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October 23, 2006

MOL Establishes Logistics Subsidiary in China
- Move Will Enhance Ocean Consolidation Business -

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced the start of operations by MOL Consolidation Service Ltd., a new subsidiary handling ocean consolidation business (OCB) in China.

Profile of MOL Consolidation Service Ltd.

Paid-in-capital: CNY 5 million (US$ 630 thousand) (wholly owned by MOL)
Founded: September 6, 2006
Address: Room 2007, Cross Tower, No. 318 Fuzhou Road,
Huangpu District, Shanghai, China.*
Tel: 86-21-6415-9392, Fax: 86-21-6415-9579
Number of employees: 14 (headquarters)
Business: OCB in China

* Planning to move to a new office in early 2007

MOL's mid-term management plan, MOL STEP, positions logistics as an area for future growth. Part of this field is buyer's consolidation, which MOL calls Ocean Consolidation Business. MOL considers OCB a key part of its strategy.

In December 2005, new legislation in China allowed the establishment of international logistics companies wholly owned by foreign interests. Following that, MOL found it necessary to create a more effective organization, focusing on OCB in China. Then, the company spun off the OCB business of a local MOL Group logistics company and established a new OCB subsidiary in Shanghai, China. The new company is the MOL's first wholly owned logistics subsidiary in China.

The MOL Group continues to expand its expertise as a consolidator and reinforce its logistics service menu in China, which shows tremendous growth as an important OCB cargo export area. The MOL Consolidation Service will serve as a core of the company's growth in China, creating a structure that will enable more diverse, higher-quality customer service.

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