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May 13, 2008

MOL to Build 53 New Iron Ore Carriers

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President: Akimitsu Ashida) today announced plans to construct 53 new iron ore carriers to meet rising demand for iron ore transport as the world economy continues to grow. The move is part of the growth strategies in the company’s midterm management plan MOL ADVANCE - focusing management resources on growing fields in ocean shipping.

Outline of fleet expansion

Launch : April 2008 to early 2014
No. of vessels by type

: Type 300 (300,000-ton class)
Type 250 (250,000-ton class)
Type 230 (230,000-ton class)
Type 200 (200,000-ton class)
Type 170 (170,000-ton class)
Type 110 (110,000-ton class)
Type 80 ( 80,000-ton class)

4 vessels
2 vessels
7 vessels
1 vessels
27 vessels
10 vessels
2 vessels
Total 53 vessels

MOL Strategies

Worldwide demand for iron and steel is expected to show stable growth, with countries such as China continuing to produce more crude steel. Increased steel production will naturally boost demand for efficient, reliable transport of raw materials.

MOL, as the world’s largest operator of iron ore carriers, has developed a large-scale fleet with a wide variety of vessels to meet various customer needs. The company has already concluded mid- and long-term contracts for 40% of the 53 new building vessels, and eventually 60% of the new ships will sail under mid- or long-term arrangements.

MOL's operated iron ore carrier fleet totals 125 vessels including Cape-size and Panamax types (as of March 31, 2008). The fleet will total around 160 by the end of March 2014, including about 135 Cape-size vessels and about 25 Panamax ships.

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