MOL Orders 2 Innovative LNG Regas Vessels

April 14, 2006

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) announces that MOL and the Leif Hoegh Group*1 of Norway will form a joint venture (J/V), which owns Shuttle & Regasification Vessels (SRVs) and will serve the Neptune LNG deepwater port terminal *2 in Massachusetts Bay to deliver imports of natural gas to the US. Two firm and one optional SRVs have been ordered from Samsung Heavy Industries, Korea for the J/V.

Profile of the new J/V

Location: Grand Cayman Islands
Foundation: April 2006
Shareholders:MOL 50% / Leif Hoegh Group 50%
Main business: Owning of SRVs

Vessel specifications

Length overall: 280 m
Breadth: 43.4 m
Tank capacity: 145,000 m³
Containment system: Membrane
Regasification capacity (per vessel) : 18,000-24,000 m³ of LNG (per day)
Main engine: Dual Fuel Diesel Electric (DFDE)
Delivery period: 4th quarter of 2009 (first vessel)

*1:The Leif Hoegh Group is an independent Norwegian shipowner founded in 1927. Its main businesses are LNG carriers operated by Hoegh LNG and RoRo ships operated by Hoegh Autoliners. They jointly own four LNG carriers with MOL, including two vessels for the Snohvit project in northern Norway.

*2:The offshore terminal proposed by Neptune LNG will be located approximately 10miles (16km) south
of the city Gloucester and 22 miles (35km) north east of Boston in 250 feet (80m) water depth.
Suez LNG North America sees the proposed deepwater port terminal as a supplement to its existing onshore LNG terminal in Everett, Massachusetts, and the most efficient solution to meeting New England's growing demand for natural gas.

Suez LNG North America is the North American liquefied natural gas business of Suez. - a leading
provider of utility services such as natural gas in Europe and the US.

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