NEWS RELEASE

1 November 2001

FROM RUSSIA WITH CARGO

LONDON - MOL are pleased to announce the appointment of an agent in Russia to address the demands of this growing marketplace. Samskip, an Icelandic company with offices in Moscow and St Petersburg, has built up an extensive network of comprehensive services in the field of transport, logistics and cargo handling making it an ideal partner.

Samskip operates its own vessels, primarily out of Iceland, however its agency department has been one of its most dynamic and progressive divisions in recent years.

Cargo will be moved from the port of St Petersburg, the largest transportation hub in the North-West of Russia. With box throughput at the port registering year-on-year growth of 89% during the first seven months of 2001, this represents an exciting opportunity for MOL.

Russia is not, however, a completely new area for MOL who already use the Trans-Siberian railway to carry containers between Japan and Finland, and throughout Russia.

St Petersburg is connected to the sea by the 27 mile Seaway channel. Navigation continues all year round with ice-breakers piloting vessels during the winter period. The port boasts road connections; trains inland to Moscow and a barge operation up the River Neva in the warmer months.

MOL, with its partners in The New World Alliance (TNWA), operates three fixed-day weekly Trans-Atlantic trade services and four fixed-day weekly services in the Far East-North Europe trades. TNWA also operate a service dedicated to the Asia-Mediterranean trade; nine fixed-day weekly services in the Trans-Pacific as well as two further Asia-U.S. East Coast services together with Evergreen Marine Corporation. The three-member carriers co-ordinate some 100 containerships in major container trades.

For further information, artwork, photos or transparencies please contact:

Sue Terpilowski, MOL PR Account Director
Edward Cook, MOL PR Account Manager
IMAGE Line, 11-12 Great Sutton Street, LONDON EC1V 0BX
(t) + 44 (0) 20 7689 9009
(f) + 44 (0) 20 7689 8008
(e) pr@imageline.co.uk