MOL to Establish a New Agency for Japan-Russian Route

February 08, 2008

TOKYO - Mitsui O.S. K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced to have established a new agency called Trans Russia Agency Japan Co., Ltd., in a joint venture with the Far Eastern Shipping Company (FESCO, headquarters: Vladivostok, Russia) and Azuma Shipping Co., Ltd. (Headquarters: Tokyo).

The new agency was established by consolidating MOL's wholly owned agency Navix Transport, Ltd., and FESCO's agency United Orient Shipping and Agency, Co., Ltd., which was owned by Azuma Shipping (35.5%), FESCO (25%), and MOL (14.5%). Both companies have provided agency services since the launch of Japan-Russia liner service in 1958. They will ensure a smooth transfer of operation from the previous agency to the new one by retaining experienced employees.

The move will help MOL meet customer needs in the Russian market, which is positioned for continued growth. The new agency works to further enhance services as MOL's sole agency for the Japan-Russian route.

Navix Transport and United Orient Shipping and Agency will be withdrawn upon establishment of the new company, and will move into liquidation proceedings.

[Profile of new company]

1) Company name:

Trans Russia Agency Japan Co., Ltd.

2) Address:

Tornare Nihonbashi-Hamacho 9F, 3-2, Nihonbashi-Hamacho 3-Chome, Chuo-ku, Tokyo

3) Representative:

Masami Maeda (now president of Navix Transport, Ltd.)

4) Paid-in capital:

JPY100 million (FESCO 50%, MOL 30%, Azuma Shipping 20%)

5) Foundation:

February 4, 2008

6) Start of operation:

March 1, 2008

7) Business:

Shipping agency service on Japan-Russia route