CORPORATE ANNOUNCEMENT

10 December, 2004

MOL Expands New Container Service to India

-- Starting Shuttle Service between Nhava Sheva and Singapore --

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President: Akimitsu Ashida) today announced the launch of a new service between Nhava Sheva (Mumbai, India) and Singapore to meet expanding cargo traffic to and from India, which is showing tremendous economic growth. The shuttle service will use two containerships under a space charter agreement with Singapore-based Sea Consortium Pte Ltd.

Along with its existing service, the change will allow MOL to offer the two fastest routes linking Nhava Sheva and Singapore, and ensure more stable service to Asia, North America, Oceania, and other markets via Singapore.

New " Nhava Sheva Express Service 2 (NSY) "

Service Rotation

Singapore (Thursday) -> Nhava Sheva (Wednesday/Thursday) -> Singapore (Wednesday)

Transit Time

6 days (both westbound and eastbound voyages) between Singapore and Nhava Sheva

Start of Service

From Singapore: December 23 (Thursday) with the sailing of the Hertford
From Nhava Sheva: December 23 (Thursday) with the sailing of the Sea Navigator

Existing service "Nhava Sheva Express Service (NSX)"

Singapore (Wednesday) -> Colombo (Sunday) -> Nhava Sheva (Tuesday/Wednesday) -> Singapore (Tuesday)

For further information, please contact:

    Masanori Doi
    Manager
    Strategic Planning and Asset Management Group, Liner Division
    Mitsui O.S.K. Lines, Ltd.
    Tel: +81-3-3587-7422
    Fax: +81-3-3587-7796

    Atsushi Ishikawa
    Director
    MOL (Singapore) Pte. Ltd.
    Tel: +65-6560-0105
    Fax: +65-6897-0353