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Incident Update: Iron Ore Carrier Giant Step

October 12, 2006

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today reported that four more crew members of the MOL-operated iron ore carrier Giant Step, which went aground offshore Kashima Port in Ibaraki Prefecture, were confirmed dead yesterday. One of the deceased crew members had drifted to shore, and the others were found at sea.

Yesterday's morning, the company began a search inside the ship, making holes on the bos'n store's (a kind of warehouse located in the bow and under the deck) side shell, where some crew members took shelter before they have gone missing. There was no sign of survivors.

The confirmed death toll is now at six, and the company continues to search for four missing crew members. A total of 16 crew members were rescued, and two of 16 are in the hospital.

MOL expresses its deepest condolences to the crew members who lost their lives and heartfelt sympathy to their families.