suzuki) today announced an upgrade in the company's Japan/Taiwan/Hong Kong/South China (JHC) Service. The move is aimed at providing faster, more convenient service for MOL customers.

MOL is upgrading the JHC Service through a new tie-up with SITC Container Lines, one of the leading China-based carriers, deploying two 800-TEU class vessels, one each from MOL and SITC.

JHC Service provides the fastest transit time from Kobe to Keelung, Hong Kong, Shekou and Xiamen, also from Hong Kong, Shekou, and Xiamen to Tokyo and Yokohama since its launch in May 2003.

The upgraded JHC Service will offer competitive transit times between Nagoya and Taiwan (Keelung), Hong Kong, S.China (Shekou and Xiamen) thanks to direct calls at Nagoya.

Service Rotation

Tokyo (WED/WED) - Yokohama (WED/THU) - Nagoya (THU/FRI) - Kobe (FRI/SAT) - Keelung (MON/TUE) - Hong Kong (WED/THU) - Shekou (THU/FRI) - Xiamen (SAT/SAT) - Tokyo

Vessel Deployment

Commencement

Upgraded JHC Service will start with the northbound voyages from Hong Kong

For further information, please contact:
 
    MOL (Asia) Ltd.
    Trade Management Dept.
    Mr. Jotaro Tamura
    Tel : +852 2823-8103