MOL Announces TSA & CTSA Resignations
--Moves beyond Liner Agreements--

October 29, 2008

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Akimitsu Ashida) announced today that it will resign from the Transpacific Stabilization Agreement (TSA) and the Canada Transpacific Stabilization Agreement (CTSA), effective November 27, 2008. "With the European Union's abolition of liner anti-trust immunity, it has become extremely difficult to align the business processes of our entire organization when its regional divisions must operate to differing standards. Having done a thorough analysis of marketplace dynamics and the roles of TSA/CTSA relative to our unique ability to differentiate, we concluded MOL and its customers would be better served by conducting business independently from transpacific liner agreements," stated Masakazu Yakushiji, Executive Vice President of MOL. MOL has been a member of TSA and CTSA since their inceptions in 1989, but resigned from the westbound discussion agreements in June 2005.

MOL is committed to meeting the ever-changing needs of its customers, while providing them with maximum value for their transportation dollar. Yakushiji explained, "MOL has several capabilities that move us ahead of the pack. These differentiators include our new rapid bid capability, enhanced sales and customer service organizations designed to focus on what truly adds value for our customers, and our round-trip yield management process which improves efficiencies. The time has come for MOL to move beyond what can be offered through liner agreements. "