NEWS ANNOUNCEMENT

12 September, 2001

Mitsui O.S.K. Lines Publishes Environmental Report 2001

TOKYO - Mitsui O.S.K. Lines, Ltd., (MOL) (President: Kunio Suzuki) today announced the publication of its second Environmental Report, available in both English and Japanese, outlining environmental issues the company is responsible for and renewing its pledge to minimize the effects of its business on the marine and global environment. Since the publication of its first Environmental Report last year, MOL has strengthened its internal environmental protection activities, and the MOL Environmental Report 2001 details its achievements to date.

This report complies with Ministry of the Environment guidelines. It includes two new items, an outline of our exclusive Environmental Management System introduced in April 2001, "MOL EMS 21", and the company's environmental accounting for the fiscal year 2000.

Although MOL environmental protection activities are founded on the safe operation of its vessels, the company also recognizes the burden it places on the environment through its daily business activities, and is constantly seeking ways to reduce this burden. MOL Environmental Report 2001 explains the steps the company is taking to achieve this objective.

To reach as many people as possible, the report is designed for easy reading, with diagrams, pictures, and graphs added to clarify key points. It also includes explanations of technical terms.

Highlights of the 24-page, A4 size report include:

For further information, please contact: Akitoshi Miyoshi, Assistant General Manager, Environment and Technology Group, Technical Division Tel: 81-3-3587-7063, FAX: 81-3-3587-7798, E-Mail: redmo@mail.mol.co.jp