SERVICE ANNOUNCEMENT

21 March, 2001

P&O Nedlloyd and MOL to Improve Asia-East Coast South America Joint Service

P&O Nedlloyd and Mitsui O.S.K. Lines are to upgrade their existing Asia toEast Coast South America service to a fixed day weekly schedule. Upon completion of the phase-in programme in April, the joint service will comprise the following vessels, ranging in size from 2100 to 2800 teus:

MOL:

MOL Parana, MOL Paraguay, MOL Santos, MOL Sao Paulo, MOL Salvador.

P&O Nedlloyd:

PONL Bantam, PONL Chusan, PONL Deijima, PONL Olinda, PONL Surat.

The aforementioned vessels are newly built and capable of running speeds in excess of 22 knots, safeguarding fast transit times and a reliable schedule.

The joint port rotation will be Yokohama, Nagoya, Kobe, Pusan, Keelung, Hong Kong, Singapore, Santos, Montevideo, Buenos Aires, Rio Grande, San Francisco do ul, Paranagua, Santos, Rio de Janeiro, Singapore, Hong Kong and back to Yokohama. The ports of Vitoria and Salvador will be served through a fast relay service via the Port of Santos.

This new service confirms P&O Nedlloyd and Mitsui O.S.K. Lines' joint commitment to the trade.

Media Inquiries:

P&O Nedlloyd: Gill Samuel, Director of Corporate Communications, P&O Nedlloyd, Tel: +44 20 7441 8706 / Email: gill.samuel@ponl.com