MOL and JAXPORT Report
Progress on New Jacksonville Container Terminal

October 16, 2007

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today met with top officials from the city of Jacksonville, Florida, and the Jacksonville Port Authority (JAXPORT) and announced steady progress on the city’s new container terminal. On hand for the top-level meeting were Jacksonville Mayor John Peyton and JAXPORT Executive Director Rick Ferrin, as well as President Ashida and Executive Vice President Masakazu Yakushiji at MOL’s head office in Tokyo.

At a news conference held in MOL's head office, the participants from Jacksonville reported that terminal construction is going well, and that cargo owners and logistics companies are already moving into the surrounding area. MOL positions the new terminal as a hub port on the North America East Coast. They showed a clear commitment to cooperate and grow together.

The company started construction of its own new terminal in Jacksonville to enhance the quality of ocean shipping services for inbound and outbound cargo for North America, where traffic is brisk. Construction of the new terminal is slated for completion in late 2008, and operation will start in early 2009.

The new terminal has a strategic location and excellent inland connections to railroads and highways. It can accommodate two large containerships on berth at the same time, and will be operated by MOL's group company, TraPac, Inc., which has extensive experience and know-how in container terminal operation on the North American West Coast.

Outlines of New Terminal