CORPORATE ANNOUNCEMENT

26 October 2004

MOL Outlines Work Toward "Bluer Oceans & Cleaner Environment" in Environmental and Social Report 2004

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced the publication of the company's "Environmental and Social Report 2004." The report underscores the importance of operational safety and environmental protection, which are top priorities in MOL's Group Corporate Principles.

MOL established an internal corporate social responsibility (CSR) study subcommittee to set the company's CSR objectives in April 2003. In June 2004, the company moved to refine its approach to CSR by reorganizing the Environment Committee as the CSR and Environment Committee, and re-establishing the Technical Division Environment Group as the Corporate Planning Division CSR and Environment Office.

The fifth edition of the Environmental and Social Report - 38 A4-size pages, published in both English and Japanese - comprehensively covers MOL Group activities related to environmental protection and social contributions. The report includes the following:

Message from the President: Roles of the MOL Group in promoting sustainable worldwide growth
120 years of Mitsui O.S.K. Lines
MOL initiatives toward CSR
Corporate governance and compliance
Environmental management system and environmental accounting
FY2003 achievements/assessment, new mid-term environmental management plan and FY2004 targets
Safe navigation and marine environmental protection
MOL's Continuous Challenge towards Environmental Technology
Air pollution prevention (preventing global warning, approaches to acid rain, and protecting the ozone Layer
Initiatives at the Head Office
MOL Group environmental activities
Interaction with society and people
Management plan and financial data
Third party opinions

For the complete report, click http://www.mol.co.jp/environment.shtml

For further information, please contact:

    Mitsui O.S.K. Lines, Ltd.
    Keiichi Tanosaki
    General Manager
    CSR and Environment Office, Corporate Planning Division
    Tel: 81-3-3587-7063
    Fax: 81-3-3587-7722
    E-mail: plemo@mail.mol.co.jp