MOL Signs Long-Term Contract for 6th Vessel Serving China's Baoshan Iron & Steel
- Strengthening its position as Baoshan's main carrier -

May 18, 2007

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President: Akimitsu Ashida) today announced a sixth long-term transport contract with Baoshan Iron and Steel Co., Ltd. (Headquarters: Shanghai), for a newly built 225,000-ton ore carrier. It will be built at Namura Shipbuilding Co., Ltd. and is slated for launching between late 2011 and early 2012. This new contract strengthens MOL's ongoing relationship with Baoshan as its main carrier of iron ore transport.

MOL also has contracts with Baoshan Iron and Steel, for three 200,000-ton coal and iron ore carriers that started service in January, March, and April 2007, a 230,000-ton type vessel that will be launched in early 2009, and a 300,000-ton type carrier that will also go into service in early 2009.

[Outline of new contract]

The new vessel will carry iron ore from Western Australia to Shanghai, under a 25-year contract of affreightment (COA) starting in June 2007.

[Specifications]

The third of the above three 200,000-ton Cape-size bulkers for Baoshan, the Baosteel Elevation was launched at Imabari Shipbuilding Co., Ltd.'s Saijo Shipyard on April 25. On the same day, Baoshan Iron & Steel Vice President Zhu Junsheng attended its naming and launching ceremonies, and the ship left for its maiden voyage to the loading port of Dampier, Western Australia.