CORPORATE ANNOUNCEMENT

24 January, 2001

MOL Moves to Strengthen Environmental Protection Programs

-- Company establishes group-wide organization to promote environmental awareness and action --

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL) - MOL President, Kunio Suzuki, has announced the expansion of the company's environmental protection programs, creating a group-wide organization to address specific environmental issues. MOL, the world's largest shipping company, last year issued a new Environmental Policy Statement and published an Environmental Report reflecting an aggressive new stance toward protecting the environment.

As part of the move, MOL increased the staff of the Environment Committee's secretariat, adding one land-based employee and one marine specialist on November 1, 2000. The secretariat now has a staff of five under the direction of the Technical Division general manager.

In addition, general managers of MOL's Corporate Planning Division, Marine Division, and Technical Division will serve as secretary-generals supervising the secretariat to more effectively implement the policies set out by the Environment Committee, which is chaired by Vice President Seiji Nakamura. Senior Managing Executive Officer, Kenji Machino, and Managing Executive Officer ,Makoto Taniguchi, serve as vice chairmen of the committee.

MOL also established a permanent, group-wide environmental organization in January. Within MOL, general managers of divisions, offices and branches are responsible for environmental issues under their jurisdiction, supported by a team that will implement the company's environmental policies. Major MOL Group companies - about 40 in Japan and 30 overseas - have also appointed personnel to manage environmental protection activities.

One goal of these programs is to build awareness of environmental protection throughout the MOL Group, from rank-and-file employees to top management. The company is also working to more accurately assess the environmental impact of its various activities and adopt more environmentally friendly procedures, and to establish a system to keep track of its progress on environmental issues.

MOL has posted a copy of its Environmental Policy Statement and Environmental Report on its corporate Website (URL: ). The online information will promote a deeper understanding of MOL's environmental protection programs among MOL and MOL's Group employees, and encourage more aggressive action to address critical environmental problems.

For more information, please contact: Masaaki Yutani, Manager, Technical Division, Environment and Technology Team at: Tel: 81-3-3587-7063, Fax: 81-3-3587-7798, or E-mail: redmo@mail.mol.co.jp