SERVICE ANNOUNCEMENT

May 15 2002

P&O Nedlloyd and MOL to Improve Asia-South Africa-West Africa Joint Service

P&O Nedlloyd and Mitsui O.S.K. Lines (MOL) are pleased to announce direct Port Louis calls on their joint Asia/South-Africa/West-Africa service.

The new service, will offer fixed day weekly direct service from Shanghai, Hong Kong and Singapore to Port Louis. A dedicated joint feeder will provide fixed day weekly connections from Port Louis to Reunion and Toamasina. The new service rotation will be Shanghai (Wed), Hong Kong (Sat), Singapore (Wed), Port Louis (Wed), Durban (Sat) after which the vessels proceed to West Africa.

The transit times from Asia to Port Louis are amongst the fastest in the market with Shanghai 13 days, Hong Kong 11 days and Singapore 7 days. The dedicated feeder Service, jointly operated by P&O Nedlloyd and MOL, ensures that transit times from and to Reunion and Toamasina are equally fast.

The first direct Port Louis sailing 'm/v MOL Volta' will arrive at Port Louis on 24th May.

For further information, please contact:
P&O Nedlloyd (HK) Ltd.: Mr Leo Huisman, Tel: +852 28801713
Mitsui O.S.K. Lines (Asia) Ltd.: Mr Shigeo Kobayashi, Tel: +852 28238177