MOL News Highlights for 2008

December 24, 2008

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President Akimitsu Ashida) today announced the company's top news stories for 2008.

Marking all-time high record profits for FY2007

• Consolidated ordinary income for FY2007, ended in March 2008, totaled JPY302.2 billion, the fifth consecutive year of record high performance. The company raised dividend payments to JPY17 per share. Dividends for the year totaled JPY31 per share, including a JPY14 interim payment. (April)
• The 2nd quarter financial results for FY2008 (from April to September 2008), also marked an increase in both revenue and income over the same period of FY2007. The company issued an interim dividend payment of JPY15.5. (October)

Volatility of bulkship market

Fees for dry Cape-size bulker charters (4 route average), which quoted a record high of $230,000 per day in early June, plunged to $40,000 per day in late October, and further declined to $2,000 per day in December.

Conducting various measures to ensure safe operation

• MOL Safety Conference in India, Philippine, and The Netherlands (January, February, March)
• 360-degree bridge simulator installed at training center in India (February)
• Table top drill (July)
• Safety campaign (October - November)
• Anti-piracy drill by training ship SPIRIT OF MOL (November)

One of world's largest Iron Ore carriers, the Brasil Maru (launched in 2007) named "Ship of the Year" for 2007 (June)

The selection committee noted that the Brasil Maru is a pioneering vessel in reducing iron ore transport cost which has a great effect on steel production. Adoption of advanced welding technologies increases resistance to metal fatigue. In addition, 2008 marks the centennial anniversary of Japanese emigration to Brazil, and the vessel is the third generation to carry the Brasil Maru name.
Following the Brasil Maru, two more 300,000-ton Iron Ore carriers were launched - the Nova Era in July and the Tubarao Maru in August. We will be operating a total of five 300,000-ton Iron Ore Carriers by August 2009.

Expanding overseas network to reinforce global business

• Mitsui O.S.K. Bulk Shipping (Asia, Oceania) Pte., Ltd. establishes Perth Office in Australia. (August)
• MOL establishes MOL Auto Logistics (India) Pvt. Ltd. to transport completed cars. (November)

MOL's Training ship SPIRIT OF MOL Participates in Philippine Disaster Relief Effort

The training ship SPIRIT OF MOL transported aid supplies to help the Philippine government in relief efforts and participated in disaster response activities in Iloilo state, which was severely damaged by Typhoon No. 6 in late June. The vessel received a letter of thanks from the government in October.

Results of proactive IR activities

• R&I boosts credit rating from A+ to AA- (May)
• MOL receives IR Prime Business Award from JIRA (November)

Expanding buyer's consolidation service

• MOL buyers consolidation business to operate under MCS brand name (September)
• Major U.S. retailer Burlington Coat Factory selects MOL as buyer's consolidator and service begins. (September)
• MOL receives a new order from major U.S. furniture retailer W.S. Badcock. (December)

Restructuring to meet customer needs, current trends

• Compliance & Corporate Law Group is newly formed. (June)
• The Methanol & LPG Tanker Group is divided into the LPG Tanker Group and Tanker Project Group. At the same time, The Chartering & Project Center is formed at Tokyo Marine Co., Ltd. to meet customer needs in consort with both companies. (November)

Head Office building office renewal work complete (December)

Two-year renewal work completed, including seismic reinforcement, upgraded security, and universal design.