CORPORATE ANNOUNCEMENT

9 November, 2004

MOL Opens Additional North China-Philippines Service

MOL has been actively upgrading its Intra Asia liner service corresponding to needs of fast-growing regional container shipping market. For trade between China and Southeast Asia showing remarkable growth, MOL opens another service between North China and Manila in the Philippines, by space charter from SITC Container Lines, Ltd. Together with the existing CN1 service ( Shanghai / Qingdao - Manila / Jakarta / Surabaya ), MOL starts serving to trade between 4 major China ports and Manila.

Rotation

Tiajin Xingang (Tue/Wed) -> Dalian (Fri/Fri) -> Qingdao (Sat/Sun) -> Hong Kong (Wed/Thu) -> Manila South Harbour (Sat/Mon)-> Manila North Harbour (Mon/Tue) -> Hong Kong (Thu/Fri) -> Tianjin Xingang (Tue/Wed)

Commencement

M/V "Philippine Star"  Arrival Tianjin Xingang November 16

For further information, please contact:
 
    Masanori Doi
    Manager, Strategic Planning & Asset Management Group, Liner Division
    Mitsui O.S.K. Lines, Ltd.
    TEL: 81-3-3587-7422
    FAX: 81-3-3587-7653
    
    Jotaro Tamura
    Senior Manager, Trade Management Dept.
    MOL(Asia) Ltd.
    TEL : 852-2823-8103
    FAX : 852-2143-6318